Friday, March 2, 2018

Isn't that called insider trading?

And isn't it illegal?
In a little-noticed SEC filing submitted on February 22, 2018, [billionaire investor and longtime Trump confidant Carl] 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.

[...]

Before February, Icahn was not actively trading Manitowoc stock. According to regulatory filings, he did not buy or sell any shares of Manitowoc between January 17, 2015 and February 11, 2018.

[...]

Manitowoc stock plunged, losing about 6 percent of its value. [...] As of 10:20 a.m. Friday, the stock had lost an additional 6 percent.

[...]

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.

Icahn resigned in August, in advance of a New Yorker article which detailed how he used his position in the White House and his connection to Trump to protect his investments.

[...]

In an interview on CNBC on Thursday, Icahn appeared to acknowledge at least occasional ongoing conversations with Trump, saying the two had not had “much” interaction in the last four to five months.

  Think Progress
He may have resigned, but he's obviously still using his relationship for the same purpose.

...but hey, do what you want...you will anyway.

No comments: