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After Big Bet, Hedge Fund Pulls the Levers of Power
Staking $1 Billion That Herbalife Will Fail, Then Lobbying to Bring It Down
WASHINGTON At a Midtown Manhattan steakhouse last June, 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 companys stock could soon plummet.
Mr. Ackman told his dinner companions that Representative Linda T. Sánchez, Democrat of California, had sent a letter to the Federal Trade Commission the previous day calling for an investigation of the company.
The commission had not yet stamped the letter as received, nor had it been made public. But Mr. Ackman, who had personally lobbied Ms. Sánchez and stood to profit if the companys stock dropped as a result of the call for an inquiry, already knew what it said, and read from a copy of it that he had on his cellphone.
http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html?emc=edit_th_20140310&nl=todaysheadlines&nlid=45299538&_r=0
This is why they don't needs jobs to make money, they have learned how to make money destroying companies.
hobbit709
(41,694 posts)If there was true justice in the universe people like him would be put in a hole so deep their food would have to be sent down in pressurized containers.
Laelth
(32,017 posts)-Laelth
NBachers
(17,108 posts)Looks like I didn't donate quite enough, however.
liberal N proud
(60,334 posts)I know that I don't, the ones committing these crimes are the ones that have enough to buy a politician or two.
Romulox
(25,960 posts)Bernardo de La Paz
(49,001 posts)DhhD
(4,695 posts)BlackM
(26 posts)...and I hope it get's duly investigated as well, unless of course Ackman makes another round of donations to congress.
(Herbalife should still have been investigated, but it shouldn't take lobbying to make that happen).