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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump confidant dumped millions in steel-related stock last week, days before tariff announcemen
Billionaire investor and longtime Trump confidant Carl Ichan dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.
In a little-noticed SEC filing submitted on February 22, 2018, Ichan disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a is a leading global manufacturer of cranes and lifting solutions and, therefore, heavily dependent on steel to make its products.
The filing came just seven days before a White House event where Trump announced his intention of imposing a 25 percent tariff on steel imports.
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dalton99a
(81,406 posts)madaboutharry
(40,190 posts)"Coincidences take a lot of planning."
Me.
(35,454 posts)ProfessorGAC
(64,874 posts)So, very well may be. If anybody knows how to cheat in the market, it's Icahn.
Me.
(35,454 posts)ProfessorGAC
(64,874 posts)Let's roll that rock back over, shall we? We don't really want to see those 2.
Me.
(35,454 posts)world wide wally
(21,739 posts)Lock up Martha Stewart!
UpInArms
(51,280 posts)eom
njhoneybadger
(3,910 posts)NewJeffCT
(56,828 posts)all their fault.
Botany
(70,449 posts)Now will Carl send the money to Trump's Cayman Island account,
the bank of Cyprus, or buy some of Trump's crappy real estate?
ChoppinBroccoli
(3,781 posts)Former Ohio State marketing professor Roger Blackwell, who I happen to know, received a 6-year prison sentence for insider trading, and he did less (or at least the same) as Trump in this case.
From Wikipedia: "In 1999, Worthington Foods, on whose board Blackwell served, discussed a possible merger with the Kellogg Company. During the time the merger was discussed, the stock price of Worthington dropped to half its eventual sale price and 6,000 people bought shares, including hundreds of associates of Worthington directors and employees. Two included an employee of Rogers consulting firm and her husband, who bought additional shares in the IRA accounts. Roger and they were convicted of insider trading. Blackwell made nothing on the purchases, but received a six-year prison sentence and a fine of one million dollars."
malaise
(268,718 posts)They were discussing the Think Progress scoop on GEMNBComcast a few minutes ago