Confidence Game · How a Hedge Fund Manager Called Wall Street's Bluff
- Authors
- Richard, Christine S.
- Publisher
- Bloomberg Press
- Tags
- corporate & business history , municipal bond insurance - history - 21st century , global financial crisis; 2008-2009 , credit ratings , investments & securities , economic history , securities industry , casualty , finance , united states , 21st century , insurance , municipal bond insurance , wall street (new york; n.y.) , history , wall street (new york; n.y.) - 21st century , business & economics , business , securities industry - credit ratings - 21st century , biography , state & local
- ISBN
- 9780470873304
- Date
- 2010-03-25T00:00:00+00:00
- Size
- 0.50 MB
- Lang
- en
An expose on the delusion, greed, and arrogance that led to America's credit crisis.
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 "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.