Landov
Bill Ackman
President, Pershing Square Capital Management
In 2002, Ackman wrote a 60-page research paper questioning whether bond insurer MBIA deserved the AAA rating it then boasted. The insurance giant had shifted its business model away from insuring stable municipal bonds and had begun guaranteeing CDOs backed by subprime mortgages. Ackman, principally a long-term investor, shorted the stock significantly. Although it jumped from $45 when Ackman first released the paper in 2002 to over $70 in 2006, recent events seem to have vindicated his stance: Since October, MBIA stock has fallen more than 90%.
