Will Carl Icahn, Trump advisor, now be under investigation?

[avebury]

Just heard on MSNBC that it has been reported that Icahn might have dumped a boatload of steel stocks last week. What did he know and when did he know that Trump was going to do a steel tariff?

https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/

Billionaire investor and longtime Trump confidant Carl Icahn 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, Icahn 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.

Trump’s announcement rattled the markets, with steel-dependent stocks hardest hit. Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.

Icahn was required to make the disclosure because of the large volume of his sale. The filing reveals that he began systematically selling the stock on February 12, when he was able to sell the stock for $32 to $34.

[malaise]

1. Do you remember this?

http://www.dailymail.co.uk/news/article-4805824/Billionaire-Carl-Ichan-departs-Trump-administration.html

This is a kakistocracy on steroids.

[avebury]

3. He really had insight that he would indeed benefit from the

Trump presidency.

He might have stopped being an informal advisor but, I would not be surprised if Icahn stayed in touch with Trump.

Trump is determined to benefit the mega rich over the welfare of the masses.

[Arkansas Granny]

2. You have to admit that it looks a little fishy.

Billionaire investor and longtime Trump confidant Carl Icahn 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, Icahn 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.

<snip>

Commerce Secretary Wilbur Ross publicly released a report on February 16 calling for a 24 percent tariff. But, as the chart in the SEC filing indicates, Icahn started selling his Manitowoc stock on February 12, prior to the public release of that report. Moreover, the sharp drop in steel-related stocks did not occur until Trump announced he would accept the Commerce Department’s recommendations.

Icahn, a billionaire investor with far-flung holdings, is a close associate of Trump — who invoked Icahn’s name repeatedly on the campaign trail. Once in office, Trump installed Icahn as a “special adviser,” although Icahn did not not unwind his business entanglements before accepting the position.

https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/

OK, it looks a lot fishy.

[dchill]

4. It's all fishy all the time.

[unblock]

5. i actually have my doubts about this one.

i have little doubt about icahn, i feel pretty comfortable with my guess that his view toward insider trading is "whatever i can get away with is fine".

that said, this article is a bit of a hit piece. for instance, it says started selling on 2/12... "moreover, the sharp drop in steel-related stocks did not occur until trump announced...."

except in the case of manitowoc specifically, it dropped from $43.59 on January 26 to $34.36 on February 9. that's a huge slide that happened prior to icahn selling and to cover that as "the sharp drop did not occur" is so misleading as to be flat out wrong.


true, the stock has slid further since then, and it is entirely possible that icahn benefited from inside knowledge in this case, or in other cases. it's just that the facts we know if in this case don't provide particularly obvious proof.

[BSdetect]

6. The only aspect of Icahn that i agreed with is his contempt for inept CEOs

So why admire or help drumph even for a few months?

[unblock]

7. lol! maybe he thought he could convince donnie to break up america into its 50 pieces.

california would be worth more if it could be traded separately

[Roland99]

8. Depends. How much has the SECs teeth been yanked since Jan 2017?