Bill Ackman Regrets Valeant Investment, Defends New CEO’s Pay

Billionaire investor Bill Ackman said he regrets his initial investment in Valeant Pharmaceuticals (VRX) - a stock that has lost 70 percent so far this year amid SEC investigations and questions about its business model. Ackman made the comments in an interview with CNBC's Scott Wapner on Monday. Ackman, who joined Valeant's board of directors six weeks ago, also defended the pay package of the company's new CEO Joseph Papa -- who could earn $500 million if the stock reaches $270 a share. It currently trades near $31. Shares of Valeant lost 5.6 percent on Monday. TheStreet's Scott Gamm reports from Wall Street.