Shortly before Trump announced tariffs, his former adviser dumped millions in steel-related stocks

[DesertRat]

Didn't Martha Stewart go to jail for insider trading?

President Trump’s decision Thursday to impose crippling tariffs on the imports of steel and aluminum took many by surprise — particularly investors, as the Dow Jones Industrial Average closed the day’s trading down more than 400 points, or 1.7 percent, at 24,608.

But one billionaire investor and former Trump adviser, Carl Icahn, was seemingly unvexed, having dumped a million shares tied to the steel industry a week before the president announced 25 percent tariffs for foreign-made steel.

A Feb. 22 SEC filing shows Icahn sold off his $31.3 million stake in the Manitowoc Company, which is a leading global manufacturer of cranes for heavy construction based in Manitowoc, Wis., according to the company’s website. Since Trump’s announcement Thursday, Manitowoc’s stock has plummeted to about $26. Icahn — who has had majority interest in several companies including Motorola, Xerox, Family Dollar and Pep Boys — had sold his shares for about $32 to $34 each, according to the SEC disclosure, which was first reported by Think Progress.

https://www.washingtonpost.com/news/business/wp/2018/03/02/shortly-before-trump-announced-tariffs-his-former-adviser-dumped-millions-in-steel-related-stocks

[Wwcd]

1. Yup. Icahn was appt Trump's special advisor on Business Regulations- 12/2016

https://www.google.com/amp/amp.timeinc.net/fortune/2016/12/21/donald-trump-carl-icahn-special-adviser-regulations

Dec 2016
Billionaire Carl Icahn will advise Donald Trump on rescinding what the activist investor called “excessive regulation” on U.S. businesses, the president-elect’s transition team announced on Wednesday.


Icahn will serve as a special adviser, not a federal employee, and he will not have specific duties, Trump’s team said in a statement. He will not take a salary, a transition aide said.

The pick could draw scrutiny because Icahn, whose major investments include insurer American International Group aig and oil refining business CVR Energy, could help shape rules meant to police Wall Street and protect the environment.
MORE AT LINK..

Aug 2017 Icahn steps down due to calls for conflict of interest.
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2017-08-18/carl-icahn-quits-as-special-adviser-to-white-house-on-regulation

SNIP
Icahn, the majority owner of independent oil refiner CVR Energy Inc., drew criticism for pushing a change in U.S. biofuel policy that would benefit the company.
Separate questions were raised in July regarding his role in regulatory decisions affecting American International Group Inc., an insurer in which he he holds a significant stake.
MORE...

AND 6 MONTHS LATER, ICAHN SELLS HIS MAJOR STOCK HOLDINGS & TRUMP ANNOUNCES TARRIFFS.

Trump's "advisors" brought on board early on, all corporate billionares/millionares were there for one reason, and that was to set policy which would be run through Trump for the sole purpose of advancing themselves monetarily.

Trump wasn't smart enough to maneuver this all by himself but his corporate advisors were well prepared.

[Qutzupalotl]

2. I wonder if this is related to the airing of this ad

urging Trump to follow through with his promises of tarriffs?
https://www.democraticunderground.com/100210313450

I mean, it’s not like Trump thought of this a week earlier. But the ad could have been scheduled to sync with the stock dump. Worth investigating...

[Vinca]

3. Somebody's going to end up in the big house over this. Think Martha Stewart.

[WhiteTara]

4. And Oleg Deripaska dumped his aluminum

company job for a job one in nickel and paladium.
https://sputniknews.com/russia/201802231061925966-russia-deripaska-head-nornickel/
MOSCOW (Sputnik) - Russian billionaire Oleg Deripaska has left his position as president of the aluminum company Rusal and En+ energy group in order to head the Nornickel company, specializing in nickel and palladium, a source familiar with the businessman's plans told Sputnik on Friday.

"Oleg Deripaska's endgame is to become the president of Nornickel, having united the 20 best industry managers in one team," the source said.

Deripaska's plans regarding Nornickel were confirmed by sources close to Rusal shareholders. The aluminum company has declined to comment.

That 25% tariff is a nice break for his new venture and a big block on his old company.