Ackman’s been trying to take down Herbalife for a good while, and has used government in his efforts. Looks like the crony tack is going to cost him.
(From The Washington Examiner)
Ackman’s billion-dollar short of nutrition company Herbalife (which Ackman calls a pyramid scheme) has become notorious as a brash attempt to sic the Feds on a company for the sake of making a short bet pay off. Ackman hired lobbyists, convinced lawmakers to send letters and has leaned on the Feds to investigate Herbalife.