- Take an Extra 30% Off Any Book: Use promo code HOLIDAY30 at checkout to get an extra 30% off any book for a limited time. Excludes Kindle eBooks and Audible Audiobooks. Restrictions apply. Learn more
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
" ... Ackman’s pursuit of MBIA spanned the two major crises of capitalism of the last decade, from the earlier era of corporate fraud prosecutions epitomized by Enron and its off-balance-sheet special purpose vehicles (SPVs), to the late credit debacle stemming from the collapse of the CDO house of cards."
—The Hedge Fund Law Report, May 2010
Confidence Game is a real-world "Emperor's New Clothes," a tale of widespread delusion and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression. Wall Street appeared to have found the secret for turning everything from risky mortgages to credit card bills into super-safe, triple-A-rated securities. Behind the facade of safety, the financial system had become dangerously fragile. Few had anything to gain from pointing out the risk.
Bill Ackman did. In 2002, the hedge fund manager issued a critical research report on MBIA Inc., the owner of a triple-A-rated bond insurer that played a central role in the financial alchemy on Wall Street. "This company will spiral downward," Ackman warned, and he placed a bet against MBIA that would earn his investors billions of dollars if it did.
The backlash was swift. Ackman was branded a fraud in the press and investigated by Eliot Spitzer and the SEC. Despite the scrutiny, he spent years telling anyone who would listen why MBIA was a catastrophe waiting to happen. With the onset of the credit crisis, the problems exposed turned out to be bigger than MBIA. An unquestioning acceptance of credit ratings, a blind eye to leverage, a dangerous reliance on financial models, and the abandonment of common sense had become part of a deeply flawed financial system. The collapse humbled nearly every large financial institution and plunged the country into recession.
Ackman's story captures an era of delusional confidence, when debt exploded yet risk appeared to vanish. Told by award-winning bond market reporter Christine Richard, Confidence Game is a behind-the-scenes look at how warnings went unheeded as Wall Street careened toward disaster.
I found Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street’s Bluff by Christine Richard to be a most riveting story about Bill Ackman’s short trade on a bond... Read morePublished 2 days ago by 2441047
This book was a great read and I highly recommend it, Bill Ackman is this generations Warren Buffet and anyone betting against Bill Ackman should read this book first, very... Read morePublished 2 months ago by Eric Moore
It's a book about Bill Ackman and his short investment thesis on MBIA, bond insurer. This book should be read along with Mike Lewis' The Big Short: Inside the Doomsday Machine to... Read morePublished 2 months ago by John Stedge
I bought this book along with David Einhorn's ( Fooling Some of the People All of the Time, A Long Short (and Now Complete) Story, Updated with New Epilogue ) which is very similar... Read morePublished 3 months ago by Howard
The author's ability to explain the technical complex terms in vivid layman language is surprising. Although there is pretty clear position taken ithrough the lines, the authors... Read morePublished 6 months ago by Catdog
Very interesting book, very informative and very inspiring. It is very complete but also very well explained so that someone with little knowledge of finance can understand it. Read morePublished 7 months ago by M. Meis