Say What!? Ackman’s Botox Play, Einhorn’s Indigestible Short

“The way the rules work is you’re actually permitted to trade on inside information ... as long as you didn’t receive the information from someone who breached ...fiduciary duty or duty of confidentiality, et cetera.” William Ackman of Pershing Square Capital Management explaining why there was nothing illegal about the way he teamed up with the pharmaceutical company Valeant to attempt a takeover of Botox maker Allergan, then began buying Allergan stock.

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