William Ackman of Pershing Square Capital Management.© Shannon Stapleton / Reuters/Reuters
Can't-miss stories from the web
Merry Christmas, Herbalife. Love, Bill
Be glad you're not the CEO of Herbalife right now.
The Cayman Island-based maker of nutritional supplements found itself under attack Thursday night by none other than Pershing Square Capital's Bill Ackman, who conducted an epic 3-hour, 300-slide presentation highlighting what he calls the company's unsustainable business model.
A day earlier, Mr. Ackman revealed that he had built an "enormous" short position on Herbalife and predicted that the final destination for its stock is $0.
So sure is Mr. Ackman of his position that he promises to donate the proceeds of the trade to charity.
Herbalife's response: "Had our executives been there, they would have been able to tear Mr. Ackman's premises and interpretation of our business model apart."
They've got their work cut out for them, as Herbalife stock is free fall.
British lawmakers call for tougher bank rules
Regulators in Britain should have the power to completely split up banks, a government-commissioned report concluded Friday, adding that proposed changes to the rules do not go far enough to prevent a future crisis.
Banks ditch siren song of wealth
The events of 2012 have taken the sheen off the banking industry somewhat, so the industry's recruiting strategy is responding. Appeals to the greed and status needs of new graduates are out, replaced with pitches about responsibility, diversity and building a career.
Things Nassim Taleb dislikes
It's a long list, but worth the read.