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Bill Ackman Is ThisClose To Appointing Himself Managing Editor Of The Wall Street Journal

Take this threat seriously, Rupert.
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Does the Pershing Square founder want to take on this added responsibility? Frankly, no. No he does not. He's got a full-time gig and it would be difficult to balance his work as investor with his work as an editor for the paper; at the end of a long day, all he really wants to do is come, kick back, and binge watch some Netflix. But we can't always get what we want, now can we? And if editing pieces that appear in the Journal's Heard on the Street column is what Ackman has to do to ensure the analysis therein is in line with his standards, than so be it. Get him a pencil and a cup of coffee- black. He's on deadline.

During the Q&A portion of the call, Ackman said that he loves the Wall Street Journal and that he reads it every day. However, he thinks that the "Heard On The Street" section has the "most factually inaccurate" and "frankly embarrassing" articles about Fannie Mae and Freddie Mac. He called the section's coverage a "disaster." [...] So far, [Heard on the Street reporter John] Carney's been proven right. Fannie Mae and Freddie Mac's shares are down 40% over the past year -- and still far from the $23 to $47 a share that Ackman has predicted they could reach. Still, Ackman said he thinks Carney's the one getting it wrong. "I may put together a binder to help them on basic math," he said.

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