Pershing Square CEO Bill Ackman appeared on Bloomberg Television today to discuss a new Herbalife video he's obtained to back up his allegations that the company is a pyramid scheme. He told Stephanie Ruhle and Erik Schatzker that the "implosion" of Herbalife will likely happen in 2015 and the government is "closer" to intervening. He said, "I think this will be a 2015 event--the implosion of the company. I think worst case, early 2016. What gives me confidence is that the company has $1.150 billion of debt that comes due in early March 2016. They are not going to be able to refinance that credit facility. They do not have hard assets to provide security. The banks who provided that facility provided it before the government investigations and all the regulations."

Ackman said he's not spoken with Carl Icahn about Herbalife recently. He said, "Unfortunately, I think he's kind of stuck...I'd love to see him sell...I think he's a stuckholder."

McDonald's stock rose the most in nine months after Ackman said, "If McDonald's were run like Burger King, the stock would go up a lot."

Other highlights:

• Former HLF distributors turning state's evidence
• Obtained key HLF video that Feds already have
• Video is of top HLF distributors speaking
• Has indemnified some HLF witness before they go to Fed
• Sees worse 4Q than 3Q from HLF
• 'Implosion' of HLF will likely be 2015 event
• Added to Fannie-Freddie in last 2 weeks
• Fannie-Freddie more important today than 5 years ago
• Privatize Fannie-Freddie to protect U.S. taxpayers
• Pershing 'meaningfully' built Fannie-Freddie bet
• Zoetis investment 'too early to discuss'
• North American railroads need to boost efficiencies

Video: Ackman: Herbalife Distributors Turning State's Evidence