Bill Ackman's credibility has sunk to a new low.
The billionaire's investment firm lost $4 billion on a drugcompany. Its stake in a burrito maker went south. J.C. Penney Co.has been a disappointment, and Ackman was forced to shift strategyon Herbalife, which hasn't tanked as he said it would.
The latest fail is Automatic Data Processing Inc. Shareholdersrejected the three board candidates put forth by Ackman's PershingSquare Capital Management, including Ackman, the company said.Instead, they handed victories to CEO Carlos Rodriguez, who duringthe proxy campaign called Ackman “a spoiled brat” and accused himof negotiating like “a used-car salesman.”
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