Violation Of SEC Pay-To-Play Rule Indicates Bill Ackman's New Year Not Off To Awesome Start

The fine is weak sauce, but the embarrassment lingers like an itchy scar.
Author:
Publish date:

As we've discussed ad nauseum, Bill Ackman's 2016 was the kind of year that even Job from The Bible would have called a "Tough deal."

Bill ackman beach

And while we have also made it clear that we hope for Billy Ack's best in 2017, it does not look like things are off to a hot start. Especially if the SEC keeps acting so butthurt about lame election laws or whatever...

The Securities and Exchange Commission today announced that 10 investment advisory firms have agreed to pay penalties ranging from $35,000 to $100,000 to settle charges that they violated the SEC’s investment adviser pay-to-play rule by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.

Pershing Square Capital is among those firms and Bill is now paying out a "hefty" $75K for an absurdly lame and obtuse thing that happened back in 2013 around the Massachusetts Gubernatorial race. Ackman and his team have asked the SEC to exempt them from paying back fees it earned managing the Massachusetts pension fund, and the wording in today's SEC ruling seems to indicate that the $75K wrist slap tap is as bad as it's gonna get for Pershing.

But while the money is piddling and this whole dumb affair is now behind him, Billy Acks still has to deal with headlines like this. So that sucks.

Related