The story of an investor allegedly calling the TARP a “sham”, despite having taken advantage of it himself, is not over yet.
Last week, recall that The Telegraph’s ace reporter Ambrose-Evans Pritchard produced a stunning and widely discussed piece on comments made by American investor Mark Patterson at a conference in Qatar.
Not long after the story went up, Patterson’s lawyers sprung into action, and got the paper to remove the offending article. We were also contacted, and we put up a note about how the original story had been taken down and that Patterson denied calling the program a sham.
Of course, the UK press is notoriously sensitive to charges of libel (much more so than here). But according to a source familiar with The Telegraph’s thinking, the story will return, as it is verifiable.
At that point, which will be in the next day or two, the heat will be back on Patterson of MatlinPatterson Global Advisors to explain to Tim Geithner why either the Telegraph is still wrong, or why he’s going around calling the TARP and PPIP a sham, even while taking advantage of it himself.