Old page wikitext, before the edit (old_wikitext) | '{{Use dmy dates|date=February 2012}}
{{Infobox person
| name = Bill Ackman
| image =
| image_size = 220px
| caption = Bill Ackman in 2013
| alt = Bill Ackman and Michael Pearson Interview, April 23rd, 2014
| birth_name = William A. Ackman
| birth_date = {{Birth date and age|mf=yes|1966|5|11}}
| birth_place =
| death_date =
| death_place =
| religion = Jewish
| nationality = American
| net worth = US$2.6 billion (August 2015)<ref>[http://www.forbes.com/profile/william-ackman/ Forbes: The World's Billionaires - William Ackman] August 2015</ref>
| alma_mater = [[Harvard College]]<br>[[Harvard Business School]]
| occupation = CEO of [[Pershing Square Capital Management]]<br>Director of [[Canadian Pacific Railway]]
| spouse = Karen Ann Herskovitz<br> (1994–present)
| children = 3
| parents = Ronnie I. (née Posner) and Lawrence David Ackman}}
'''William Albert Ackman''' (born May 11, 1966), is an American hedge fund manager and philanthropist. He is the founder and CEO of [[Pershing Square Capital Management]] LP, a hedge fund management company.<ref>{{cite news|url=http://findarticles.com/p/articles/mi_m3190/is_51_39/ai_n15967751|title=Having words with William Ackman: founder, Pershing Square Capital Management|work=Nation's Restaurant News|first=Amy|last=Garber|year=2005}}</ref> He considers himself an [[Activist shareholder|activist investor]].<ref>{{cite web|last1=de Ternay|first1=Guerric|title=Bill Ackman: Who Are the Activist Investors? Why Are They Beneficial for Companies|url=http://boostcompanies.com/activist-investor/|website=BoostCompanies|accessdate=June 27, 2014}}</ref><ref>{{cite web|last1=Enginalev|first1=Ertan|title=Is Shareholder Activism the Cure for the Common Stock|url=https://www.carriedin.com/shareholder-activism-cure-for-common-stock/|website=Carried Interest|accessdate=May 6, 2015}}</ref>
==Early life==
Ackman was raised in [[Chappaqua, New York]], and he is the son of Ronnie I. (née Posner) and Lawrence David Ackman, the chairman of a New York real estate financing firm, Ackman-Ziff Real Estate Group.<ref name=StarTribTargetingTarget>[http://www.startribune.com/business/13715691.html Minneapolis Star Tribune: "William Ackman - Targeting Target" by CHRIS SERRES], startribune.com, January 13, 2008.</ref><ref>{{cite news| url=http://select.nytimes.com/gst/abstract.html?res=F20811FC3C5A137B93C5A9178BD95F478685F9|work=The New York Times|title=Miss Ronnie I. Posner Bride of L.D. Ackman|date=October 7, 1963}}</ref> His family is [[Jews|Jewish]].<ref>[http://www.jpost.com/JewishWorld/JewishNews/Article.aspx?id=207507 "Jews take 5 of top 6 spots in annual list of top US givers"], jpost.com, September 2, 2011.</ref><ref>[http://ejewishphilanthropy.com/jewish-philanthropy-2-0 "Jewish Philanthropy 2.0"], ejewishphilanthropy.com, February 23, 2011.</ref>
==Education==
In 1988, he received a bachelor of arts degree [[magna cum laude]] in History from [[Harvard College]]. His thesis was "Scaling the Ivy Wall: the Jewish and Asian American Experience in Harvard Admissions."<ref>{{cite web|last1=Ackman|first1=William Albert|title=Scaling the ivy wall : the Jewish and Asian American experience in Harvard admissions|url=http://classify.oclc.org/classify2/ClassifyDemo?owi=17534608|website=Classify|publisher=OCLC Research|accessdate=May 21, 2015}}</ref> In 1992, he received an MBA from [[Harvard Business School]].<ref>http://www.law.harvard.edu/programs/corp_gov/bio_Ackman.shtml</ref>
==Career==
In 1992 Ackman founded the investment firm Gotham Partners with fellow Harvard graduate David Berkowitz. This investment firm made small investments in public companies.<ref name=StarTribTargetingTarget/> In 1995, Ackman's reputation was enhanced when he partnered with the insurance and real estate firm [[Leucadia National]] to bid for [[Rockefeller Center]]. Although they did not win the deal, the high-profile nature of the bid caused investors to flock to Gotham Partners, growing it to $500 million in assets by 1998.<ref name=StarTribTargetingTarget/>
In 2002, Ackman began winding down Gotham Partners, which had become entrenched in litigation with various outside shareholders who also owned an interest in the same companies in which Gotham invested. A 2003 investigation of Gotham's trading practices by New York Attorney General [[Eliot Spitzer]] found no wrongdoing.<ref name=StarTribTargetingTarget/> In August 2013, Ackman's two-year campaign to transform {{clarify|date=July 2015}} the department store [[J.C. Penney]] came to an abrupt end after he decided to step down from the board following an argument with fellow board members.<ref>{{cite news|title=Ackman quits J.C.Penney board, removing distraction|author=Phil Wahba and Matthew Goldstein|publisher=Reuters|url=http://www.reuters.com/article/2013/08/13/us-jcpenney-ackman-idUSBRE97C0AI20130813?feedType=RSS&feedName=topNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=992637|date=August 13, 2013}}</ref>
===MBIA activities===
In 2002 Ackman began research challenging [[MBIA]]'s AAA rating despite an ongoing probe of his trading by New York State and federal authorities. He was charged fees for copying 725,000 pages of statements regarding the financial services company in his law firm's compliance with a subpoena.<ref>{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601109&sid=a7.NpGwa19TY&refer=home|title=Ackman Devoured 140,000 Pages Challenging MBIA Rating|first=Christine|last=Richard|author2=Katherine Burton|work=[[Bloomberg L.P.|Bloomberg]]|date=January 31, 2008|accessdate=February 22, 2008}}</ref> Ackman called for a division between MBIA's bond insurers' structured finance business and their municipal bond insurance business despite statements from the company that this would not be a viable option.<ref>{{cite news|url=http://money.cnn.com/2008/02/20/news/companies/mbia.ap/index.htm?postversion=2008022018|title=MBIA: Call to divide not viable|work=[[CNN]]|date=February 20, 2008|accessdate=February 26, 2008|deadurl=yes}} {{Dead link|date=April 2014|bot=RjwilmsiBot}}</ref>
He argued that the billions of dollars of [[credit default swap]] (CDS) protection MBIA had sold against various mortgage backed [[Collateralized debt obligations|CDO]]s was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse Financial Products, which MBIA described as an "orphaned transformer". Ackman bought credit default swaps against MBIA corporate debt as a way to bet that it would crash. When MBIA did, in fact, crash as the [[financial crisis of 2008]] came to a head, he sold the swaps for a large profit. The story of Ackman's battle with MBIA was turned into a book called ''Confidence Game'' (Wiley, 2010) by ''Bloomberg News'' reporter Christine Richard.<ref>[http://confidencegame.net ''Confidence Game'' by Christine S Richard, Bloomberg News, 2010]</ref> He reported covering his short position on MBIA on January 16, 2009, according to the 13D filed with the SEC.<ref>{{cite web|author=Staff|url=http://www.marketfolly.com/2009/01/bill-ackmans-pershing-square-files-13d.html|title=Bill Ackman's Pershing Square Files 13D on Borders, Covers MBIA Short|publisher=Marketfolly.com|date=2009-01-26|accessdate=2014-07-28}}</ref>
===Pershing Square Capital Management===
In 2004, with $54 million in funding from his personal funds and from his former business partner, Leucadia National, Ackman started [[Pershing Square Capital Management]].<ref name=StarTribTargetingTarget/> In 2005, Pershing bought a significant share in the fast food chain [[Wendy's International]] and successfully pressured it to sell its [[Tim Hortons]] doughnut chain. Wendy's spun off Tim Hortons through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism that the sale of Wendy's fastest-growing unit left the company in a weaker market position. Ackman blamed the poor performance on their new CEO.<ref name=StarTribTargetingTarget/>
In December 2007 his funds owned a 10% stake in [[Target Corporation]], valued at $4.2 billion<ref>{{cite news|url=http://bloomberg.com/apps/news?pid=20601087&sid=ad2tlfp2uNZw&dlbk|title=Ackman Boosts Target State|work=Bloomberg|date=December 24, 2007}}</ref> through the purchase of [[stock]] and [[Derivative (finance)|derivatives]].<ref>{{cite web|last=Bary|first=Andrew|url=http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box|title=Ackman's Target Campaign Is Off-Target|date=May 25, 2009|publisher=Online.barrons.com|accessdate=2014-07-28}}</ref> In December 2010, his funds held a 38% stake in [[Borders Group]] and on December 6, 2010, Ackman indicated he would finance a buyout of [[Barnes & Noble]] for {{US$|900M}}.<ref>Jarzemsky, Matt. [http://online.wsj.com/article/BT-CO-20101206-704363.html "UPDATE: Ackman Offers To Finance Borders Buyout Of Barnes & Noble"] ''[[The Wall Street Journal]]'', December 6, 2010.</ref> He also won a shareholder proxy battle for [[Canadian Pacific Railway]]. Ackman is known to occasionally hire people outside of traditional finance backgrounds; for example, his professionals have included a former fly fishing guide, a former tennis pro and "a man whom he met in a cab."<ref>[http://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman "From Hedge Funds to Bonefishing"], Forbes.com, June 29, 2012; accessed July 16, 2012.</ref>
===Defense of J. Ezra Merkin===
At a panel meeting discussing [[Bernie Madoff]] in January 2009, Ackman defended his longtime friend [[J. Ezra Merkin]], stating, "Has Ezra committed a crime? I don’t think so,” "I think [Merkin] is an honest person, an intelligent person, an interesting person, a smart investor."<ref name=defendMerkin1>{{cite news|publisher=TheStreet.com|title=Hedge Fund Peers Come to Merkin's Defense|url=http://www.thestreet.com/story/10458428/1/hedge-fund-peers-come-to-merkins-defense.html|author=Freed, Dan|date=January 16, 2009}}</ref><ref name="defendMerkin2">{{cite news|publisher=New York Times|title=Despite Madoff, Merkin Still Has Some Defenders|url=http://dealbook.nytimes.com/2009/01/16/despite-madoff-merkin-still-has-some-defenders|author=Kouwe, Zachery|date=January 16, 2009}}</ref><ref name=defendMerkin3>{{cite news|publisher=New York Times|title=But Is Madoff Not So Good for the Jews? Discuss Among Yourselves|url=http://www.nytimes.com/2009/01/17/arts/17yivo.html|author=Cohen, Patricia|date=January 16, 2009}}</ref>
On April 6, 2009, Merkin was charged with civil fraud by the State of New York, for "secretly steering $2.4 billion in client money into Bernard Madoff's Ponzi fraud without their permission."<ref name=civilfraud1>{{cite news|publisher=Reuters|title=Fund operator Merkin charged with civil fraud|url=http://www.reuters.com/article/businessNews/idUSTRE53548420090406|author=Graybow, Martha|date=April 6, 2009|title=Merkin charged with civil fraud in Madoff case}}</ref> A settlement was reached on June 2012 requiring Merkin to pay $405 million to victims including the Metropolitan Council on Jewish Poverty.<ref name=civilfraud2>{{cite news|publisher=Daily Mail|title=Hedge fund manager with ties to Bernie Madoff will pay ponzi scheme victims $405M|url=http://www.dailymail.co.uk/news/article-2164203/Bernie-Madoff-scam-Hedge-fund-manager-Ezra-Merkin-pays-ponzi-scheme-victims-405M.html|agency=Associated Press|date=June 25, 2012|title=Merkin charged with civil fraud in Madoff case|location=London, UK}}</ref>
===Herbalife criticism===
In December 2012, Ackman issued a research report that was critical of [[Herbalife]]'s [[multi-level marketing]] business model, calling it a [[pyramid scheme]].<ref>{{cite news|url=http://dealbook.nytimes.com/2012/12/20/ackman-outlines-bet-against-herbalife|title=Ackman Outlines Bet Against Herbalife|work=[[NYT]]|date=December 20, 2012|accessdate=December 20, 2012|first=William|last=Alden}}</ref> Ackman disclosed that his hedge fund, [[Pershing Square Capital Management]], sold short the company's shares directly (not with derivatives) starting in May 2012. Critics have charged that Ackman is misusing markets, employing political campaign tactics in an effort to lower the company's stock price.<ref>{{cite news|url=http://www.usnews.com/opinion/blogs/peter-roff/2015/04/08/herbalife-and-alec-cases-show-misuse-of-financial-power|title=Misusing Markets|work=[[U.S. News and World Report]]|date=April 8, 2015|accessdate=July 15, 2015|first=Peter|last=Roff}}</ref>
Ackman stated he would donate all personal profits from the trade to charity, although this does not apply to profits earned for other investors in his hedge fund. Ackman stated he is not [[day trading]] the stock, and is in for the long term.<ref name="cnbc.com">[http://www.cnbc.com/id/100331139 Video - Ackman Defends Calling Herbalife a "Pyramid Scheme"], cnbc.com; accessed July 31, 2015.</ref><ref>{{cite web|author=John Carney|url=http://www.cnbc.com/id/100332723/There039s_No_Law_Against_Bill_Ackman_Talking_His_Book|title=There's No Law Against Bill Ackman Talking His Book|publisher=CNBC.com|date=2012-12-20|accessdate=2014-07-28}}</ref> Herbalife's management disputes the premise of the report and its ensuing conclusion, i.e. that the stock is worth $0.<ref>{{cite news|url=http://www.ft.com/intl/cms/s/0/b6e7e678-4a0b-11e2-8002-00144feab49a.html#axzz2FcJfXglu|title=Ackman triggers Herbalife stock sell-off|work=[[Financial Times|FT]]|date=December 19, 2012|accessdate=December 19, 2012}}</ref> Ackman said on CNBC that millions of low-income people around the world have been duped with this scheme and if they knew that less than 1% of participants were able to make hundreds of thousands of dollars, no one would sign up for it. In response, Herbalife CEO Michael Johnson disputed Ackman's claim that he ran a "pyramid scheme" and accused Ackman of "market manipulation."<ref name="cnbc.com"/>
Ackman's position on Herbalife led to a discussion on live television with Herbalife supporter [[Carl Icahn]] for nearly half an hour on [[CNBC]] on January 25, 2013.<ref>{{cite web|url=http://video.cnbc.com/gallery/?video=3000144252&play=1|title=The Ichan-Ackman Feud |publisher=Video.cnbc.com|accessdate=2014-07-28}}</ref><ref>{{cite web|url=http://dealbreaker.com/2013/01/men-dislike-each-other-might-also-have-opinions-on-a-stock|title=Men Dislike Each Other, Might Also Have Opinions On A Stock|publisher=Dealbreaker.com|date=2013-01-25|accessdate=2014-07-28}}</ref><ref>[http://www.vanityfair.com/news/2013/04/bill-ackman-dan-loeb-herbalife Bill Ackman, Dan Loeb, Herbalife], vanityfair.com; accessed July 31, 2015.</ref>
On November 22, 2013, he admitted on Bloomberg Television that Pershing Square's open short position in Herbalife was "$400 million to $500 million" in the red, but that he wouldn't be squeezed out and would hold the short "to the end of the earth".<ref>{{cite news|work=dealbook.nytimes.com|title=Ackman Vows to Take Bet Against Herbalife 'to the End of the Earth'|url=http://dealbook.nytimes.com/2013/11/22/ackman-vows-to-take-bet-against-herbalife-to-the-end-of-the-earth|first=Alexandra|last=Stevenson|date=November 22, 2013|accessdate=2013-11-23}}</ref> In April 2014, Reuters reported that, according to its sources, the FBI is conducting a probe into Herbalife; agents also reviewed documents obtained from the company's former distributors.<ref name=Reuters>{{cite news|title=FBI conducting a probe into Herbalife: sources|url=http://finance.yahoo.com/news/fbi-conducting-probe-herbalife-source-211828041.html|accessdate=April 11, 2014|date=April 2014}}</ref>
Current and former [[Members of Congress]] from both sides of the aisle have weighed in on the debate. Former Rep. [[Bob Barr]] (R-GA) has called on Congress to investigate Ackman's actions.<ref>{{cite news|title=Congress Should Launch Investigation of Short Sale Market|url=http://www.rollcall.com/news/congress_should_launch_bipartisan_investigation_of_short_sale_market-241335-1.html|publisher=Roll Call|accessdate=June 23, 2015|date=April 20, 2015}}</ref><ref>{{cite news|title=After Big Bet, Hedge Fund Pulls the Levers of Power|url=http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html?_r=0|publisher=New York Times|accessdate=June 23, 2015|date=March 9, 2014}}</ref> In 2014 [[Ed Markey|Sen. Ed Markey]] (D-MA) wrote letters to federal regulators, including the [[Federal Trade Commission|FTC]] and the [[Securities and Exchange Commission|SEC]], demanding they open an investigation into Herbalife's business practices. The day the letters were released, the company's stock dropped 14 percent. Markey later told the ''[[Boston Globe]]'' that his staff had not informed him that Ackman stood to benefit financially from the Senator's actions but defended the letters as a matter of consumer rights.<ref>{{cite news|title=Markey says he was unaware actions would aid firm's rival|url=https://www.bostonglobe.com/news/politics/2014/03/10/senator-edward-markey-wrote-letters-that-helped-activist-investor-who-sought-drive-down-herbalife-stock/KuUVnx0Rk1apbrWZmGDxWJ/story.html|publisher=Boston Globe|accessdate=July 8, 2015|date=March 10, 2014}}</ref>
According to the ''New York Times'', numerous letters were sent to federal regulators by groups such as the [[Hispanic Federation]] and the [[National Consumers League]]. "Each person contacted by The Times acknowledged in interviews that they wrote the letters after being lobbied by representatives from Pershing Square, or said they did not remember writing the letters at all. Mr. Ackman's team also then started to make payments totaling about $130,000 to some of these groups, including the Hispanic Federation — money he said was being used to help find victims of Herbalife."<ref>{{cite news|title=After Big Bet, Hedge Fund Pulls the Levers of Power|url=http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html?hp|publisher=New York Times|accessdate=July 8, 2015|date=March 9, 2014}}</ref>
In March 2015, U.S. District Judge Dale Fischer, in [[Los Angeles, California]], dismissed a suit filed by Herbalife investors alleging the company operating an illegal pyramid scheme. In response to Fischer's ruling, Herbalife stock surged approximately 13 percent.<ref>{{cite news|title=Herbalife Soars as Judge Dismisses Lawsuit (revised)|url=http://finance.yahoo.com/news/herbalife-soars-judge-dismisses-lawsuit-175205646.html|accessdate=March 23, 2015|date=March 2015}}</ref> On March 12, 2015, ''[[The Wall Street Journal]]'' reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife.<ref>{{cite news|title=Report:The FBI is investigating Bill Ackman over Herbalife|url=http://www.businessinsider.com.au/the-fbi-is-investigating-bill-ackman-over-herbalife-2015-3|publisher=BusinessInsider|accessdate=June 16, 2015|date=March 13, 2015}}</ref><ref>{{cite news|title=Bill Ackman Not Backing Down On Herbalife|url=http://blogs.wsj.com/moneybeat/2015/03/13/bill-ackman-not-backing-down-on-herbalife|publisher=Wall Street Journal|accessdate=June 16, 2015|date=March 13, 2015}}</ref>
==Philanthropy==
Ackman has given to charitable causes such as the [[Center for Jewish History]] to preserve Jewish genealogy<ref>[http://www.cjh.org/p/14 The Center For Jewish History: "Single Largest Fund-Raising Effort Since Building was Completed in 2000"] January 24, 2011</ref> where he spearheaded a successful effort to retire their $30 million in debt, personally contributing $6.8 million.<ref name= CoP>[http://philanthropy.com/article/A-Brash-Hedge-Fund-Manager/126211/ The Chronicle of Philanthropy: "A Brash Hedge-Fund Manager Applies His Tactics to Philanthropy" By Caroline Preston] February 6, 2011</ref> In a press release, the Ackman family stated, "We want our children to know, not only their living relatives, but those representing past generations for a greater connection to their family and ancestral origin and heritage."<ref>[http://www.businessinsider.com/wall-street-weird-charity-donations-say-about-them?op=1 Business Insider: "What The Richest People On Wall Street's Charity Donations Say About Them" by Mamta Badkar and Courtney Comstock] November 12, 2010</ref> This donation made with that of [[Bruce Berkowitz]], founder of Fairholme Capital Management, and Joseph Steinberg, president of [[Leucadia National]], were the three largest individual gifts that the center has ever received.<ref>[http://www.thejewishweek.com/news/new_york/history_center_black The Jewish Week: "History Center In The Black" by Tamar Snyder] January 25, 2011</ref>
Ackman's foundation donated $1.1 million to the [[Innocence Project]] in New York City and [[Centurion Ministries]] in Princeton, N.J. The two groups are dedicated to investigating the cases of people who have been wrongfully convicted.<ref name= CoP/> He is a signatory of [[The Giving Pledge]], committing himself to give away at least 50% of his wealth to charitable causes.<ref>[http://jewishvoiceny.com/index.php?view=article&catid=96%3Abusiness&id=995%3Ajewish-billionaires-join-group-pledging-majority-of-their-wealth-to-charity&tmpl=component&print=1&page=&option=com_content&Itemid=279 Jewish Voice New York: "Jewish Billionaires Join Group Pledging Majority of Their Wealth to Charity" by Sholom Schreiber] April 25, 2005</ref>
Bill and Karen Ackman founded The Pershing Square Foundation in 2006 to support innovation in the areas of economic development, education, healthcare, human rights, arts and urban development.<ref>{{cite web|url=http://pershingsquarefoundation.org/fund/our-founders/|title=Founders |publisher=Pershing Square Foundation website|accessdate=2015-07-28}}</ref> Since it was founded, the foundation has committed more than $160 million in grants and social investments. In 2011, the Ackmans were among ''[[The Chronicle of Philanthropy]]''’s "Philanthropy 50" list of the most generous donors.<ref name="Chronicle of Philanthropy’s Philanthropy 50">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent|url=http://philanthropy.com/article/philanthropy50/126127|title=Philanthropy 50|date=February 6, 2011|publisher=Philanthropy.com|accessdate=2014-07-28}}</ref>
Recent Pershing Square Foundation grants include:
* A $25 million gift to Signature Theatre to fund the innovative Signature Ticket Initiative.<ref name="The Pershing Square Foundation Donates $25 Million to Signature Theatre">{{cite web|url=http://www.prnewswire.com/news-releases/the-pershing-square-foundation-donates-25-million-to-signature-theatre-138140743.html|title="The Pershing Square Foundation Donates $25 Million to Signature Theatre" January 26, 2012|publisher=PR Newswire|accessdate=2014-07-28}}</ref>
* A five-year, $10 million grant to [[Human Rights Watch]] in support of the advocacy organization's strategic plan and new initiatives in its Africa and Women's Rights divisions.<ref name="Pershing Square Foundation Awards $10 Million to Human Rights Watch">{{cite web|url=http://foundationcenter.org/pnd/news/story.jhtml?id=380400005|title=Philanthropy News Digest: "Pershing Square Foundation Awards $10 Million to Human Rights Watch"|date=May 28, 2012|publisher=Foundationcenter.org|accessdate=2014-07-28}}</ref>
* $25-million to help improve the public-school system in [[Newark, New Jersey]]. When then Newark Mayor [[Cory Booker]] was seeking additional donors to match a $100-million pledge the Facebook co-founder [[Mark Zuckerberg]] was making to Newark’s school system, the Ackmans’ foundation came forward with the biggest commitment yet, next to Mr. Zuckerberg’s.<ref name="Chronicle of Philanthropy’s Philanthropy 50"/> Employees from Pershing Square Capital Management and The Pershing Square Foundation also helped build and pay for a brand a new playground on an empty lot in Newark, New Jersey in partnership with the Greater Newark Housing Partnership, the Urban League of Essex County, organizers from the non-profit KaBOOM! and residents of the Fairmount Heights neighborhood.<ref name="Bill Ackman And Pershing Square Helped Build And Pay For This New Playground In Newark">{{cite web|url=http://www.businessinsider.com/pershing-square-builds-a-playground-in-newark-2012-10?op=1#ixzz2FqBZLC4U|title=Bill Ackman And Pershing Square Helped Build And Pay For This New Playground In Newark|date=October 29, 2012|publisher=Business Insider|accessdate=2014-07-28}}</ref>
* Grants totaling $6.5-million to the [[One Acre Fund]] since 2008, including a partnership with [[USAID]].<ref name="One Acre Fund Announces Partnership to Address Poverty, Hunger in Kenya">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent.|url=http://philanthropy.com/article/philanthropy50/126127|title=Philanthropy News Digest: "One Acre Fund Announces Partnership to Address Poverty, Hunger in Kenya"|date=September 14, 2012|publisher=Philanthropy.com|accessdate=2014-07-28}}</ref> One Acre Fund is an NGO in Kenya, Rwanda, and Burundi that invests in farmers to generate a permanent gain in farm income to reduce poverty and hunger. Unlike most interventions designed to improve farming incomes in poor settings, One Acre Fund facilitates activities and transactions at each level of the farming value chain, from organizing farmer groups to negotiating with export markets.<ref name="One Acre Fund Website">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent.|url=http://philanthropy.com/article/philanthropy50/126127/ |title=One Acre Fund Program Model|publisher=Philanthropy.com|date=2011-02-06|accessdate=2014-07-28}}</ref>
* $1.5-million, three-year grant to [[Social Finance]] to introduce social impact bonds to the United States, with Pershing Square acting as a founding partner of Social Finance US.<ref name="PR Newswire">{{cite web|url=http://www.prnewswire.com/news-releases/the-pershing-square-foundation-grants-social-finance-inc-15-million-for-social-impact-bonds-126172973.html|title="The Pershing Square Foundation Grants Social Finance, Inc. $1.5 Million for Social Impact Bonds" July 26, 2011|publisher=PR Newswire|accessdate=2014-07-28}}</ref><ref name="Social Finance Website">{{cite web|url=http://www.socialfinanceus.org/about/our-supporters|title=Social Finance: Our Supporters|publisher=Socialfinanceus.org|accessdate=2014-07-28}}</ref>
* $160,000 to the [[Temple Mount Sifting Project]]. An archaeological project that is dedicated to archaeological research of debris that came out of an illicit dig on Jerusalem's Temple Mount in Nov. 1999. The project is managed by [[Bar-Ilan University]] archaeologists and operated by the Ir-David Foundation.{{citation needed|date=July 2015}}
==Personal life==
He married Karen Ann Herskovitz, a graduate of [[Vassar College]] and a [[landscape architect]], on July 10, 1994.<ref>{{cite news|url=http://query.nytimes.com/gst/fullpage.html?res=9805E6D81F3CF933A25754C0A962958260|title=WEDDINGS; Karen Herskovitz, William Ackman|work=The New York Times|date=July 10, 1994}}</ref> She is on the board of directors of [[Human Rights Watch]],<ref>{{cite web|url=https://www.hrw.org/about/people/board-directors|title=Board of Directors |publisher=Human Rights Watch website |date= |accessdate=2015-07-28}}</ref> and she serves on the board of Friends of the [[High Line (New York City)|High Line]],<ref>{{cite web|url=http://www.thehighline.org/about/staff-and-board-members |title=Staff and Board Members |publisher=Friends of the High Line website |date= |accessdate=2015-07-28}}</ref> a charity that transformed a stretch of an old elevated railroad line in New York City into a public park.<ref name= CoP/> They have three children.<ref name=StarTribTargetingTarget/>
==References==
{{reflist|colwidth=30em}}
{{DEFAULTSORT:Ackman, Bill}}
[[Category:1966 births]]
[[Category:Living people]]
[[Category:American billionaires]]
[[Category:American chief executives of financial services companies]]
[[Category:American financial company founders]]
[[Category:American financiers]]
[[Category:American hedge fund managers]]
[[Category:American investors]]
[[Category:American money managers]]
[[Category:American stock traders]]
[[Category:Businesspeople from New York]]
[[Category:Canadian Pacific Railway people]]
[[Category:Giving Pledgers]]
[[Category:Harvard Business School alumni]]
[[Category:Harvard University alumni]]
[[Category:Jewish American philanthropists]]
[[Category:People from Chappaqua, New York]]
[[Category:Stock and commodity market managers]]' |
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{{Infobox person
| name = Bill Ackman
| image =
| image_size = 220px
| caption = Bill Ackman in 2013
| alt = Bill Ackman and Michael Pearson Interview, April 23rd, 2014
| birth_name = William A. Ackman
| birth_date = {{Birth date and age|mf=yes|1966|5|11}}
| birth_place =
| death_date =
| death_place =
| religion = Jewish
| nationality = American
| net worth = US$2.6 billion (August 2015)<ref>[http://www.forbes.com/profile/william-ackman/ Forbes: The World's Billionaires - William Ackman] August 2015</ref>
| alma_mater = [[Harvard College]]<br>[[Harvard Business School]]
| occupation = CEO of [[Pershing Square Capital Management]]<br>Director of [[Canadian Pacific Railway]]
| spouse = Karen Ann Herskovitz<br> (1994–present)
| children = 3
| parents = Ronnie I. (née Posner) and Lawrence David Ackman}}
'''William Albert Ackman''' (born May 11, 1966), is an American hedge fund manager and philanthropist. He is the founder and CEO of [[Pershing Square Capital Management]] LP, a hedge fund management company.<ref>{{cite news|url=http://findarticles.com/p/articles/mi_m3190/is_51_39/ai_n15967751|title=Having words with William Ackman: founder, Pershing Square Capital Management|work=Nation's Restaurant News|first=Amy|last=Garber|year=2005}}</ref> He considers himself an [[Activist shareholder|activist investor]].<ref>{{cite web|last1=de Ternay|first1=Guerric|title=Bill Ackman: Who Are the Activist Investors? Why Are They Beneficial for Companies|url=http://boostcompanies.com/activist-investor/|website=BoostCompanies|accessdate=June 27, 2014}}</ref><ref>{{cite web|last1=Enginalev|first1=Ertan|title=Is Shareholder Activism the Cure for the Common Stock|url=https://www.carriedin.com/shareholder-activism-cure-for-common-stock/|website=Carried Interest|accessdate=May 6, 2015}}</ref>
==Early life==
Ackman was raised in [[Chappaqua, New York]], and he is the son of Ronnie I. (née Posner) and Lawrence David Ackman, the chairman of a New York real estate financing firm, Ackman-Ziff Real Estate Group.<ref name=StarTribTargetingTarget>[http://www.startribune.com/business/13715691.html Minneapolis Star Tribune: "William Ackman - Targeting Target" by CHRIS SERRES], startribune.com, January 13, 2008.</ref><ref>{{cite news| url=http://select.nytimes.com/gst/abstract.html?res=F20811FC3C5A137B93C5A9178BD95F478685F9|work=The New York Times|title=Miss Ronnie I. Posner Bride of L.D. Ackman|date=October 7, 1963}}</ref> His family is [[Jews|Jewish]].<ref>[http://www.jpost.com/JewishWorld/JewishNews/Article.aspx?id=207507 "Jews take 5 of top 6 spots in annual list of top US givers"], jpost.com, September 2, 2011.</ref><ref>[http://ejewishphilanthropy.com/jewish-philanthropy-2-0 "Jewish Philanthropy 2.0"], ejewishphilanthropy.com, February 23, 2011.</ref>
==Education==
In 1988, he received a bachelor of arts degree [[magna cum laude]] in History from [[Harvard College]]. His thesis was "Scaling the Ivy Wall: the Jewish and Asian American Experience in Harvard Admissions."<ref>{{cite web|last1=Ackman|first1=William Albert|title=Scaling the ivy wall : the Jewish and Asian American experience in Harvard admissions|url=http://classify.oclc.org/classify2/ClassifyDemo?owi=17534608|website=Classify|publisher=OCLC Research|accessdate=May 21, 2015}}</ref> In 1992, he received an MBA from [[Harvard Business School]].<ref>http://www.law.harvard.edu/programs/corp_gov/bio_Ackman.shtml</ref>
==Career==
In 1992 Ackman founded the investment firm Gotham Partners with fellow Harvard graduate David Berkowitz. This investment firm made small investments in public companies.<ref name=StarTribTargetingTarget/> In 1995, Ackman's reputation was enhanced when he partnered with the insurance and real estate firm [[Leucadia National]] to bid for [[Rockefeller Center]]. Although they did not win the deal, the high-profile nature of the bid caused investors to flock to Gotham Partners, growing it to $500 million in assets by 1998.<ref name=StarTribTargetingTarget/>
In 2002, Ackman began winding down Gotham Partners, which had become entrenched in litigation with various outside shareholders who also owned an interest in the same companies in which Gotham invested. A 2003 investigation of Gotham's trading practices by New York Attorney General [[Eliot Spitzer]] found no wrongdoing.<ref name=StarTribTargetingTarget/> In August 2013, Ackman's two-year campaign to transform {{clarify|date=July 2015}} the department store [[J.C. Penney]] came to an abrupt end after he decided to step down from the board following an argument with fellow board members.<ref>{{cite news|title=Ackman quits J.C.Penney board, removing distraction|author=Phil Wahba and Matthew Goldstein|publisher=Reuters|url=http://www.reuters.com/article/2013/08/13/us-jcpenney-ackman-idUSBRE97C0AI20130813?feedType=RSS&feedName=topNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=992637|date=August 13, 2013}}</ref>
===MBIA activities===
In 2002 Ackman began research challenging [[MBIA]]'s AAA rating despite an ongoing probe of his trading by New York State and federal authorities. He was charged fees for copying 725,000 pages of statements regarding the financial services company in his law firm's compliance with a subpoena.<ref>{{cite news|url=http://www.bloomberg.com/apps/news?pid=20601109&sid=a7.NpGwa19TY&refer=home|title=Ackman Devoured 140,000 Pages Challenging MBIA Rating|first=Christine|last=Richard|author2=Katherine Burton|work=[[Bloomberg L.P.|Bloomberg]]|date=January 31, 2008|accessdate=February 22, 2008}}</ref> Ackman called for a division between MBIA's bond insurers' structured finance business and their municipal bond insurance business despite statements from the company that this would not be a viable option.<ref>{{cite news|url=http://money.cnn.com/2008/02/20/news/companies/mbia.ap/index.htm?postversion=2008022018|title=MBIA: Call to divide not viable|work=[[CNN]]|date=February 20, 2008|accessdate=February 26, 2008|deadurl=yes}} {{Dead link|date=April 2014|bot=RjwilmsiBot}}</ref>
He argued that the billions of dollars of [[credit default swap]] (CDS) protection MBIA had sold against various mortgage backed [[Collateralized debt obligations|CDO]]s was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse Financial Products, which MBIA described as an "orphaned transformer". Ackman bought credit default swaps against MBIA corporate debt as a way to bet that it would crash. When MBIA did, in fact, crash as the [[financial crisis of 2008]] came to a head, he sold the swaps for a large profit. The story of Ackman's battle with MBIA was turned into a book called ''Confidence Game'' (Wiley, 2010) by ''Bloomberg News'' reporter Christine Richard.<ref>[http://confidencegame.net ''Confidence Game'' by Christine S Richard, Bloomberg News, 2010]</ref> He reported covering his short position on MBIA on January 16, 2009, according to the 13D filed with the SEC.<ref>{{cite web|author=Staff|url=http://www.marketfolly.com/2009/01/bill-ackmans-pershing-square-files-13d.html|title=Bill Ackman's Pershing Square Files 13D on Borders, Covers MBIA Short|publisher=Marketfolly.com|date=2009-01-26|accessdate=2014-07-28}}</ref>
===Pershing Square Capital Management===
In 2004, with $54 million in funding from his personal funds and from his former business partner, Leucadia National, Ackman started [[Pershing Square Capital Management]].<ref name=StarTribTargetingTarget/> In 2005, Pershing bought a significant share in the fast food chain [[Wendy's International]] and successfully pressured it to sell its [[Tim Hortons]] doughnut chain. Wendy's spun off Tim Hortons through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism that the sale of Wendy's fastest-growing unit left the company in a weaker market position. Ackman blamed the poor performance on their new CEO.<ref name=StarTribTargetingTarget/>
In December 2007 his funds owned a 10% stake in [[Target Corporation]], valued at $4.2 billion<ref>{{cite news|url=http://bloomberg.com/apps/news?pid=20601087&sid=ad2tlfp2uNZw&dlbk|title=Ackman Boosts Target State|work=Bloomberg|date=December 24, 2007}}</ref> through the purchase of [[stock]] and [[Derivative (finance)|derivatives]].<ref>{{cite web|last=Bary|first=Andrew|url=http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box|title=Ackman's Target Campaign Is Off-Target|date=May 25, 2009|publisher=Online.barrons.com|accessdate=2014-07-28}}</ref> In December 2010, his funds held a 38% stake in [[Borders Group]] and on December 6, 2010, Ackman indicated he would finance a buyout of [[Barnes & Noble]] for {{US$|900M}}.<ref>Jarzemsky, Matt. [http://online.wsj.com/article/BT-CO-20101206-704363.html "UPDATE: Ackman Offers To Finance Borders Buyout Of Barnes & Noble"] ''[[The Wall Street Journal]]'', December 6, 2010.</ref> He also won a shareholder proxy battle for [[Canadian Pacific Railway]]. Ackman is known to occasionally hire people outside of traditional finance backgrounds; for example, his professionals have included a former fly fishing guide, a former tennis pro and "a man whom he met in a cab."<ref>[http://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman "From Hedge Funds to Bonefishing"], Forbes.com, June 29, 2012; accessed July 16, 2012.</ref>
===Defense of J. Ezra Merkin===
At a panel meeting discussing [[Bernie Madoff]] in January 2009, Ackman defended his longtime friend [[J. Ezra Merkin]], stating, "Has Ezra committed a crime? I don’t think so,” "I think [Merkin] is an honest person, an intelligent person, an interesting person, a smart investor."<ref name=defendMerkin1>{{cite news|publisher=TheStreet.com|title=Hedge Fund Peers Come to Merkin's Defense|url=http://www.thestreet.com/story/10458428/1/hedge-fund-peers-come-to-merkins-defense.html|author=Freed, Dan|date=January 16, 2009}}</ref><ref name="defendMerkin2">{{cite news|publisher=New York Times|title=Despite Madoff, Merkin Still Has Some Defenders|url=http://dealbook.nytimes.com/2009/01/16/despite-madoff-merkin-still-has-some-defenders|author=Kouwe, Zachery|date=January 16, 2009}}</ref><ref name=defendMerkin3>{{cite news|publisher=New York Times|title=But Is Madoff Not So Good for the Jews? Discuss Among Yourselves|url=http://www.nytimes.com/2009/01/17/arts/17yivo.html|author=Cohen, Patricia|date=January 16, 2009}}</ref>
On April 6, 2009, Merkin was charged with civil fraud by the State of New York, for "secretly steering $2.4 billion in client money into Bernard Madoff's Ponzi fraud without their permission."<ref name=civilfraud1>{{cite news|publisher=Reuters|title=Fund operator Merkin charged with civil fraud|url=http://www.reuters.com/article/businessNews/idUSTRE53548420090406|author=Graybow, Martha|date=April 6, 2009|title=Merkin charged with civil fraud in Madoff case}}</ref> A settlement was reached on June 2012 requiring Merkin to pay $405 million to victims including the Metropolitan Council on Jewish Poverty.<ref name=civilfraud2>{{cite news|publisher=Daily Mail|title=Hedge fund manager with ties to Bernie Madoff will pay ponzi scheme victims $405M|url=http://www.dailymail.co.uk/news/article-2164203/Bernie-Madoff-scam-Hedge-fund-manager-Ezra-Merkin-pays-ponzi-scheme-victims-405M.html|agency=Associated Press|date=June 25, 2012|title=Merkin charged with civil fraud in Madoff case|location=London, UK}}</ref>
===Herbalife criticism===
In December 2012, Ackman issued a research report that was critical of [[Herbalife]]'s [[multi-level marketing]] business model, calling it a [[pyramid scheme]].<ref>{{cite news|url=http://dealbook.nytimes.com/2012/12/20/ackman-outlines-bet-against-herbalife|title=Ackman Outlines Bet Against Herbalife|work=[[NYT]]|date=December 20, 2012|accessdate=December 20, 2012|first=William|last=Alden}}</ref> Ackman disclosed that his hedge fund, [[Pershing Square Capital Management]], sold short the company's shares directly (not with derivatives) starting in May 2012. Critics have charged that Ackman is misusing markets, employing political campaign tactics in an effort to lower the company's stock price.<ref>{{cite news|url=http://www.usnews.com/opinion/blogs/peter-roff/2015/04/08/herbalife-and-alec-cases-show-misuse-of-financial-power|title=Misusing Markets|work=[[U.S. News and World Report]]|date=April 8, 2015|accessdate=July 15, 2015|first=Peter|last=Roff}}</ref>
Ackman stated he would donate all personal profits from the trade to charity, although this does not apply to profits earned for other investors in his hedge fund. Ackman stated he is not [[day trading]] the stock, and is in for the long term.<ref name="cnbc.com">[http://www.cnbc.com/id/100331139 Video - Ackman Defends Calling Herbalife a "Pyramid Scheme"], cnbc.com; accessed July 31, 2015.</ref><ref>{{cite web|author=John Carney|url=http://www.cnbc.com/id/100332723/There039s_No_Law_Against_Bill_Ackman_Talking_His_Book|title=There's No Law Against Bill Ackman Talking His Book|publisher=CNBC.com|date=2012-12-20|accessdate=2014-07-28}}</ref> Herbalife's management disputes the premise of the report and its ensuing conclusion, i.e. that the stock is worth $0.<ref>{{cite news|url=http://www.ft.com/intl/cms/s/0/b6e7e678-4a0b-11e2-8002-00144feab49a.html#axzz2FcJfXglu|title=Ackman triggers Herbalife stock sell-off|work=[[Financial Times|FT]]|date=December 19, 2012|accessdate=December 19, 2012}}</ref> Ackman said on CNBC that millions of low-income people around the world have been duped with this scheme and if they knew that less than 1% of participants were able to make hundreds of thousands of dollars, no one would sign up for it. In response, Herbalife CEO Michael Johnson disputed Ackman's claim that he ran a "pyramid scheme" and accused Ackman of "market manipulation."<ref name="cnbc.com"/>
Ackman's position on Herbalife led to a discussion on live television with Herbalife supporter [[Carl Icahn]] for nearly half an hour on [[CNBC]] on January 25, 2013.<ref>{{cite web|url=http://video.cnbc.com/gallery/?video=3000144252&play=1|title=The Ichan-Ackman Feud |publisher=Video.cnbc.com|accessdate=2014-07-28}}</ref><ref>{{cite web|url=http://dealbreaker.com/2013/01/men-dislike-each-other-might-also-have-opinions-on-a-stock|title=Men Dislike Each Other, Might Also Have Opinions On A Stock|publisher=Dealbreaker.com|date=2013-01-25|accessdate=2014-07-28}}</ref><ref>[http://www.vanityfair.com/news/2013/04/bill-ackman-dan-loeb-herbalife Bill Ackman, Dan Loeb, Herbalife], vanityfair.com; accessed July 31, 2015.</ref>
On November 22, 2013, he admitted on Bloomberg Television that Pershing Square's open short position in Herbalife was "$400 million to $500 million" in the red, but that he wouldn't be squeezed out and would hold the short "to the end of the earth".<ref>{{cite news|work=dealbook.nytimes.com|title=Ackman Vows to Take Bet Against Herbalife 'to the End of the Earth'|url=http://dealbook.nytimes.com/2013/11/22/ackman-vows-to-take-bet-against-herbalife-to-the-end-of-the-earth|first=Alexandra|last=Stevenson|date=November 22, 2013|accessdate=2013-11-23}}</ref> In April 2014, Reuters reported that, according to its sources, the FBI is conducting a probe into Herbalife; agents also reviewed documents obtained from the company's former distributors.<ref name=Reuters>{{cite news|title=FBI conducting a probe into Herbalife: sources|url=http://finance.yahoo.com/news/fbi-conducting-probe-herbalife-source-211828041.html|accessdate=April 11, 2014|date=April 2014}}</ref>
Current and former [[Members of Congress]] from both sides of the aisle have weighed in on the debate. Former Rep. [[Bob Barr]] (R-GA) has called on Congress to investigate Ackman's actions.<ref>{{cite news|title=Congress Should Launch Investigation of Short Sale Market|url=http://www.rollcall.com/news/congress_should_launch_bipartisan_investigation_of_short_sale_market-241335-1.html|publisher=Roll Call|accessdate=June 23, 2015|date=April 20, 2015}}</ref><ref>{{cite news|title=After Big Bet, Hedge Fund Pulls the Levers of Power|url=http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html?_r=0|publisher=New York Times|accessdate=June 23, 2015|date=March 9, 2014}}</ref> In 2014 [[Ed Markey|Sen. Ed Markey]] (D-MA) wrote letters to federal regulators, including the [[Federal Trade Commission|FTC]] and the [[Securities and Exchange Commission|SEC]], demanding they open an investigation into Herbalife's business practices. The day the letters were released, the company's stock dropped 14 percent. Markey later told the ''[[Boston Globe]]'' that his staff had not informed him that Ackman stood to benefit financially from the Senator's actions but defended the letters as a matter of consumer rights.<ref>{{cite news|title=Markey says he was unaware actions would aid firm's rival|url=https://www.bostonglobe.com/news/politics/2014/03/10/senator-edward-markey-wrote-letters-that-helped-activist-investor-who-sought-drive-down-herbalife-stock/KuUVnx0Rk1apbrWZmGDxWJ/story.html|publisher=Boston Globe|accessdate=July 8, 2015|date=March 10, 2014}}</ref>
According to the ''New York Times'', numerous letters were sent to federal regulators by groups such as the [[Hispanic Federation]] and the [[National Consumers League]]. "Each person contacted by The Times acknowledged in interviews that they wrote the letters after being lobbied by representatives from Pershing Square, or said they did not remember writing the letters at all. Mr. Ackman's team also then started to make payments totaling about $130,000 to some of these groups, including the Hispanic Federation — money he said was being used to help find victims of Herbalife."<ref>{{cite news|title=After Big Bet, Hedge Fund Pulls the Levers of Power|url=http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html?hp|publisher=New York Times|accessdate=July 8, 2015|date=March 9, 2014}}</ref>
In March 2015, U.S. District Judge Dale Fischer, in [[Los Angeles, California]], dismissed a suit filed by Herbalife investors alleging the company operating an illegal pyramid scheme. In response to Fischer's ruling, Herbalife stock surged approximately 13 percent.<ref>{{cite news|title=Herbalife Soars as Judge Dismisses Lawsuit (revised)|url=http://finance.yahoo.com/news/herbalife-soars-judge-dismisses-lawsuit-175205646.html|accessdate=March 23, 2015|date=March 2015}}</ref> On March 12, 2015, ''[[The Wall Street Journal]]'' reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife.<ref>{{cite news|title=Report:The FBI is investigating Bill Ackman over Herbalife|url=http://www.businessinsider.com.au/the-fbi-is-investigating-bill-ackman-over-herbalife-2015-3|publisher=BusinessInsider|accessdate=June 16, 2015|date=March 13, 2015}}</ref><ref>{{cite news|title=Bill Ackman Not Backing Down On Herbalife|url=http://blogs.wsj.com/moneybeat/2015/03/13/bill-ackman-not-backing-down-on-herbalife|publisher=Wall Street Journal|accessdate=June 16, 2015|date=March 13, 2015}}</ref>
===Valiant Pharmaceuticals===
Ackman's fund is a major investor in [[Valeant Pharmaceuticals]], which in late 2015 has experienced a major decline because of attacks from short sellers. Ackman continues to express support and confidence in Valeant.
==Philanthropy==
Ackman has given to charitable causes such as the [[Center for Jewish History]] to preserve Jewish genealogy<ref>[http://www.cjh.org/p/14 The Center For Jewish History: "Single Largest Fund-Raising Effort Since Building was Completed in 2000"] January 24, 2011</ref> where he spearheaded a successful effort to retire their $30 million in debt, personally contributing $6.8 million.<ref name= CoP>[http://philanthropy.com/article/A-Brash-Hedge-Fund-Manager/126211/ The Chronicle of Philanthropy: "A Brash Hedge-Fund Manager Applies His Tactics to Philanthropy" By Caroline Preston] February 6, 2011</ref> In a press release, the Ackman family stated, "We want our children to know, not only their living relatives, but those representing past generations for a greater connection to their family and ancestral origin and heritage."<ref>[http://www.businessinsider.com/wall-street-weird-charity-donations-say-about-them?op=1 Business Insider: "What The Richest People On Wall Street's Charity Donations Say About Them" by Mamta Badkar and Courtney Comstock] November 12, 2010</ref> This donation made with that of [[Bruce Berkowitz]], founder of Fairholme Capital Management, and Joseph Steinberg, president of [[Leucadia National]], were the three largest individual gifts that the center has ever received.<ref>[http://www.thejewishweek.com/news/new_york/history_center_black The Jewish Week: "History Center In The Black" by Tamar Snyder] January 25, 2011</ref>
Ackman's foundation donated $1.1 million to the [[Innocence Project]] in New York City and [[Centurion Ministries]] in Princeton, N.J. The two groups are dedicated to investigating the cases of people who have been wrongfully convicted.<ref name= CoP/> He is a signatory of [[The Giving Pledge]], committing himself to give away at least 50% of his wealth to charitable causes.<ref>[http://jewishvoiceny.com/index.php?view=article&catid=96%3Abusiness&id=995%3Ajewish-billionaires-join-group-pledging-majority-of-their-wealth-to-charity&tmpl=component&print=1&page=&option=com_content&Itemid=279 Jewish Voice New York: "Jewish Billionaires Join Group Pledging Majority of Their Wealth to Charity" by Sholom Schreiber] April 25, 2005</ref>
Bill and Karen Ackman founded The Pershing Square Foundation in 2006 to support innovation in the areas of economic development, education, healthcare, human rights, arts and urban development.<ref>{{cite web|url=http://pershingsquarefoundation.org/fund/our-founders/|title=Founders |publisher=Pershing Square Foundation website|accessdate=2015-07-28}}</ref> Since it was founded, the foundation has committed more than $160 million in grants and social investments. In 2011, the Ackmans were among ''[[The Chronicle of Philanthropy]]''’s "Philanthropy 50" list of the most generous donors.<ref name="Chronicle of Philanthropy’s Philanthropy 50">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent|url=http://philanthropy.com/article/philanthropy50/126127|title=Philanthropy 50|date=February 6, 2011|publisher=Philanthropy.com|accessdate=2014-07-28}}</ref>
Recent Pershing Square Foundation grants include:
* A $25 million gift to Signature Theatre to fund the innovative Signature Ticket Initiative.<ref name="The Pershing Square Foundation Donates $25 Million to Signature Theatre">{{cite web|url=http://www.prnewswire.com/news-releases/the-pershing-square-foundation-donates-25-million-to-signature-theatre-138140743.html|title="The Pershing Square Foundation Donates $25 Million to Signature Theatre" January 26, 2012|publisher=PR Newswire|accessdate=2014-07-28}}</ref>
* A five-year, $10 million grant to [[Human Rights Watch]] in support of the advocacy organization's strategic plan and new initiatives in its Africa and Women's Rights divisions.<ref name="Pershing Square Foundation Awards $10 Million to Human Rights Watch">{{cite web|url=http://foundationcenter.org/pnd/news/story.jhtml?id=380400005|title=Philanthropy News Digest: "Pershing Square Foundation Awards $10 Million to Human Rights Watch"|date=May 28, 2012|publisher=Foundationcenter.org|accessdate=2014-07-28}}</ref>
* $25-million to help improve the public-school system in [[Newark, New Jersey]]. When then Newark Mayor [[Cory Booker]] was seeking additional donors to match a $100-million pledge the Facebook co-founder [[Mark Zuckerberg]] was making to Newark’s school system, the Ackmans’ foundation came forward with the biggest commitment yet, next to Mr. Zuckerberg’s.<ref name="Chronicle of Philanthropy’s Philanthropy 50"/> Employees from Pershing Square Capital Management and The Pershing Square Foundation also helped build and pay for a brand a new playground on an empty lot in Newark, New Jersey in partnership with the Greater Newark Housing Partnership, the Urban League of Essex County, organizers from the non-profit KaBOOM! and residents of the Fairmount Heights neighborhood.<ref name="Bill Ackman And Pershing Square Helped Build And Pay For This New Playground In Newark">{{cite web|url=http://www.businessinsider.com/pershing-square-builds-a-playground-in-newark-2012-10?op=1#ixzz2FqBZLC4U|title=Bill Ackman And Pershing Square Helped Build And Pay For This New Playground In Newark|date=October 29, 2012|publisher=Business Insider|accessdate=2014-07-28}}</ref>
* Grants totaling $6.5-million to the [[One Acre Fund]] since 2008, including a partnership with [[USAID]].<ref name="One Acre Fund Announces Partnership to Address Poverty, Hunger in Kenya">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent.|url=http://philanthropy.com/article/philanthropy50/126127|title=Philanthropy News Digest: "One Acre Fund Announces Partnership to Address Poverty, Hunger in Kenya"|date=September 14, 2012|publisher=Philanthropy.com|accessdate=2014-07-28}}</ref> One Acre Fund is an NGO in Kenya, Rwanda, and Burundi that invests in farmers to generate a permanent gain in farm income to reduce poverty and hunger. Unlike most interventions designed to improve farming incomes in poor settings, One Acre Fund facilitates activities and transactions at each level of the farming value chain, from organizing farmer groups to negotiating with export markets.<ref name="One Acre Fund Website">{{cite web|author=Post a Job Philanthropy Careers is your link to top talent.|url=http://philanthropy.com/article/philanthropy50/126127/ |title=One Acre Fund Program Model|publisher=Philanthropy.com|date=2011-02-06|accessdate=2014-07-28}}</ref>
* $1.5-million, three-year grant to [[Social Finance]] to introduce social impact bonds to the United States, with Pershing Square acting as a founding partner of Social Finance US.<ref name="PR Newswire">{{cite web|url=http://www.prnewswire.com/news-releases/the-pershing-square-foundation-grants-social-finance-inc-15-million-for-social-impact-bonds-126172973.html|title="The Pershing Square Foundation Grants Social Finance, Inc. $1.5 Million for Social Impact Bonds" July 26, 2011|publisher=PR Newswire|accessdate=2014-07-28}}</ref><ref name="Social Finance Website">{{cite web|url=http://www.socialfinanceus.org/about/our-supporters|title=Social Finance: Our Supporters|publisher=Socialfinanceus.org|accessdate=2014-07-28}}</ref>
* $160,000 to the [[Temple Mount Sifting Project]]. An archaeological project that is dedicated to archaeological research of debris that came out of an illicit dig on Jerusalem's Temple Mount in Nov. 1999. The project is managed by [[Bar-Ilan University]] archaeologists and operated by the Ir-David Foundation.{{citation needed|date=July 2015}}
==Personal life==
He married Karen Ann Herskovitz, a graduate of [[Vassar College]] and a [[landscape architect]], on July 10, 1994.<ref>{{cite news|url=http://query.nytimes.com/gst/fullpage.html?res=9805E6D81F3CF933A25754C0A962958260|title=WEDDINGS; Karen Herskovitz, William Ackman|work=The New York Times|date=July 10, 1994}}</ref> She is on the board of directors of [[Human Rights Watch]],<ref>{{cite web|url=https://www.hrw.org/about/people/board-directors|title=Board of Directors |publisher=Human Rights Watch website |date= |accessdate=2015-07-28}}</ref> and she serves on the board of Friends of the [[High Line (New York City)|High Line]],<ref>{{cite web|url=http://www.thehighline.org/about/staff-and-board-members |title=Staff and Board Members |publisher=Friends of the High Line website |date= |accessdate=2015-07-28}}</ref> a charity that transformed a stretch of an old elevated railroad line in New York City into a public park.<ref name= CoP/> They have three children.<ref name=StarTribTargetingTarget/>
==References==
{{reflist|colwidth=30em}}
{{DEFAULTSORT:Ackman, Bill}}
[[Category:1966 births]]
[[Category:Living people]]
[[Category:American billionaires]]
[[Category:American chief executives of financial services companies]]
[[Category:American financial company founders]]
[[Category:American financiers]]
[[Category:American hedge fund managers]]
[[Category:American investors]]
[[Category:American money managers]]
[[Category:American stock traders]]
[[Category:Businesspeople from New York]]
[[Category:Canadian Pacific Railway people]]
[[Category:Giving Pledgers]]
[[Category:Harvard Business School alumni]]
[[Category:Harvard University alumni]]
[[Category:Jewish American philanthropists]]
[[Category:People from Chappaqua, New York]]
[[Category:Stock and commodity market managers]]' |
