Billionaire Carl Icahn’s name is synonymous with the excesses of the ’80’s, when he was dubbed a “corporate raider” – and a “vulture capitalist.” Many were surprised to see President Trump name him as Special Advisor to the President on Regulatory Reform last year. Some suggested his actions while in the White House seemed to be designed to feather his own nest. Last August Icahn resigned from the Trump administration just before a negative article in The New Yorker was published that asked: “Was President Trump’s richest adviser focussed on helping the country—or his own bottom line?”
The Trump BFF is back in the news Friday after a ThinkProgress article accuses Icahn of dumping “millions in steel-related stock last week, days before tariff announcement.”
President Trump on Thursday announced hefty tariffs on steel and aluminum imports. That announcement caused the market to plunge over 500 points during the day, before closing down over 400 points. The markets today continue to plummet – the DOW is now down 320 points.
Icahn, ThinkProgress reports, “dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.”
In a little-noticed SEC filing submitted on February 22, 2018, 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.
Manitowoc’s stock is down more than 11 percent since Thursday’s open.
“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.”