This whole situation basically is a grudge match between 2 very rich hedge fund guys (one a lot richer than the other), Bill Ackman and Carl Icahn, which came to a head very publicly a couple of years ago as you can see below.
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.
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.
Source: Yahoo Finance
“Have I become an instrument in some billionaire’s investment campaign?” he said, adding that he now regrets sending the letter. “I don’t want to be an unwitting pawn, and that is how I am feeling right now.”
This is some truly disgusting crony capitalism.