BREAKING: Trump confidant dumped millions in steel-related stock last week, days before tariff

[pbmus]

Link to tweet

?s=21

[blogslut]

1. kick

[Wellstone ruled]

2. Wow,the

corruption runs so friggin deep.

[Stuart G]

3. kick...if he knew..illegal..and I think he knew...damn!!! no text..

[Hortensis]

4. If true, wonder if Carl Icahn is covered and smiling, or angry.

Others said Trump didn't tell anyone he would announce the tariff and surprised all of them.

[shraby]

5. Apparently he told someone.

[Hortensis]

6. Icahn's corrupt scum. He and many others try to

get Trump to make decisions that will benefit them, no matter what it does to our country.

But did Icahn know Trump would announce a tariff yesterday? So close to his stock dump?

To put it more baldly, is he safe?

[JDC]

7. I'm sure it's a coincidence...

[FBaggins]

11. It isn't a coincidence... but it also isn't corruption or insider trading.

The Dept of Commerce recommended the move a full week and a half before his sale.

[JDC]

12. An extremely fortuitous recommendation

[neohippie]

18. What source do you have for that information

I was told that the Dept of Commerce made recommendations on Feb 16th the stock sales in question were Feb. 12th?

[FBaggins]

19. Here's the report - Dated 1/11/18

THE EFFECT OF IMPORTS OF STEEL ON THE NATIONAL SECURITY

https://www.commerce.gov/sites/commerce.gov/files/the_effect_of_imports_of_steel_on_the_national_security_-_with_redactions_-_20180111.pdf

the stock sales in question were Feb. 12th?

I missed that. I only saw that the SEC filing was on the 22nd.

[neohippie]

20. It will be interesting to watch

Even though Trump had said he may use tariffs to address imbalances in trade, and this report suggesting that tariffs on steel and aluminum was released, it still wasn't expected that Trump would just declare that he was going to actually impose the tariffs.

I think everyone would agree that none of the agencies that would be involved in actually having to shape and implement this policy change were expecting the announcement or ready to put the tariffs in place.

The fact that Ichan who had up until the date of February 12th not moved on selling any of his stocks until that day, the same week that the Dept publicly made their recommendation to Trump seems pretty suspicious.

Somehow I doubt there will be any move to investigate any hints of insider trading by a power supporter and friend of the President, by the Trump led agencies, who seem to want to dismantle as much regulation as they can while they are able to do so.

[Hekate]

8. Stephanie Ruhle reported it this morning, & off-camera someone yelled "WHAT?!"

But I'm sure Icahn wouldn't do insider trading. It's all a coinkydink.

[Thekaspervote]

9. Not surprising

Doubt that either will jail time... unlike Martha Stewart
Terrible!!!!

[Generic Brad]

10. Carl Ichan Equals Insider Trading

Just another day at the office for old Carl.

[jmowreader]

13. The ultimate gift...

...will be if Trump tipped his friend off that he was about to impose those tariffs. That's a clean insider-trading offense and there'll be no way the GOP can worm its way out of dealing with it.

[former9thward]

14. What is "steel related"?

Steel stocks jumped on the announcement.

[SunSeeker]

17. Cranes.

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. 
...
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. 

https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2002492

Icahn is a scumbag.

[hueymahl]

15. This is the definition of insider trading

If he had advance notice of the pending Tarriff's. Congress has, disgustingly, exempted themselves from the insider trading rules. That does not extend to Mr. Icahn.

The SEC is generally underfunded. But these are the types of high-profile targets they like to go after now and again.

[Best_man23]

16. As I said in a thread some months ago

I should get a job at the Trump Asylum so I can engage in Insider trading without ramifications like Cheetolini's "confidants".

https://www.democraticunderground.com/10029503322

Again, did they bring Chris Cox back to the SEC? Just seems like they're acting like they did back in the 2005-2008 timeframe when all the naked short selling and other crap was going on.