Confidence Game

Confidence Game : How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff

4.09 (467 ratings by Goodreads)

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Description

An expose on the delusion, greed, and arrogance that led to America's credit crisis
The collapse of America's credit markets in 2008 is quite possibly the biggest financial disaster in U.S. history. Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff is the story of Bill Ackman's six-year campaign to warn that the $2.5 trillion bond insurance business was a catastrophe waiting to happen. Branded a fraud by the Wall Street Journal and New York Times, and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors more than $1 billion when bond insurers kicked off the collapse of the credit markets.




Unravels the story of the credit crisis through an engaging and human drama
Draws on unprecedented access to one of Wall Street's best-known investors
Shows how excessive leverage, dangerous financial models, and a blind reliance on triple-A credit ratings sent Wall Street careening toward disaster


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.
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Product details

  • Paperback | 352 pages
  • 142.24 x 220.98 x 25.4mm | 430.91g
  • New York, United States
  • English
  • 1. Auflage
  • 1118010418
  • 9781118010419
  • 154,134

Back cover copy

Confidence Game--the inside story of how an investor mademore than $1 billion betting against the flaws that toppled thefinancial system--is a window into all that went wrong on WallStreet.

Praise for Confidence Game

"Christine Richard's Confidence Game is an insightful, timely, and fascinatinghigh-speed drive into the oftendifficult-to-penetrate world of short sellers."--Scott B.MacDonald, Senior Managing Director, Aladdin Capital LLC, andcoauthor of Separating Fools from Their Money

"How to head off the next crash? Listen to the dissidents now.Christine Richard'sdeeply researched and deftly written account ofBill Ackman's high-stakes struggle with a leading pillar of anow-collapsed system is the right book at the right time, and amesmerizing read."--Dean Starkman, business section editor, Columbia Journalism Review

"Bill Ackman's battle with MBIA will be remembered as one of thegreat epics ofWall Street history, and no one followed the storymore closely than Christine Richard."--Bethany McLean, coauthorof The Smartest Guys in the Room

"Finally, a financial crisis book with a hero. It's a compellingmorality tale of howone man uncovered a massive fraud and thenfought tenaciously to show the world he was right. Richard weavesthe threads of complex financial shenanigans into a page-turningnarrative. Ackman emerges as the Don Quixote of financial markets: you will root for him and a happy ending."--Frank Partnoy, author of F.I.A.S.C.O., Infectious Greed, and The Match King

"Confidence Game is a lesson for all investors on the value ofindependent and exhaustive research. It's also a riveting story."--Todd Sullivan, creator of valueplays.net and a regularcontributor to theStocktwits blog network and Seeking Alpha
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Table of contents

Preface.
Acknowledgments.


1. The Meeting.


2. The Short Seller.


3. The Question.


4. Backlash.


5. The Worst That Could Happen.


6. The Trouble With Triple-A.


7. Unanswered Questions.


8. Crimes and Cockroaches.


9. Turning the Tables.


10. Scrutiny.


11. The Black Hole.


12. The Court of Public Opinion.


13. The Insurance Charade.


14. When Crack Houses Become Collateral.


15. Storm Warnings.


16. An Uncertain Spring.


17. Apocalypse Now.


18. Parting the Curtain.


19. Ratings Revisited.


20. The Panic Begins.


21. Catastrophe and Revenge.


22. Time Runs Out.


23. Bailout.


24. Judgment Day.


25. The Nuclear Threat.


Epilogue.


Notes.


Index.
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About Christine S. Richard

Christine S. Richard is a reporter with Bloomberg News. She has covered financial markets from Washington, Hong Kong, Singapore, and New York. Her work has been recognized by organizations including the New York Society of Certified Public Accountants, the National Association of Real Estate Editors, the New York Press Club, and the Newswomen's Club of New York.
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Rating details

467 ratings
4.09 out of 5 stars
5 36% (168)
4 43% (200)
3 17% (79)
2 4% (17)
1 1% (3)
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