BxCapricorn

Bill Ackman's Letter to Paulson On Restructuring Plan

Ackman is, as usual, awesome (except for his Barnes and Noble position). Although not a member of the PPT, he graciously gives his advice to a Secretary of the Treasury who not only encouraged his Wall Street brethren to "push the envelope" with their structured finance voo-doo, by trumpeting that the PPT was in full swing Oct. 2006 (got your back guys), but later admonished the ibanks for doing the obvious and overworking a good thing. Ackman not only becomes a billionaire by seeing through the charade (as did Soros, Jon Paulson, and others) but has the stones to put out letters like this. Sorry, David Einhorn, I'm jumping Ackman ahead of you for now, as the guy I enjoy watching the most on Wall Street.