This one makes no sense at all to me. Icahn is a legitimate billionaire, worth 16.6 billion according to Wikipedia. He really would have pulled such a boneheaded move that obviously was going to get discovered, just to save two million dollars - 6% of the 31 million stock he sold? It defies logic
[quote=“smiley, post:2, topic:69210”]it defies logic.
[/quote]
And Jared didn’t think he’d get caught either. Impunity is the name of this gang. We don’t know for sure whether Icahn did something illegal but we know these bedfellows are shockingly inept.
On the same day Trump made the announcement, Icahn told CNBC’s Scott Wapner that he hasn’t “had much” interaction with Trump “in the last four or five months.”
Riiiiiiiiiiiiiiiiiiiiiiiiiight
Mueller’s gonna need a bigger paddy wagon.
It really makes you wonder how smart this guy is. I mean did he really earn his billions like Gates or Buffett or did he do it by gaming the system like Trump.
He made his money as a corporate raider. Quite adept at “greenmail.” Acquire enough shares of a company to make them panic, company buys back Icahn’s share at a premium. Icahn pockets the “green.”
If you ever wonder why you never hear about Trans World Airlines (TWA) anymore, the airline Howard Hughes established, it’s because of Icahn. I knew some of their cabin crew members and they asked to take pay cuts even lower than he proposed just to keep their jobs. No. He destroyed the company because it made him rich.
Icahn is perhaps most notorious for breaking up the airline company TWA. After taking over the company in 1985 by buying more than 20 percent of the company’s stock, Icahn gradually stripped it of its assets so he could profit off of it. In 1988, he took the company private, earning $469 million while leaving the company with $540 million in debt; in 1991, he sold TWA’s London routes to American Airlines for $445 million, which one former pilot described as a “killer” for the company to St. Louis Magazine in 2006; and from 1992 to 1993, TWA filed for bankruptcy so that its creditors could own 55 percent of the company, which earned Icahn $190 million.
Maybe he can just load PuPPet onto an extra wide golf cart.
Yes he would.
I knew a young billionaire who pulled a similar stupid move to make a few more hundreds of thousands of dollars he didn’t need.
They are the very ones who do this shit.
You’re right, this is peanuts to him. What this article and many others fail to mention that he is still the largest shareholder of MTW stock after the stock sales. He still retains a four percent ownership of the company.
Remember when Microsoft was rumored to buy Yahoo many years ago? Ichan was long a few million shares at the time he was pumping Yahoo because of the possible Microsoft purchase. He also had bought a boatload of Yahoo put options when it was in the high twenties and low thirties that paid out at nineteen dollars a share. He was long and short at the same time, only his put options vastly outnumbered his long ownership in the company. If he really thought the company was going to stay down for a long time, he would have bought a boatload of put options.
ETA:
And yes, he did make a boatload of money off of his Yahoo put options. They went well below nineteen dollars a share.
We know that Trump spends a lot of time on the phone talking to his friends outside the WH to vent and use them as sounding boards. Icahn is one of those guys. Icahn probably saw an opportunity for a quick buck and dropped some shares thinking that Trump would make a move like this at some point. It merits an investigation.
At first I was aghast at just how much time Trump has spent golfing - I knew it was a lot, but not close to a quarter of his Presidency. But upon reflection, I’ve concluded that we’re safer with him playing a round than with him doing anything else. More golfing, please.
That’s not what the article TPM linked to says:
The February 22 filing was required because his ownership stake dropped below 5 percent. Now that he owns less than 5 percent of the company, he is not required to make another disclosure about his holdings until May. So while the latest filing shows him still retaining some stock in Manitowoc, Icahn could have continued selling the stock. If Manitowoc is not listed on the eventual May filing — called a Schedule 13F — that would mean he has liquidated all his holdings.
We don’t know if he retained 4% of the company… or if he retained any of his stock in Manitowoc. He could have sold quite a bit more than $31M of stock.
After the sales, Icahn owned 4.85 percent of the company, down from his previous stake of 7.5 percent.
I suppose this is what you get when you marry deep knowledge in a specific area with amorality. Seemingly, the government is either cowed or bought off to actually protect the public interest.
In the instance I was talking about, he had to confess to his boss what he’d done because the company was approaching an FEC audit and his boss was bound by law to tell the FEC. It ended up just being a stupid damn thing all the way around.
All it is about is human greed. People that rich often don’t think the rules apply to them. And they don’t usually - he didn’t need a job either, he just thought he wanted one. It didn’t last.
Trump said there’d be lots of winning when he was president. He just didn’t say who’d be doing the winning.
I know I’m definitely tired of Trump’s sleazy cronies, hangers-on, sycophants and co-conspirators winning. Trump was right about that.
“Ex-Trump Advisor Sold Steel-Linked Stocks Before POTUS Announced Tariffs.”
THAT doesn’t smell or anything, amirite?
