Bill Ackman pioneers new variety of unfair trading

ANALYSIS/OPINION There’s a first time for every novel unfairness in the securities industry or otherwise. There has to be. If novelty justified stasis, the law would become a petrified forest. Take billionaire hedge fund manager Bill Ackman’s short selling the shares of Herbalife Ltd, a multi-level marketing nutrition company. (Mr. Ackman’s fund is named Pershing Square,…