SHARE

A small group of billionaires have banded together to have their voices heard on Capitol Hill.  William Ackman, founder and CEO of Pershing Square Capital Management, joined four hedge fund allies to form the new lobby group in Washington.

The new lobbying organization aims to represent the interests of activist hedge fund managers, who seek big returns from buying up significant stakes in publicly-traded companies and then demand concessions, from management changes and layoffs to big cash payouts for shareholders.