Ex-Trump adviser sold $31m in shares days before president announced steel tariffs

[friendly_iconoclast]

Source: The Guardian (UK)

Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.

Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted plans to impose stiff tariffs on foreign steel imports...

...On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.

According to a regulatory filing Icahn was able to sell his shares for $32 to $34. On Friday morning Manitowoc’s shares had fallen 5.48% to $26.37. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.

Read more: https://www.theguardian.com/business/2018/mar/02/carl-icahn-shares-sell-trump-steel-tariffs-announcement-timing

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Carl Icahn? Worked for Trump? Engaged in insider trading?

I am Joe's complete lack or surprise..

[BootinUp]

1. Lock this mfer UP!

[bitterross]

2. Didn't Martha Stewart go to jail for the same sort of thing?

LOL, I get the "I am Joe's..." reference. Very good.

[pansypoo53219]

4. she went to prison. HE can go to prison.

[McCamy Taylor]

5. No, she went to jail for lying to the FBI about how she got her tip

not for getting the tip. It was a convoluted mess that Cheney/Rove dreamed up so that they could use warrantless wiretap blackmail on everyone. "I hear you got a stock tip? You had better change your vote or you will end up like Martha Stewart." I think that is why John Kerry did not challenge 2004. They threatened his wife. Said she got a stock tip. Every rich person gets a stock tip.

It is not a crime if someone tells you "Hey, I heard a rumor" and you act upon it. However, if you use your own personal job/insider knowledge that really is a crime.

[FailureToCommunicate]

3. These days, in Trumperville, insider trading is barely a misdemeanor.

[riversedge]

6. This story barely got any news coverage IMHO

[friendly_iconoclast]

7. Call me a cynic, but these days such stories are pretty much the equivalent of "Dog bites man"...

[Demovictory9]

8. too much corruption and fraud to focus on any one thing

next trump tweet pushes serious news out of the way