Ex-Trump adviser sold $31m in shares days before president announced steel tariffs

[Amused]

I'm sure it's just a coincidence. Of course it is.

https://www.theguardian.com/busines...p-steel-tariffs-announcement-timing?CMP=fb_gu

Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.

Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted on foreign steel imports.

The news was first reported by Think Progress.

On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.

According to a regulatory filing Icahn was able to sell his shares for $32 to $34. On Friday morning Manitowoc’s shares had fallen 5.48% to $26.37. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.

 

[Puffnstuff]

Insider trading at the Trump Dumphouse? Surely not!

 

[sandorski]

It is possible no Insider Trading happened here, but it certainly needs investigated.

 

[FIVR]

SEC: "No Martha Stewart, no care"

 

[BoomerD]

Nothing to see here...move along, you peons.

 

[Zorba]

I'm sure it's just a coincidence. Of course it is.

https://www.theguardian.com/busines...p-steel-tariffs-announcement-timing?CMP=fb_gu

Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.

Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted on foreign steel imports.

The news was first reported by Think Progress.

On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.

According to a regulatory filing Icahn was able to sell his shares for $32 to $34. On Friday morning Manitowoc’s shares had fallen 5.48% to $26.37. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.

Boeing doesn't use cheap steel for anything, except maybe buildings and cheap tooling. The little bit of steel on Boeing aircraft is mostly extremely expensive very specialized alloys.

 

[Jhhnn]

Boeing doesn't use cheap steel for anything, except maybe buildings and cheap tooling. The little bit of steel on Boeing aircraft is mostly extremely expensive very specialized alloys.

They do use a lot of aluminum. The article would probably have been more accurate if it said steel & aluminum.

 

[Zorba]

They do use a lot of aluminum. The article would probably have been more accurate if it said steel & aluminum.

Yeah, that is true. I believe the vast majority of the Aluminum is sourced from Alcoa, though. I'm sure it'll be an impact, but I think it'll hurt other companies much more like oil equipment and buildings that use a lot of mild steel.

 

[Zorba]

BTW: I hope this is investigated and Icahn good down in a ball of flames. It definitely doesn't look good, but it could be a coincidence. It'd be a little more clear cut if he'd dumped someone that was importing the steel as oppose to just a user.

 

[Jhhnn]

No Collusion!

 

[shortylickens]

Nothing will happen. The people who hate Trump dont need any more evidence to keep hating him. The people who love Trump will just ignore this or find a way to rationalize it.

Interestingly those are the same people who would attack Obama for everything Fox News made up about him.

 

[soulcougher73]

I'm sure it's just a coincidence...

 

[cytg111]

I'm sure it's just a coincidence. Of course it is.

https://www.theguardian.com/busines...p-steel-tariffs-announcement-timing?CMP=fb_gu

Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.

Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted on foreign steel imports.

The news was first reported by Think Progress.

On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.

According to a regulatory filing Icahn was able to sell his shares for $32 to $34. On Friday morning Manitowoc’s shares had fallen 5.48% to $26.37. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.

So? Wouldnt you if you knew a tradewar was coming? You cant hate on people just cause they rich.

 

[interchange]

Next thing you know the SEC will be defunded. Definitely a waste of taxpayers money. Gotta cut the fat if we're gonna afford a wall (that Mexico is definitely paying for).

 

[cytg111]

Next thing you know the SEC will be defunded. Definitely a waste of taxpayers money. Gotta cut the fat if we're gonna afford a wall (that Mexico is definitely paying for).

Right now the plan seems to be to make europe pay for it.

 

[ch33zw1z]

Pure luck.

 

[Thump553]

Trump is not prone (to put it lightly) towards any sort of lengthy deliberation or analysis on policy matters, and in the case of the tariffs it seems to to be a knee jerk action to excite his base because Trump's world was crashing around him. Plus Trump has changed his tariff announcement several times the first day he announce it, and several more times since then. Last I knew these tariffs have been pushed out several weeks and the countries that are going to be most hurt by the tariffs (EU, Canada, Mexico, Japan, etc-NOT Russia or China who the tariffs will barely affect) have already announce reactive measures. It is quite possible some other shiny object will attract Trump's attention and the tariff proposal will disappear.

Ichan starting selling Feb. 12th. I doubt even His Donaldship knew then he would issue his fiat decree on tariffs then.This could be insider trading, but Ichan is a sharp cookie and my money is on this being a bet that Trump would do something crazy out of left field like announce tariffs. After all, from all reports it caught the White House staff unaware in advance (again).

 

[HomerJS]

Nothing will happen. The people who hate Trump dont need any more evidence to keep hating him. The people who love Trump will just ignore this or find a way to rationalize it.

Interestingly those are the same people who would attack Obama for everything Fox News made up about him.

Remember the high crimes Fox News and the righties claim Obama committed?

Not wearing flag pin
Wearing tan jacket on the Oval Office

I guess the standards are higher for the Negro

 

[Jhhnn]

Trump is not prone (to put it lightly) towards any sort of lengthy deliberation or analysis on policy matters, and in the case of the tariffs it seems to to be a knee jerk action to excite his base because Trump's world was crashing around him. Plus Trump has changed his tariff announcement several times the first day he announce it, and several more times since then. Last I knew these tariffs have been pushed out several weeks and the countries that are going to be most hurt by the tariffs (EU, Canada, Mexico, Japan, etc-NOT Russia or China who the tariffs will barely affect) have already announce reactive measures. It is quite possible some other shiny object will attract Trump's attention and the tariff proposal will disappear.

Ichan starting selling Feb. 12th. I doubt even His Donaldship knew then he would issue his fiat decree on tariffs then.This could be insider trading, but Ichan is a sharp cookie and my money is on this being a bet that Trump would do something crazy out of left field like announce tariffs. After all, from all reports it caught the White House staff unaware in advance (again).

I figure a clueless Trump may have revealed his intentions to Icahn in conversation. If true, that doesn't mean Icahn broke the law because it's a level above the kind of information covered by insider trading laws.

 

[Fenixgoon]

Boeing doesn't use cheap steel for anything, except maybe buildings and cheap tooling. The little bit of steel on Boeing aircraft is mostly extremely expensive very specialized alloys.

and at least on the military side, there are DFARS requirements that the steel used be melted in the US. Which kind of ends up working out anyway, as only the US and a select few other countries know how to make the really high end stuff. same rule also applies to titanium, IIRC.

http://www.ultra-os.com/images/supplier/DFARS 252 225-7014.pdf

 

[jackstar7]

Trump is not prone (to put it lightly) towards any sort of lengthy deliberation or analysis on policy matters, and in the case of the tariffs it seems to to be a knee jerk action to excite his base because Trump's world was crashing around him. Plus Trump has changed his tariff announcement several times the first day he announce it, and several more times since then. Last I knew these tariffs have been pushed out several weeks and the countries that are going to be most hurt by the tariffs (EU, Canada, Mexico, Japan, etc-NOT Russia or China who the tariffs will barely affect) have already announce reactive measures. It is quite possible some other shiny object will attract Trump's attention and the tariff proposal will disappear.

Ichan starting selling Feb. 12th. I doubt even His Donaldship knew then he would issue his fiat decree on tariffs then.This could be insider trading, but Ichan is a sharp cookie and my money is on this being a bet that Trump would do something crazy out of left field like announce tariffs. After all, from all reports it caught the White House staff unaware in advance (again).

So you don't consider the possibility that Icahn put the idea in his head?

 

[Jhhnn]

So you don't consider the possibility that Icahn put the idea in his head?

It's not very much money for a guy like Icahn.

 

[hal2kilo]

The most transparent, winning, swamp draining administration eva.

 

[Pens1566]

This stinks like the town dump in mid August, but ranks about #36540850 in blatant unethical/illegal behavior caused by this admin. Hence, nothing will happen.

 

[Darwin333]

If he is truly a billionaire I don't know if he'd risk what would very obviously look like insider trading to avoid losing a few million dollars. If he was that dumb then at best he is going to spend at least that much on lawyers and at worst he is going to be taking an extended vacation at Club Fed.