Bill Ackman

Bill Ackman

• Gotham
• Pershing Square
• Herbalife
  • 2015-? – Bill Ackman – [Herbalife] – Who Wants to be a Millionaire –  334p
  • 2016 – VIDEO – Betting on Zero – [Herbalife]  —  [BonkNote]  —  [VIDEO-YouTube-01:44:16]
  • Carl Icahn
    • 2013 – CNBC – Billionaire Brawl: Icahn vs. Ackman – [link-YouTube]
    • Clash Of Titans: Carl Icahn Vs. Bill Ackman Five Years After Epic Showdown | CNBC – [link-YouTube]
      •  – Book – Two Billionaires, One Company, and an Epic Wall Street Battle, by Scott Wapner
• MBIA – Bond Insurer – Monoline
  • Eric Dinallo, NYSID

• [MBIA – Bond Insurer – Monoline]
• 2002 1209 – Report – Is MBIA Triple A?,  by Bill Ackman, Gotham Partners – 55p
• <WishList> – Letter to Moody’s and the S&P about Ambac (ABK) and MBIA
• 2007 – Report – Who’s Holding the Bag, Bill Ackman, Pershing Square – 64p
• 2007 1201 – NYT – Short Seller Sinks Teeth Into Insurer, by Joe Nocera – [link]
  • barclaysbankplcsecuritieslitigation.com/media/934797/sharan_nirmul_exhibits_211-234.pdf
• 2008 0131 – Bill Ackman to Eric Dinallo Superintendent of Insurance State of New York, re: Monolines, Bond Insurer Transparency – 20p
  • Sean Dilweg, Commissioner of Insurance State of Wisconsin
  • 5 directors at the Securities and Exchange Commission
    • “Open Source Research”
• 2008 0214 – GOV (House) – The State of the Bond Insurance Industry, Paul Kanjorski (D-PA)  —  [BonkNote]
• 2008 0214 – MBIA – MBIA Releases Text of Letter Sent to Regulators on ‘Open Source Model’, re: Bill Ackman – 5p
• 2010 0423 – FCIC – FCIC memo of staff interview with William Ackman – 3p
• letter, which was addressed to Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and others.
• 2020 – Book – Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street’s Bluff, by Christine S. Richard

• (p2) – MBIA had risk, “hidden in an entity with no ability to absorb risk.”
  • He believes MBIA encouraged the SEC and NY AG to investigate him.
  • Asked why he chose to short MBIA, he said MBIA was “crooked and stupid” where Ambac was simply “stupid.”
  • MBIA used insurance company capital to guarantee derivatives, an act which is illegal in NY.
    • They set up “transformer” SPV in order to get around the NY Insurance Department rules.
• He missed AIG, assuming that Hank Greenberg was too smart to get caught so short on capital.

2010 0423 – FCIC – FCIC memo of staff interview with William Ackman – 3p

• Since 2002, Pershing Square’s founder, William Ackman, had been the monoline industry’s most vocal skeptic, publishing a number of reports questioning the insurers’ high credit ratings and periodically shorting the companies’ stock. ¹⁶⁰

2010 – AP – Inefficiencies in the Information Thicket: A Case Study of Derivative Disclosures During the Financial Crisis – [link]

• Investing with Leaders – Warren Buffett talks about Bill Ackman & Herbalife Scam – [VIDEO-YouTube-03:35]
• Bloomberg Originals – Bill Ackman: Herbalife Distributors Turning State’s Evidence – [VIDEO-YouTube-26:17]