We all just witnessed the fall of a Wall Street god [The Business Insider]
JC PENNEY (JCP)
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Source: The Business Insider
We all just witnessed the fall of a Wall Street god Bill Ackman. Reuters / Shannon Stapleton There is one god-like quality that matters on Wall Street. It is the ability to move markets with a word. Bill Ackman, the billionaire founder of the storied hedge fund Pershing Square, may have just lost that ability. It all hinged on whether he won a proxy battle for three seats on the board of ADP, the data-processing company, on Tuesday. And he did , with only 20% of shareholders supporting him. For those who've watched Ackman's career since the financial crisis, this is a stunning reversal of fortunes. The silver-haired (and tongued) stock picker made a name for himself after he bet against MBIA, a mortgage insurer, before the housing market went bust. That bet alone turned him into "one of the guys who got it right" in 2008 — it gave him kind of a mystical sheen in the postcrisis market. People believed in him. There is no replacement for that confidence. But things fall apart. F
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