Betting on Zero Page #11

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accusations

"against the company,

"will be reported

to immigration authorities."

They say, "we suspect

that your statement

"is the product

of misinformation,

"disseminated by

pershing square

capital management."

Who in the hell is

pershing square

capital management?

I've heard of that

in the newspapers.

Well, we went on money

that we collected

From our community,

From the victims.

No one's paying us.

"nonetheless this statement

is illegal and defamatory."

"the statement is

illegal and defamatory."

Herbalife distributors

have intimidated,

Have threatened our people.

Threatened them

with their legal status.

Threatened them

with physical harm.

Waiting outside of

walmarts for them,

Or grocery stores

that they go to,

To collect their $1,500,

or $500, or $200.

It says, "we demand that

you cease and desist

from this conduct

"and that you submit

a written retraction

of your statement

"to univision immediately.

"we also request

that you meet with us.

"that we might correct

your misunderstandings

"regarding

herbalife's relationship

"within the latino community."

It's almost the exact tone

of people who attack me

When I defend the most

vulnerable in my community.

And this is an intimidation.

my dad used to tell me,

"never apologize

for being mexican."

And we used to grow

up and we used to say,

"we're mexican-american."

And my dad died when

he was 50 years old.

I think I have

this tiger inside of me.

My dad is inside of me.

I'm not gonna

apologize for who I am,

And I'm definitely,

sure as hell,

Not gonna apologize

For bringing

a truth to the public

Of what's happening

to my community.

The truth is not far away.

Johnson:
It's the recruiting,

Meaning bringing

new distributors

into our company,

Which is the most vital part

of our bloodstream.

We bring new

distributors in, we grow.

It's that simple.

It's that simple.

And the company has built

its whole reputation,

Its whole life on recruiting.

Our top dogs,

Greg calls them

the "hunters" out there,

Our hunters,

our top distributors,

Our chairman's club,

our pres team,

They're professionals at this.

Nobody can do it better.

You get next to alan lorenz,

And he'll recruit

taxi cabdrivers, and busboys,

And waiters, and everybody.

He doesn't care who it is.

Boom!

He's got him in this game.

Ackman:
So, herbalife,

The business opportunity

is a scam.

This is being orchestrated

not just by senior management,

By the chairman's club

members,

By the president's team,

They conceived, designed,

and executed the strategy

To exploit the poor.

The recruiting tactics,

very positive

for the most part.

Sometimes led people

down a false road.

$4,000, jam it into them,

by an instant distributorship.

Load that product in.

See ya.

Good luck.

The credit card bill comes,

spouse says,

"how are we gonna pay this?

"you didn't sell the stuff

that's in the garage.

"that's in the pantry.

That's out there..."

Ackman:

This company was a fraud

before michael johnson.

Michael johnson

elevated the fraud,

Brought modern

management techniques.

Johnson:

So what happens today?

Today, we're recruiting.

We're still

a recruiting company.

We've gotta never not be this.

Michael johnson is a predator,

okay?

This was

a criminal enterprise, okay?

I hope you're listening,

michael.

It's time to shut

the company down.

Bill ackman's

got a lot of money

Invested against this.

And I think the only thing

he cares about

Is being the richest man

in the world.

And to me,

that's a very sad pursuit.

All right, you guys

have been incredibly patient.

Stay tuned. Thank you.

Female reporter 1:

Just a short while ago,

Pershing square capital's

bill ackman

Delivering what

was promised to be

the death blow to herbalife.

Male reporter 1:
Investors

just got a three hour, wonky,

regulatory presentation

That was not what

they were promised

the day before.

Female reporter 1:

He's trying to basically

make his wish materialize,

And they weren't impressed.

And in fact,

shares rose more than 23%

Coming in at six-year highs.

Here he comes, guys.

Female reporter 2:

Herbalife said in a statement,

"bill ackman

further demonstrated today

"that the facts

are on our side."

Male reporter 2:

It's highly unusual

That you can just charge

a company with fraud,

And then think you

can get away with it,

Without the kind of

smoking gun evidence

That ackman lacked.

Congratulations, sir.

Okay.

What a day.

What a day.

It was a good day.

It was a very good day.

Contreras:
Herbalife's

a huge corporation.

And after they sent me

the cease and desist letter,

I sent them a response.

And the response was that,

I welcomed them

To come to tell me

About their commitment

To the latino community.

And we invite them

to come to our church.

For months on end,

they continued to

string us along.

"okay, this date..."

then canceled.

"okay, this date..."

then canceled.

Then they had the nerve

To invite us to

go to their gala

And pay for our

airplane tickets

and pay for our hotel,

As if we would take

something like that.

Just as I sent

herbalife a letter,

That's the same

thing I sent bill ackman.

I was getting

frustrated that I was hearing

About all the things

he was doing,

But, "okay,

you're doing those things,

"but they're not

really helping my people."

And by the way, "we're here."

Hello.

Hey. Thanks for having me.

Contreras:

I'm glad you are here. Yes.

-How you feeling?

-I didn't know him.

He's from another world,

And he came into

our world for a little while.

Regardless of the investment,

I will pursue this to

the end of the earth...

All right.

Until the company's shut down,

The people who caused the harm

are held accountable,

And I also commit

to give away 100%

Of any profit

I make from this.

I think we'll make

100 plus million dollars.

These are big numbers.

I really did not know

the latino community before.

You guys are

the principle victims

So the money is gonna focus

on the latino community.

Can you send two

or three officers

over here to the church,

Because there are

three coach buses

Of herbalife protestors.

Like they're for herbalife.

Contreras:

Herbalife paid them to come.

One of them, he told me,

"they gave us $200

to be out there."

I said,

"oh, well, I can't blame you."

I can't blame my people.

Who doesn't need $200?

Crowd:
herbalife!

Herbalife! Herbalife!

Herbalife!

Herbalife! Herbalife!

Herbalife!

Herbalife! Herbalife!

Herbalife! Herbalife!

Herbalife!

Herbalife! Herbalife!

Hello, herbalife.

We're ready to rock and roll

with this company.

We got a long

road ahead of us,

And guess what, we're just

getting started, right?

This is the name of the game.

So the history is

I come from

an immigrant family.

Except my family immigrated

to this country in the 1890s.

120 years ago.

And my great-grandfather

was born in the ukraine

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