By Christine S. Richard
An exposé at the myth, greed, and conceitedness that resulted in America's credits crisis
The cave in of America's credits markets in 2008 is sort of most likely the most important financial ruin in U.S. historical past. Confidence video game: How a Hedge Fund supervisor known as Wall Street's Bluff is the tale of invoice Ackman's six-year crusade to warn that the $2.5 trillion bond coverage company was once a disaster ready to ensue. Branded a fraud by way of the Wall highway magazine and ny occasions, and investigated by way of Eliot Spitzer and the Securities and trade fee, Ackman later made his traders greater than $1 billion while bond insurers kicked off the cave in of the credits markets.
* Unravels the tale of the credits concern via an interesting and human drama
* attracts on exceptional entry to at least one of Wall Street's best-known investors
* indicates how over the top leverage, risky monetary types, and a blind reliance on triple-A credits scores despatched Wall road careening towards disaster
Confidence Game is a true international "Emperor's New Clothes," a story of common fable, and one dissenting voice within the period major as much as the worst bankruptcy because the nice melancholy.
Read or Download Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff PDF
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Extra resources for Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff
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Oct. Nov. Dec. 79,740 97,350 105,765 145,380 169,005 79,740 97,350 105,765 145,380 169,005 812,055 Cost of goods sold Printing & setup cost Total cost of goods sold Gross profit 8,190 9,000 10,215 11,430 13,455 8,190 9,000 10,215 11,430 13,455 79,980 71,550 88,350 95,550 133,950 155,550 732,075 2,760 33,240 252 90 247 250 — 20 5,000 3,880 671 50 1,609 2,760 41,050 252 90 261 250 — 20 5,000 3,880 671 50 1,961 2,760 50,765 252 90 243 250 — 20 6,000 4,380 758 — 2,129 2,760 59,980 252 90 245 250 — 20 7,000 4,880 844 — 2,922 2,760 72,005 252 90 248 250 — 20 10,000 6,380 1,104 — 3,394 48,069 56,245 67,647 79,243 96,503 23,481 32,105 27,903 54,707 59,047 Operating expenses Salary Rent expense Reserve fund Telephone Transportation Insurance Legal & accounting Office supplies Wage expense Benefits expense Total payroll tax Marketing expense Website expense Total operating expenses Net income (loss) before taxes Provision (benefit) for income taxes Net income (loss) 28 3,522 4,816 4,185 8,206 8,857 19,959 27,289 23,717 46,501 50,190 483,457 211,325 B U S I N E S S P L A N S H A N D B O O K , Volume 18 AUTOMOBILE ADVERTISING Carvertising STL Balance sheet Year 1 ended Dec.