Trump confidant dumped millions in steel-related stock last week

[riversedge]

Source: thinkprogress



Carl Icahn has impeccable timing.
Judd Legum
Mar 2, 2018, 10:22 am





Billionaire investor and longtime Trump confidant Carl Icahn 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.

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.

Trump’s announcement rattled the markets, with steel-dependent stocks hardest hit. Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.
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Read more: https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/

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Manitowoc is a smallish city in Red Gov Walkers Wisconsin

Link to tweet

Pé Resists
? @4everNeverTrump
23m23 minutes ago


Replying to @JuddLegum

The Manitowoc Company, Inc. has lost over 11% from its Wednesday close. Icahn saved millions of dollars by dumping this stock days before Trump's announcement.

This is a crime.
7 replies 72 retweets 171 likes
Pé Resists
? @4everNeverTrump
4m4 minutes ago

If this isn't technically a crime, it's pure corruption and SHOULD be a crime.

This is what an oligarchy looks like.




Chairman of Icahn Enterprises Carl Icahn participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City. (CREDIT: Neilson Barnard/Getty Images for New York Times)

[riversedge]

1. Team Pelosi: When they spoke of 'making America great again,' they meant making America's elite and

Nancy Pelosi
?Verified account @TeamPelosi
46m46 minutes ago

When they spoke of 'making America great again,' they meant making America's elite and corporate Republican donors even richer. If this is not corruption, we don't know what it is.

Link to tweet

[BumRushDaShow]

2. Oh my

THAT needs to be investigated big time.

[NRaleighLiberal]

3. why of course! we are seeing blatant market manipulation

[avebury]

4. I wonder if Mueller can add this to his investigation.

I don't know if I would trust the SEC to investigate as who know how far Trump reaches into the SEC. And of course you cannot trust a Republican dominated Congress.

[iluvtennis]

8. Hope so. The powers that be sent Martha Stewart to jail just for lying to the FCC about

her trades. She made 100-something thousand off of that trade and spent 2 years locked up. Ichan made millions. This is outright corruption. Hope Trump cna also be accountable for leaking 'inside information'.

[Botany]

5. So Carl "made" $3.5 million and I bet he will buy more steel and steel related stocks after ....

.... they drop @ bargain rates.

[bucolic_frolic]

6. Insider trading on privileged information would nicely fill out a resume

https://en.wikipedia.org/wiki/Carl_Icahn

___________________________

[groundloop]

7. I'm certain the timing was purely a coincidence.

THIS is why the entire shift from pensions to 401Ks has totally screwed employees. We little people don't stand a chance in the markets when the big guns have the benefit of advance knowledge of moves like this. It's yet another mechanism where wealth is being transferred from the middle class to the wealthy.

[hibbing]

13. Just luck I guess n/t

[WhiteTara]

9. Oooh! Insider trading is a crime Carl

Did you forget? Or are you looking for a pardon? If so, get in line...better hurry though.

[Hav]

10. Drain the swamp

I think Trump was hinting at these tariffs for a bit longer. The timing might have come as a surprise but not that he could potentially do it after saying he would do it. So, there wouldn't even be the need for them to communicate directly, just these little hints are enough. I wonder when they were sold. The stocks lost almost 20% since the 22th.

[elmac]

11. ah yes, capitalism at its finest. nt

[Weed Man]

12. Trigger the SEC investigation

Now. Insider trading alert

[C Moon]

14. They spelled "steel" wrong.

[Lucky Luciano]

18. Lol!!

[Drum]

15. Grrrrrrr

[FBaggins]

16. Missing from this reporting...

The Dept. of Commerce publicly urged Trump to impose tariffs back on the 11th.

[neohippie]

24. Do you have a source for this?

I was looking and I could only find articles that were dated Feb 16th, it's my understanding that his stock sales were on Feb 12th.

[riversedge]

17. "Commerce Sec Wilbur Ross publicly released a report on February 16 calling for a 24 %tariff....

I had heard Ross was involved in this decision and here it is.............




Trump’s announcement rattled the markets, with steel-dependent stocks hardest hit. Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.

Icahn was required to make the disclosure because of the large volume of his sale. The filing reveals that he began systematically selling the stock on February 12, when he was able to sell the stock for $32 to $34.
SEC.GOV
SEC.GOV
https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/



Commerce Secretary Wilbur Ross publicly released a report on February 16 calling for a 24 percent tariff. But, as the chart in the SEC filing indicates, Icahn started selling his Manitowoc stock on February 12, prior to the public release of that report. Moreover, the sharp drop in steel-related stocks did not occur until Trump announced he would accept the Commerce Department’s recommendations.

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. 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.

Icahn, a billionaire investor with far-flung holdings, is a close associate of Trump — who invoked Icahn’s name repeatedly on the campaign trail.

[Thunderbeast]

19. In the words of Gomer Pyle......

SURPRISE, SURPRISE, SURPRISE!

[IronLionZion]

20. Carl Icahn's career was built on screwing over others when they are most vulnerable

also Trump's career. So of course they would scheme over how to benefit from this garbage.

Manitowac is also the location of "making a murderer" on Netflix.

[SunSeeker]

21. Icahn is a criminal. That thief should have been locked up years ago. nt

[SayItLoud]

22. SEC DOJ

Should be looking at short sell positions over the last few weeks. It's KNOWN that the F'n MORON calls from his crumb infested bed to Icahn and others to get a feel for what to say and do. These guys he calls a so much smarter than he is and KNOW how to read him and USE him. The F;n wanna be a big shot will say "Im gonna put tariffs on bla de bla....what do you think, Carl? Carl: You're so smart MR PRESIDENT. Thanks, Carl, I am.

Carl: Get me my broker fast.

[gay texan]

23. I'm not a stock market whiz by any stretch of the imagination

But isn't this sort of thing illegal?