Investor, speculator and short seller David Einhorn is ponying up $200 million to buy a minority stake in The New York Mets baseball team. Why is this mortgage news? Because back in the last decade he was a major investor in then subprime giant New Century Financial Corp., of Irvine, Calif. (at one point Einhorn and his firm, Greenlight Capital, owned 9.1% of the doomed B&C beast.) He was ‘long’ New Century and now he’s long the Mets. (As you might’ve guessed he took a bath on New Century.) Hopefully, this time around his investment will turn out better. The Mets play at CitiField, named after Citigroup, once a top funder of subprime loans. Small world, isn’t it?
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