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Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff
John Wiley and Sons Ltd, May 2010, Pages: 335
The collapse of America’s credit markets in 2008 is quite possibly the biggest financial disaster in U.S. history. Confidence Game: How a Hedge Fund Manager Called Wall Street’s Bluff is the story of Bill Ackman's six-year campaign to warn that the $2.5 trillion bond insurance business was a catastrophe waiting to happen. Branded a fraud by the Wall Street Journal and the New York Times and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors more than $1 billion when bond insurers kicked off the collapse of the credit markets.
- Unravels the story of the credit crisis through an engaging and human drama
- Draws on unprecedented access to one of Wall Street's best-known investors
- Shows how excessive leverage, dangerous financial models and a blind reliance on triple-A credit ratings sent Wall Street careening toward disaster
Confidence Game is a real-world 'Emperor's New Clothes,' a tale of widespread delusion and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression.
Christine Richard is a reporter with Bloomberg News whose work has been recognized by The New York Press Club and The Newswomen’s Club of New York.
Reviews:
'This a riveting account of a tenacious investor, incompetent/apathetic regulators & analysts and a company that hid information, deceived investors and used every connection it had in its attempts to silence him. At points this reads like a John Grisham novel … except it actually happened. For me, this is the best of the ‘melt down’ books to date … hands down.'
— Todd Sullivan, valueplays.net, April 2010
' ... Ackman’s pursuit of MBIA spanned the two major crises of capitalism of the last decade, from the earlier era of corporate fraud prosecutions epitomized by Enron and its off-balance-sheet special purpose vehicles (SPVs), to the late credit debacle stemming from the collapse of the CDO house of cards.'
—The Hedge Fund Law Report, May 2010
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