The New York Times has a long article detailing the lobbying on both sides, but particularly Bill Ackman's short-selling side, of the battle over Herbalife. Earlier coverage of Herbalife and of Mr. Ackman from this site is here, here, and here.
Not among the three bylines on the Times article is Alison Leigh Cowan, who was described in the book Confidence Game as Mr. Ackman's pipeline into the Times. The Times article reports:
In a book about his MBIA wager called "Confidence Game," the reporter-turned-financial analyst Christine S. Richard chronicled how he fought with regulators for seven years before his prediction that MBIA stock would "spiral downward" came true. In a twist, it was Ms. Richard, who left Bloomberg News to start up the Wall Street research shop Indago Group, who gave Mr. Ackman the idea to short Herbalife.
The press can be almost as powerful as, or even more powerful than, the regulators in these high-stakes battles involving shortsellers and battleground stocks. While the Times does a good job of tracing the role of the regulators, politicians, lobbyists, and advocacy groups, it leaves the press's own role mostly unexplored.
