Confidence Game - Christine Richard [161]
Examination of Gregory Lyss, Gotham Partners Investigation, New York Attorney General’s Office, 120 Broadway, New York City, July 11, 2003.
Continued Examination of William A. Ackman, Gotham Partners Investigation, New York Attorney General’s Office, 120 Broadway, New York City, March 4, 2003.
Karen Richardson and Aaron Lucchetti, “Bond Insurer’s Woes Add to Credit-Market Stress: MBIA Posts Huge Loss on Bad Subprime Bets, Investors See Rebound,” Wall Street Journal, Feb. 1, 2008, p. A1.
Fax to William Ackman from MBIA’s General Counsel Ram Wertheim, Nov. 22, 2002.
CHAPTER 2 THE SHORT SELLER
Gotham Partners Management Co. LLC, “Buying the Farm: A Detailed Examination of Accounting, Investment, and Reserving Practices at the Federal Agricultural Mortgage Corporation,” May 23, 2002.
Examination of Whitney Tilson, Gotham Partners Investigation, New York Attorney General’s Office, 120 Broadway, New York City, July 29, 2003.
Jay Brown, letter to MBIA Inc. shareholders, MBIA 2001 Annual Report.
Vikas Bajaj and Julie Creswell, “Bond Insurer in Turmoil Turns to Familiar Leader,” New York Times, Feb. 20, 2008, section C, p. 2.
William Ackman, notes from meeting with Jay Brown, Neil Budnick, and Mark Gold at MBIA’s Armonk, New York, headquarters, Aug. 14, 2002.
Gillian Tett, Fool’s Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe (New York: Free Press, 2009), p. 63.
Michael Neumann, deposition, Gotham Partners Investigation, New York Attorney General’s Office, New York City, July 10, 2003.
Henny Sender, “Backing Corporate Bonds Can Be Risky Business,” Wall Street Journal, Nov. 5, 2002, p. C1.
Testimony of William Ackman, “In the Matter of Gotham Partners Management Co.,” Securities and Exchange Commission, Washington, DC, June 18, 2003. William Ackman, e-mail to Gotham Partners, Nov. 10, 2002.
Robert D. Hershey, “Omaha Oracle Taps a Medium of Wall Street,” New York Times, Jan. 31, 1999, section 3, p. 10.
David Klafter, deposition, Gotham Partners Investigation, New York Attorney General’s Office, New York City, July 10, 2003.
Greg Lyss, examination, Gotham Partners Investigation, New York Attorney General’s Office, New York City, July 11, 2003.
Vinay Saqi and Alice Schroeder, “Headline Risk Remains,” Morgan Stanley Equity Research, Nov. 14, 2002.
William Ackman, e-mail to Gotham Partners, Nov. 14, 2002.
Susan Alexander, “They Think Flashing $s Makes Cs, But it Causes !s and Even @&)s,” Wall Street Journal, May 9, 1991, p. B1.
Seth Klarman, Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor (New York: HarperCollins, 1991), p. 88.
Christine Richard and Katherine Burton, “Ackman Devoured 140,000 Pages Challenging MBIA Rating,” Bloomberg News, Jan. 31, 2008.
Mark Walsh, “Forty Under 40—William A. Ackman, 32,” Crain’s New York Business, Jan. 25, 1999.
Jesse Eisinger, “The Optimist,” Portfolio, May 2009.
CHAPTER 3 THE QUESTION
Jay Brown, MBIA Chief Executive Officer, presentation at Keefe Bruyette & Woods investment conference, New York City, Dec. 10, 2002. (Transcript included in submission by Gotham Partners to New York Attorney General’s Office on Feb. 27, 2003.)
Form of Restricted Stock Award, cited in MBIA Inc. Form 8-K, Exhibit 10.68, May 6, 2004, p. 6.
George Kimeldorf v. First Union Real Estate Equity, New York Supreme Court, New York County, April 8, 2002. Docket No. 107176/2002.
George Kimeldorf v. First Union Real Estate Equity and Mortgage Investment, George Kimeldorf deposition, Feb. 26, 2003.
Gotham Partners Management Co. LLC, Is MBIA Triple-A? A Detailed Analysis of SPVs, CDOs, and Accounting and Reserving Policies at MBIA, Inc., Dec. 9, 2002.
Joshua Shanker, “MBIA: Price Under Fire from Short Positions,” Blaylock & Partners LP, Dec. 10, 2002.
Christine Richard, “MBIA Denies Accuracy of Report by Gotham—Study Asserts Credit Rating of Triple-A Is Undeserved,