Is anyone surprised to learn Carl Icahn may be guilty of insider trading?
Icahn resigned his assignment in the White House as “Special Advisor” in August prior to the publication of a story, in The New Yorker, that exposed his use of the position to protect his holdings. Like Trump, Icahn had done nothing to separate himself from his conflicting business interests before taking the White House job.
Days before Trump’s announcement of a steel-tariff, triggering a market nosedive, Carl Icahn unloaded millions, $31.1 million to be exact, in steel-related stock. Curious timing, after years letting the stock ride, for Icahn to sell on February 12, and corresponding nicely with the tariff announcement Wilbur Ross made on February 16.
Carl Icahn is not an ethical guy. He ruins lives for profit. For example, he is among the most hated men in the airline industry. In an industry famous for CEOs departing on golden parachutes, that is quite an accomplishment.
Icahn, the “corporate raider” of hostile takeovers, famous for acquisitions, asset stripping, and finally selling, (TWA), never scruples the method of his financial escalation. In his life long career, he regularly pillaged worker contracts, knocking lifelong employees into lower income demographics, if not the unemployment line, and then walked away with the spoils.
The fact that this man, who merits a position on Forbes wealthiest men list, is found out in this manner is not surprising to those familiar with him.
What will be interesting is to see how the Securities and Exchange Commission reacts. I remember Martha Stewart doing hard time after she received a tip at a dinner party then sold some of her stock. The consensus was that she was punished, not for selling stock but, because she was “a woman in a mans world.”
Well I say #CarlToo. I’ll knit him a poncho.