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Ackman wants to be 'heralded' for shorting

By admin - Posted on October 8th, 2008
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Hedge fund Pershing Square Capital Management LP's outspoken manager William Ackman, who has made headlines over the past year for his short positions (namely the financial services sector), took aim at the $700 billion bailout bill and Securities and Exchange Commission's short selling ban at the 4th Annual New York Value Investing Congress on Monday.

The activist investor proposed that the money be used by the government to buy "seriously delinquent loans" at a negotiated price between 50 cents and 55 cents on the dollar. He said that by creating a floor in mortgage sales, the government could potentially enhance the value of troubled mortgage-related securities.

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