The collapse of America's credit markets in 2008 is quitepossibly the biggest financial disaster in U.S. history. ConfidenceGame: How a Hedge Fund Manager Called Wall Street's Bluff is thestory of Bill Ackman's six-year campaign to warn that the $2.5trillion bond insurance business was a catastrophe waiting tohappen. Branded a fraud by the Wall Street Journal andNew York Times, and investigated by Eliot Spitzer and theSecurities and Exchange Commission, Ackman later made his investorsmore than $1 billion when bond insurers kicked off the collapse ofthe credit markets.
- Unravels the story of the credit crisis through an engaging andhuman drama
- Draws on unprecedented access to one of Wall Street'sbest-known investors
- Shows how excessive leverage, dangerous financial models, and ablind reliance on triple-A credit ratings sent Wall Streetcareening toward disaster
Confidence Game is a real world "Emperor's New Clothes," a taleof widespread delusion, and one dissenting voice in the era leadingup to the worst financial disaster since the Great Depression.