RE:obsfucation, chicanery, greed and immorality quebecnord wrote: That's why there has been such a public revolt and "witch hunt". Ackman represents everything that is wrong with capitalism. You never try hosing the old grannies and not paying taxes, it just ain't right. Harvard trained hedge fund manager just flew too close to the sun. He invests in a company that leverages itself to the hilt and engages in all kinds of Funny mONeY BUsiNesS. They avoid paying the IRS though some tax inversion scheme by moving their head office to Montreal, while most of their operations are in the USA (Canada complies) , while continuing to gouge the US customers that feed him caviar in his CAD$117 mln NYC penthouse. The financial engineering is all performed by an ex Goldman Sachs exec who fails to properly account for the subsidiary holding company Philbro in their SEC filings or financial notes. Valeant paid $100 million for Philbro, but this is not "material". ha ha , Philbro accounts for over 7% of Valeant's sales and favors their high price products The expectation was that Valeant could keep acquiring companies with debt and this would keep "goosing"Valeant's stock. This is referred to as the "roll up". Ackman, as an investor in Tim Horton's, should have known this only works with Roll up to win on each coffee cup. When Citron unveils the info, investors scream "false accusations" and "short attack", while quietly dumping their shares on the side. The Canadian banks also keep their high targets for the stock, not to create an alarm. It's more than just a stock, it's emblematic of "excess" behavior".
good post , but some here will still want to pump this scam no matter how we try and open eyes .
citron did a huge public service by coming out and exposing valeant ... a big hero in andrew left .