Congressional Democrats assist billionaire hedge-fund manager in Wall Street feud

bill ackman

I had forgotten all about Bill Ackman and his crony crusade against Herbalife. As I remember it was a pissing contest between two investment big shots and Ackman thought he could get his friends in government to take the company down.

Not that there is any love for Herbalife here, but it’s good to see that this particular crony capitalist is being handed his lunch.

(From Watchdog.org)

Through several K Street lobbying firms, Ackman has reached out to Democrats, especially those in the Latino caucus. His goal: To get those Democrats to use the threat of a Federal Trade Commission investigation to accomplish what Ackman’s high-powered media campaign and the marketplace could not – the takedown of an entire company.

“It’s terrifying,” said Veronique de Rugy, a senior research fellow at the free-market Mercatus Center at George Mason University in Virginia.

“This is the danger of a government that is almost limitless in its power and reach,” she said. “It gives private actors the incentive to use government influence to manipulate the marketplace.”

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