Fooling Some of the People All of the Time. A Long Short Story

  • ID: 2242396
  • Book
  • 400 Pages
  • John Wiley and Sons Ltd
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"This book is a must–read for any investor who wants to know how far some companies will go in their quest to keep the real story from coming out."

Herb Greenberg, Senior Columnist, MarketWatch.com

"In Fooling Some of the People All of the Time, David Einhorn, one of the great investors of all time tells one of the great investment tales of all time. This is a book in which you will learn about investing, short selling, and the politics of business. David is not only a great investor, but a wonderful storyteller. I recommend it wholeheartedly for your brain and your pocketbook."
William A. Ackman, Pershing Square Capital Management, L.P.

"In the world of finance, as in the worlds of politics or science, free speech and open debate are essential. Sadly, our current system is rigged against bearers of bad news, and short sellers are an oppressed minority. David Einhorn′s amazing story of scam artists, corporate doubletalk, clueless regulators, and sleazy lawyers is a gripping narrative. A great read."
Owen Lamont, Fellow, International Center for Finance, Yale School of Management

An unscrupulous company has cost the U.S. taxpayers hundreds of millions of dollars. As it has happened, our government regulators have been at best derelict and at worst complicit. The company is headquartered in the political power center of Washington, D.C., where it has established enormous influence that has protected it. It is a large customer of Wall Street, which predictably lends it strong support.

In Fooling Some of the People All of the Time, David Einhorn founder of the successful hedge fund Greenlight Capital takes you on a fascinating journey that begins with his discovery that Allied Capital′s accounting appeared corrupt. This led to Einhorn describing his hedge fund s short position in the company at a charity speech (go to [external URL] to watch), and what follows is a battle for the truth that continues to this very day. The story would make for a great forensic financial mystery novel except it s all true.

If you think we′re past the days of corporate corruption and financial fraud, think again. Fooling Some of the People All of the Time details the harsh reality of how the current environment on Wall Street not only allows for such behavior, but how it protects the companies that participate in such activities and attacks those who attempt to uncover them. This is a story about investing, business ethics, and how our government should but often doesn t protect investors and taxpayers.

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Foreword.

Acknowledgments.

Allied Capital Stock Price Chart.

Who s Who.

Introduction: The Spark of a Speech.

Part One: A Charity Case and Greenlight Capital.

Chapter 1 Before Greenlight.

Chapter 2 Getting the "Greenlight".

Chapter 3 Greenlight′s Early Success.

Chapter 4 Value Investing through the Internet Bubble.

Chapter 5 Dissecting Allied Capital.

Part Two: Spinning So Fast Leaves Most People Dizzy.

Chapter 6 Allied Talks Back.

Chapter 7 Wall Street Analysts.

Chapter 8 The You–Have–Got–to–Be–Kidding–Me Method of Accounting.

Chapter 9 Fact Or Maybe Not.

Chapter 10 Business Loan Express.

Chapter 11 Disengaging and Re–engaging.

Chapter 12 Me or Your Lyin Eyes?

Chapter 13 Debates and Manipulations.

Chapter 14 Rewarding Shareholders.

Chapter 15 BLX Is Worth What, Exactly?

Part Three: Would Somebody, Anybody, Wake Up?

Chapter 16 The Government Investigates.

Chapter 17 A Tough Morning.

Chapter 18 A Spinner, a Scribe, and a Scholar.

Chapter 19 Kroll Digs Deeper.

Chapter 20 Rousing the Authorities.

Chapter 21 A $9 Million Game of Three–Card Monte.

Part Four: How the System Works (and Doesn t).

Chapter 22 Hello, Who s There?

Chapter 23 Whistle–Blower.

Chapter 24 A Naked Attack.

Chapter 25 Another Loan Program, Another Fraud.

Chapter 26 The Smell of Politics.

Chapter 27 Insiders Getting the Money Out.

Part Five: Greenlight Was Right . . . Carry On.

Chapter 28 Charges and Denials.

Chapter 29 Charges and Admissions.

Chapter 30 Late Innings.

Chapter 31 The SEC Finds a Spot under the Rug.

Chapter 32 A Garden of Weeds.

Chapter 33 A Conviction, a Hearing, and a Dismissal.

Chapter 34 Blind Men, Elephants, Möbius Strips, and Moral Hazards.

Glossary.

About the Author.

Index.

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David Einhorn
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