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Maybe William Ackman had the right idea after all. Twin Citians have a propensity for defending hometown employers, even if outsiders have better ideas. We tend to paint such strangers as bad guys politically and through clever internal and external PR campaigns that turn employees and reporters against them. And sometimes, they really are bad. Other times, our biggest-small-town-left-in-America naiveté gets the better of us. Take Target Corp. Shareholder activist William Ackman, through his Pershing Square Capital Management hedge fund, bought $2 billion worth of Target’s stock in 2007 because, he said, he did not want it to become known as “a once-great company.” To help avoid such an outcome, he proposed ways for Target to unlock certain assets to increase shareholder value and provide growth capital. He expressed this interest during Target’s leadership transition from chairman and CEO Robert Ulrich to Gregg Steinhafel, who took the helm in May 2008.

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