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

Overview

The No-Loss Illusion

Confidence Game—the inside story of how an investor made more than $1 billion betting against the flaws that toppled the financial system—is a window into all that went wrong on Wall Street.

"Christine Richard's Confidence Game is an insightful, timely, and fascinating high-speed drive into the often difficult-to-penetrate world of short sellers, with its particular focus on Bill Ackman ...

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Overview

The No-Loss Illusion

Confidence Game—the inside story of how an investor made more than $1 billion betting against the flaws that toppled the financial system—is a window into all that went wrong on Wall Street.

"Christine Richard's Confidence Game is an insightful, timely, and fascinating high-speed drive into the often difficult-to-penetrate world of short sellers, with its particular focus on Bill Ackman and his campaign against monoline insurance giant MBIA."
Scott B. MacDonald, Senior Managing Director, Aladdin Capital LLC and coauthor of Separating Fools from Their Money

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

"Bill Ackman's battle with MBIA will be remembered as one of the great epics of Wall Street history, and no one followed the story more closely than Christine Richard."
Bethany McLean, coauthor of The Smartest Guys in the Room

"Finally, a financial crisis book with a hero. It's a compelling morality tale of how one man uncovered a massive fraud and then fought tenaciously to show the world he was right. Richard weaves the threads of complex financial shenanigans into a page-turning narrative. 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 of independent and exhaustive research. It's also a riveting story."
Todd Sullivan, creator of valueplays.net and a regular contributor to the Stocktwits blog network and Seeking Alpha

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Product Details

  • ISBN-13: 9780470648278
  • Publisher: Wiley
  • Publication date: 4/26/2010
  • Series: Bloomberg Series , #148
  • Edition number: 1
  • Pages: 335
  • Sales rank: 337,546
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.30 (d)

Meet the Author

Christine S. Richard has covered financial markets in Washington, Hong Kong, Singapore, and New York. Her work on the bond insurers received awards from the Society of American Business Editors and Writers, the Deadline Club, the Newswoman's Club of New York, the New York Press Club, the New York State Society of Certified Public Accountants, and the National Association of Real Estate Editors. Her articles were included in a series on the municipal bond market that was nominated by Bloomberg News in 2007 for the Pulitzer Prize. She lives in Frenchtown, New Jersey, with her husband and their daughter.

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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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