The no-short-selling list created by the Securities and Exchange Commission continues to change, as do the rules themselves. On Monday Diamond Hill Investment Group pulled itself off the list. Yesterday JMP Securities also exempted itself. Today Greenlight Capital Re, Ltd., a reinsurance holding company whose Chairman is David Einhorn, the most prominent critic of Lehman Brothers, yanked itself from the list.
Why would a firm remove itself from the list? Len Goldberg, the CEO of Greenlight Capital, told us it wasn't a tough decision.
"It's prety simple really. We believe our shareholders are better off by having the market determine our stock price," Goldberg said. He added that the company hadn't suffered since coming off the list. "In the extreme short-term, we certainly haven't suffered. Today we're up 2%."