a wiki vide documentaries production don't forget to Like and subscribe enjoy Bill Ackman William Albert Ackman is an American billionaire investor hedge fund manager and philanthropist he is the founder and CEO of Hershey Square Capital Management a hedge fund management company Ackman is considered a contrarian investor but considers himself an activist investor research published at the University of Oxford characterizes Ackman's activities with Canadian Pacific Railway as paradigmatic of eng
aged activism which is longer-term in nature with correlated benefits to the real economy as distinct from shorter term financial activism Ackman's investing style has been praised and criticized by US government officials heads of other hedge funds various retail investors and the general public his most notable market plays include shorting BS bonds during the 2008 financial crisis his proxy battle with Canadian Pacific Railway and his stakes in the Target Corporation Valeant Pharmaceuticals a
nd Chipotle Mexican Grill from 2012 to 2018 Ackman held a 1 billion US dollars short against the nutrition company Herbalife a company he has claimed as a pyramid scheme designed as a multi-level marketing firm his efforts were documented in the documentary film betting on 0 early life and education Acme was raised in Chappaqua New York the son of Ronnie I and Laurence david acraman the chairman of a New York real estate financing firm Ackman's if real estate group his family is Jewish in 1988 h
e received a Bachelor of Arts degree magna laude in history from Harvard College his thesis was scaling the ivy wall the Jewish and Asian American experience in Harvard admissions in 1992 he received an MBA from Harvard Business School Gotham Partners in 1992 Ackman founded the investment firm Gotham Partners with fellow Harvard graduate David P Berkowitz the firm made small investments in public companies in 1990 five Ackman partnered with the insurance and real estate firm Leucadia national to
bid for Rockefeller Center although they did not win the deal the bid caused increased interest in Gotham from investors which led to five hundred million dollars in assets by 1998 by 2002 Gotham had become entrenched in litigation with various outside shareholders who also owned an interest in the companies in which Gotham invested despite an ongoing probe of his trading by New York state and federal authorities in 2002 Ackman began researched challenging B's triple-a rating he was charged fee
s for copying seven hundred and twenty five thousand pages of statements regarding the financial services company in his law firms compliance with a subpoena Ackman called for a division between BS bond insurers structured finance business and its municipal bond insurance business he argued that India was legally restricted from trading billions of dollars of credit defaults what protection beer had sold against various mortgage-backed CDOs and was using a second corporation La Crosse financial
products which can be described as an orphan transformer Ackman bought credit default swaps against him via corporate debt and sold them for a large profit during the financial crisis of 2008 he reported covering his short position on beer On January 16 2009 according to the 13 d filed with the SEC in 2003 a Food developed between Ackman and Carl Icahn over a deal involving Hollywood Realty they agreed to a schmuck insurance and a which if I can were to sell the shares within three years and mad
e a profit of ten percent or more he and Ackman would split the proceeds I can paid $80 per share in April 2004 HR PT property trust acquired Horwood paying one hundred and thirty six dollars and sixteen cents per share under the terms I can owed Ackman investors about four point five million dollars but he refused to pay Ackman sued eight years later the court forced Icahn to pay four point five million dollars plus 9% interest per year since the date of the sale Pershing Square Capital Managem
ent in 2004 with 54 million dollars from his personal funds and from his former business partner Leucadia national ACMA started Pershing Square Capital Management in 2005 Pershing bought a significant share in the fast food chain Wendy's international and successfully pressured it to sell its Tim Hortons donut chain Wendy's spun off Tim Hortons through an IPO in 2006 and raised 670 million dollars for Wendy's investors after Ackman sold his shares at a substantial profit after a dispute over exe
cutive succession the stock price collapsed raising criticism that the sale of Wendy's fastest growing unit left the company in a weaker market position Ackman blamed the poor performance on their new CEO in December 2007 his funds owned a 10% stake in Target Corporation valued at 4.2 billion dollars through the purchase of stock and derivatives in December 2010 his funds held a 38 percent stake in Borders group and on December 6th 2010 Ackman indicated he would finance a buyout of Barnes & Nobl
e for at a panel meeting discussing Bernie Madoff in January 2009 Eichmann defended his longtime friend Ezra Merkin saying has Ezra committed a crime I don't think so and I think Merkin is an honest person an intelligent person an interesting person a smart investor in April 2009 Merkin was charged with civil fraud by the state of New York for secretly steering 2.4 billion dollars in client money into Byrne of madoffs Ponzi fraud without their permission a settlement was reached on June 2012 req
uiring Merkin to pay 405 million dollars to victims including the Metropolitan Council on Jewish poverty in December 2012 Pershing Square Capital Management launched a new closed-end fund called Pershing Square Holdings which raised three billion dollars in an October 2014 IPO on Amsterdam's Euronext stock market as a closed-end fund valued at 6.7 billion dollars psh was designed as a permanent capital vehicle from which investors would not be a to directly withdraw funds psh reported 17.1% in r
eturns since inception under Ackman's management 80% below the S&P 500 Ackman started buying JCPenney shares in 2010 paying an average of 22 dollars for 39 million shares or 18% of Penny's stock in August 2013 Ackman's two-year campaign to transform the department store came to an abrupt end after he decided to step down from the board following an argument with fellow board members in a statement dated August 27th 2013 Pershing Square reported that it had hired citigroup to liquidate the 39 poi
nt 1 million shares the firm then owned of the Plano Texas based department store chain at a price of $12.90 per share resulting in a loss of approximately 500 million dollars in January 2015 LCH investments named Ackman one of the world's top 20 hedge fund managers after Pershing Square delivered 4.5 billion dollars in net gains for investors in 2014 bringing the funds lifetime gains to eleven point six billion dollars since its launch in 2004 through year and 2014 on April 27 2016 Ackman along
with faily and pharmaceuticals outgoing CEO J Michael Pearson and the company's former interim CEO Howard Schiller testified before the United States Senate special Committee on Aging the testifying panel answered questions related to the committee's concerns about repercussions to patients and the health care system posed by valence business model and controversial pricing practices Ackman sold his remaining 27 point two million share position in valent to the investment bank Jefferies for abo
ut 300 million dollars in March 2017 it has been estimated that the total cost of the position including direct stock purchases and 9.1 million shares that were underlying stock options traded with Nomura global financial products was 4.6 billion dollars leading to a loss greater than the original price of the securities according to Forbes magazine Ackman has a net worth of one point zero nine billion US dollars as of February 12 2018 Herbalife short in December 2012 Ackman issued a research re
port that was critical of her beliefs multi-level marketing business model calling it a pyramid scheme Eggman disclosed that his hedge fund Pershing Square Capital Management sold short the company's shares directly starting in May 2012 causing Herbalife stock price to drop in 2014 Ackman spent 50 million dollars on a public relations campaign against Herbalife which was designed to hurt the company's stock price Ackman pays about 100 million dollars annually to maintain his short position forme
r representative Bob Barr has called on Congress to investigate tack man's use of public relations and regulatory pressure in his short campaign and Harvey L picked a former chairman of the Securities and Exchange Commission has questioned whether Ackman aims to move the price rather than spread the truth in 2014 senator Ed Markey wrote letters to federal regulators including the FTC and the SEC demanding they open an investigation into her beliefs business practices the day the letters were rel
eased the company's stock dropped 14% mark he later told The Boston Globe that his staff have not informed him that Ackman stood to benefit financially from his actions and defended the letters as a matter of consumer rights in March 2014 the New York Times reported that Ackman had employed tactics to undermine public confidence in Herbalife to lower its stock price including pressuring state and federal regulators to investigate the company paying individuals to travel to and participate in ral
lies against it and boosting its spending on donations to nonprofit Latino organizations according to the article groups such as the Hispanic Federation and the National Consumers League sent federal regulators numerous letters each person contacted by the Times acknowledged in interviews that they wrote the letters after being lobbied by representatives from Pershing Square or said they did not remember writing the letters at all mr. Ackman's team also then started to make payments totaling abo
ut 130,000 dollars to some of these groups include during the Hispanic Federation money he said was being used to help find victims of Herbalife on March 12 2015 The Wall Street Journal reported that prosecutors in the Manhattan US Attorney's Office and the FBI were investigating whether people hired by Ackman made false statements about Herbalife business model to regulators and others in order to spur investigations into the company and lower its stock price in March 2015 US District Judge Dal
e Fisher in Los Angeles California dismissed a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme in response to Fisher's ruling Herbalife stock rose approximately thirteen percent Herbalife and the FTC reached a settlement agreement in July 2016 ending the agency's investigation into the company on the day of the settlement fortune estimated that Ackman lost 500 million dollars Ackman's position on Herbalife led to a discussion on live television with
Herbalife supporter Carl Icahn for nearly half an hour on CNBC On January 25th 2013 during the segment Icahn cooled Ackman a crybaby in the schoolyard and claimed that going public with his short position would eventually force Ackman into the mother of all short squeezes on November 22nd 2013 Ackman admitted on Bloomberg television that Pershing squares open short position in Herbalife was 400 million dollars to five hundred million dollars in the red but that he wouldn't be squeezed out and wo
uld hold the short to the end of the earth in November 2017 Ackman told Reuters that he had covered his short sell position but would continue to bet against Herbalife using put options with no more than three percent of Pershing squares funds On February 28 2018 Ackman exited his near billion-dollar bet against Herbalife after the company's stock price continued to rise choosing to build his position in United technology instead philanthropy McMahon has given to charitable causes such as the Ce
nter for Jewish history where he spearheaded a successful effort to retire thirty million dollars in debt personally contributing 6.8 million dollars this donation and those of Bruce Berkowitz founder of Fairholme Capital Management and Joseph Steinberg president of Leucadia National were the three largest individual gifts the Center has ever received Ackman's Foundation donated 1.1 million dollars to the Innocence Project in New York City and Centurion ministries in Princeton New Jersey he is a
signatory of The Giving Pledge committing himself to give away at least 50% of his wealth to charitable causes in 2006 Ackman co-founded the Pershing Square Foundation alongside his then wife Karen to support innovation in economic development education health care Human Rights arts and urban development since its inception the foundation has committed more than 400 million dollars in grants and social investments in 2011 the Eggman's were on the chronicle of philanthropy x' philanthropy 50 lis
t of the most generous donors in July 2014 Challenged Athletes foundation which provides sports equipment to those with physical disabilities honored Ackman at a gala fundraiser at the Waldorf Astoria Hotel in New York City for helping raise a record 2.3 million dollars Ackman endorsed Michael Bloomberg as a prospective candidate for president of the United States in the 2016 presidential election he is a longtime donor to Democratic candidates and organizations including Richard Blumenthal Chuc
k Schumer Robert Menendez the Democratic National Committee and the Democratic Senatorial Campaign Committee brought to you by wiki vide documentaries would you like to know more [Music]
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