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Hedge Fund Pershing Says Not Short Bank Stocks

Topics:Economy (Global) | Economy (U.S.) | Hedge Funds

By: Maneet Ahuja, Producer | 18 Apr 2009 | 02:13 PM ET

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Pershing Square Capital Management tells CNBC it is not short the stocks of any banks.

However, the hedge fund said it owns credit default swaps on certain bank holding companies for hedging and other investment purposes.

A New York Times article Friday said Pershing Square Manager William Ackman is betting that the share prices of big banks will decline. Ackman disagrees with this statement and has asked the paper for a correction, CNBC has been told.

The article discussed Ackman's recent moves to boost his stake in General Growth Properties [GGP Loading... () ], the second largest mall operator in the U.S., which filed for bankruptcy earlier this week.