Hedge fund investor Charles Ackman of Pershing Square Capital Management, whose fund is Borders’ largest shareholder, was the first guest on the Charlie Rose Show last night. Pershing Square has lost many millions to date on their Borders investment, with company’s market cap down to under $170 million. But on the show, Ackman repeatedly endorsed the nation’s “reorganization” procedures, favoring bankruptcy over bailouts for GM and other large institutions. The video won’t be posted online until later today or tomorrow but it’s worth watching. Ackman calmly explains how bankruptcy procedures are designed to heal companies with unhealthy balance sheets and […]