Trump confidant dumped millions in steel-related stock last week. Carl Icahn has impeccable timing.

[octoberlib]

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.





https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/

[Eliot Rosewater]

1. Crooks, all of them. Market will tumble big time again, we will suffer, they will not.

[octoberlib]

2. SEC is coming. Or should be.

[chuckstevens]

3. Congress will investigate this!

Oh, wait... they're all Republicans; never mind!

[MFM008]

4. Didn't Martha Stewart

Go to jail for this?

[octoberlib]

5. Insider trading. Yep. A lot of people have.

[HipChick]

8. Well...she's a woman....

not on the inside of the Old Boys Club....

[Blue_true]

6. Or impeccable insider information.

Icahn is a slithering snake, my bet is on the latter event having happened. Icahn has proven himself to be the type where no amount of money is enough.

[C_U_L8R]

7. I suspected as much.

This tariff news came so far out of the blue - the Trumps are trying to hide it under the "unhinged" umbrella - but it's just straight-out corruption, stock manipulation and insider trading. Fucking crooks.

[lindysalsagal]

9. Can you say, "insider trading?" Martha Stewart can. She went to prison for that.

[arthritisR_US]

10. I think thats called insider trading.

[Laura PourMeADrink]

11. This is huge. Surely GOP can't ignore insider trading??