Ackman: Feud With Icahn Is Nothing New

Your next video will start in

Recommended Videos

  • Info

  • Comments


Aug. 14 (Bloomberg) -- Bloomberg's Adam Johnson recaps Pershing Square CEO Bill Ackman's comments to Charlie Rose about his investments and feud with Carl Icahn over Herbalife. (Source: Bloomberg)

Streaming live on, your tablet, your phone, and any windows phone.

Billionaire investor bill ackman resigned from jcpenney's board.

He spoke with charlie rose and said this about the management shuffle at jcpenney, which admittedly, he caused.

We got too much credit for the change in the stock price.

While i helped the company recruit ron johnson, it was a collective decision of the board to bring him on, and when the business failed, i probably got too much of the blame, but that's ok.

That's the risk of my business.

Activist investing -- let's face it, it is a risky business.

Not a great investment.

We ended up losing a proxy contest.

One of the mechanisms by which we implement our ideas, if we were unsuccessful in convincing management, is by going to shareholders.

Do you worry that you are getting an image that is not necessarily helpful?

Yes, of course.

They say you are what they call a takeover artist.

Go in and buy a company just to pump up the stock.

Let's talk about facts.

If you look at every investment we have made since the beginning of time, active investments, we've made 26. 20 three i think are best described as home runs.

I can walk through each of them if you would like.

Everybody has made a fortune, obviously, other than investors who were shorting the stocks opposite is.

-- opposite us.

Borders was a passive investment.

We did our best, but the winds of change harmed us.

Unless you have been living under a rock, you probably also know he has been vertical of herbalife.

Fellow investor carl icahn has been on the other side of that train going long -- the other side of that trade going long.

Carl icahn is someone that years ago -- 10 years ago i made a deal with that he ended up reaching a contract i had to sue him to perform, ultimately collecting after eight years, so he is not happy with me making me pay money he is owed.

He used this herbal life investment as a platform to get back at me, and he has had some other powerful allies that joined in.

We spend millions of dollars doing research on herbalife, research that the government, frankly, on a speculative basis probably would not do on a company like this, and provided our information to the sec, helping them do their work.

If made off have been a public company, we probably would have shorted -- if madoff had been a public company.

The fact is, he is also a very generous philanthropists, and he says it is the charitable work that he says makes the most difference.

Have done a lot of philanthropic work over the past number of years.

I actually think i make a much greater contribution in my for- profit activities than in my not for profit activities.

Also, you have signed a give it pledge.

That's true.

Meaning that you are not going to leave it to your children but half of it to your -- but half of it to charity.

More than half.

Wall street is probably the biggest engine for job creation, enabling businesses to access capital, enabling businesses to grow.

Howard hughes was a creation out of thin air.

Now a business that will ultimately employ thousands of people, create a ton of jobs.


This text has been automatically generated. It may not be 100% accurate.


BTV Channel Finder


ZIP is required for U.S. locations

Bloomberg Television in   change