Monday, March 10, 2014
Melding finance and politics
William A. Ackman, the activist hedge fund manager who had bet a billion dollars on the collapse of the nutritional supplement company Herbalife, offered his latest evidence to a handful of other hedge fund managers about why the company’s stock could soon plummet. He also spreads the word in Congress and regulatory agencies, hoping the bad publicity will ruin Herbalife and cause its stock price to fall to benefit his short position. (see NYT 10 March)
Small time crooks who steal a purse or have an ounce of pot go to jail for long periods. But if you steal a billion, you probably are featured in the Wall Street Journal.