Capital Offense A Hedge Fund Manager's Struggle for Justice and the Allied Capital Scandal

"This book is a must-read for any investor who wants to know how far some companies will go in their quest to keep the real story from coming out." - Herb Greenberg, Senior Columnist, MarketWatch.com "In Fooling Some of the People All of the Time, David Einhorn, one of the great investors of all time tells one of the great investment tales of all time. This is a book in which you will learn about investing, short selling, and the politics of business. David is not only a great investor, but a wonderful storyteller. I recommend it wholeheartedly for your brain and your pocketbook." - William A. Ackman, Pershing Square Capital Management, L.P. "In the world of finance, as in the worlds of politics or science, free speech and open debate are essential. Sadly, our current system is rigged against bearers of bad news, and short sellers are an oppressed minority. David Einhorn's amazing story of scam artists, corporate doubletalk, clueless regulators, and sleazy lawyers is a gripping narrative. A great read." - Owen Lamont, Fellow, International Center for Finance, Yale School of Management An unscrupulous company has cost the U.S. taxpayers hundreds of millions of dollars. As it has happened, our government regulators have been at best derelict and at worst complicit. The company is headquartered in the political power center of Washington, D.C., where it has established enormous influence that has protected it. It is a large customer of Wall Street, which predictably lends it strong support. In Fooling Some of the People All of the Time, David Einhorn-founder of the successful hedge fund Greenlight Capital-takes you on a fascinating journey that begins with his discovery that Allied Capital's accounting appeared corrupt. This led to Einhorn describing his hedge fund's short position in the company at a charity speech (go to www.foolingsomepeople.com to watch), and what follows is a battle for the truth that continues to this very day. The story would make for a great forensic financial mystery novel-except it's all true. If you think we're past the days of corporate corruption and financial fraud, think again. Fooling Some of the People All of the Time details the harsh reality of how the current environment on Wall Street not only allows for such behavior, but how it protects the companies that participate in such activities and attacks those who attempt to uncover them. This is a story about investing, business ethics, and how our government should-but often doesn't-protect investors and taxpayers.Einhorn, David is the author of 'Capital Offense A Hedge Fund Manager's Struggle for Justice and the Allied Capital Scandal', published 2008 under ISBN 9780470073940 and ISBN 0470073942.