Pershing Square’s Bill Ackman Proposes Public Database to Prevent Fraud

May 8th, 2010
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Pershing Square Capital Management founder and managing partner Bill Ackman said earlier this week that U.S. securities regulators should develop a public database for monitoring fraudulent activities by allowing investors to explain why they are buying or short selling a stock. The database would protect investors from liability as long as they do not commit libel.

In the recent past, the SEC ignored warnings about potential fraud like Harry Markopolos’ report on Bernard Madoff’s Ponzi scheme and Mr. Ackman’s 2002 report on bond insurer MBIA Inc. Mr. Ackman believes his proposed system would lead to a more open exchange of information and more accurate security prices, allowing the SEC to spot companies to investigate.
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Pershing Square Capital Management
Related People: Nicholas Botta; Roy J. Katzovicz; Scott Ferguson*; William 'Bill' Ackman
Related Entities: Leucadia Corporation (NYSE: LUK); Pershing Square Capital; Pershing Square IV; Pershing Square LP
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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