Reuters - Video

EDITION: U.S. | U.K. | IN

Impact Players

Ackman: Wachovia windfall took just hours

Friday, Apr 05, 2013 - 02:26

Activist investor Bill Ackman tells Reuters Impact Players host Robert Wolf that while he can take months to painstakingly vet a company before taking a position, one of his best investments took only four hours of research in the midst of the financial crisis. Wolf is an outside adviser to President Barack Obama.

▲ Hide Transcript

View Transcript

One of the best investments remained. Took us four hours to do work. Was on my Blackberry. Eating breakfast the Brooklyn diner. From my building and restore went across the just to read the Wall Street Journal -- -- Reuters headlines he's. When across saying it. That Citigroup to acquire the Wachovia banking subsidiaries for two dollars and Citigroup's stock stock was halted. This is kind of an interest and transaction because you're buying -- subsidiaries for Citigroup's stock. For -- interest in what happens to the holding company and back -- that you know I went upstairs the office. And -- cracked open the ten K and another member of the team it require. You know I worked on it and what was interesting is. The thousand page ten K Wachovia Corp. the 900 pages on the but thanks to -- There's no fewer than a hundred pages on the holding company. And by buying the banking subsidiary of city was leaving holding company which had. Cash. Known Wachovia securities IAG Edwards paid 67 billion for six months before. Evergreen asset management. And they are taking a 27 billion dollar loss on the sale was sitting here. And it can also had a liability called non cumulative perpetual preferred stock which you've ever wanna have a liability your life this is the single greatest liabilities Hannity. It's former equity we never have to pay a dividend and we don't pay them and accumulate in the worst cases they get a couple directors the board and -- -- each meaning. And you have this very expensive but this could be our our Berkshire half and in the day we figured the asked you know and four hours from his term -- -- -- worth at least eleven to fourteen dollars. Cash tax refund that you need to carry about twenty billion dollar. Loss recover cash taxes have been paid -- this cash vehicle it Wachovia securities wishes of you know good wealth management business. You don't AG Edwards another interest them ask that you these are businesses you know well. And other stock opened after it was halted -- dollar for which it looked -- you know eleven to fourteen dollars for. But 42% of the volume for the next four days. That was acquired by and wells came in and put in the topping bid of seven dollars and Wells -- stock which wasn't actually topping it. But the -- or revealed that our government assistance.

Ackman: Wachovia windfall took just hours

Friday, Apr 05, 2013 - 02:26

Top News »

Money »

S&P 500 to new record on improving economy S&P 500 to new record on improving economy

Fri, Aug 29, 2014 - (2:31)

Finding meaning in the S&P 500 2000 mark Finding meaning in the S&P 500 2000 mark

Mon, Aug 25, 2014 - (2:35)

S&P falls back from record high S&P falls back from record high

Fri, Aug 22, 2014 - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)