Trump Insider Dumped $31M In Steel Stock Last Week

ThinkProgress reports:

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.

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.”

Manitowoc is down another 6% today.

  • Dreaming Vertebrate

    Of course he did.
    Most corrupt admin ever!

  • bkmn

    Nice to see Karl is still around, after getting millions of our dollars to save him a few decades ago.

  • Gustav2

    Carl Icahn has been a legal thief for decades, only Trump would trust him.

  • John Kusters

    It’s almost as if someone tipped him about the upcoming tariffs… Hmmm…

    • Harley

      Would that be considered insider trading?

      • Harveyrabbit

        Yes if it can be proven he had inside info on the tariffs.

      • John Kusters

        I fervently hope so!

      • canoebum

        Absolutely! Will anyone at the SEC or DOJ do anything about it? Absolutely not!

      • Nowhereman

        It is the very definition of insider trading. Wild guess that a few millionaire congress people did the same thing. I hope someone is looking into that. It used to be against the law, but I’m sure it’s okey dokey these days. IOKIYAR.

    • John

      The timing is just a wee bit suspicious….

      • killreligion

        No it isn’t. A full two weeks ago their intent to do this was leaked

    • pch1013

      Robert Mueller to the blue courtesy phone, please. Robert. Mueller. To the blue. Courtesy phone.

  • Mark McGovern

    Thank God that swamp is drained.

    • kaydenpat

      Drained into a much larger swamp so more sleaziness could be crammed in.

    • Nic Peterson

      IOKIYAR!

    • ColdCountry

      Too bad it’s been replaced with an open cesspool.

      • David L. Caster

        Yep. Great minds…

    • David L. Caster

      That’s no swamp, it’s a cesspool.

    • northern_neighbour

      Somehow though, Mnuchin got security clearance into the remaining ‘damp marsh’, and was able to tip off Icahn as to “how the wind blows”.

      But hey, nothing corrupt here to see … move along folks, and MAGA.

      • prixator

        MAGAT

        • northern_neighbour

          Right you are, the MAGATS gobble the flesh clean away, leaving just the
          white supremacist bones behind.

  • Charles Nelson

    I am totally astonished that a Trump friend would be psychic enough to know what Our Glorious Leader is going to do. If Icahn buys a nuclear fallout shelter…you should immediately sell any Korean investments.

  • greenmanTN

    Nope, nothing fishy about that at all!

    Trump thinks ethics are like ethnics, something he has no interest in at all.

    • Nowhereman

      “Ethics, schmethics!”

  • TexasBoy

    I’m sure it was just a coincidence. /s

  • SkokieGuy / May attempt snark

    Said yesterday:

    David – It’s 2:30 and the DOW is Dow 530 points – as the direct result of his announcement. Dotard is not very good at this business thing.

    Reply – SkokieGuy – Unless he tipped off his cabinet (Betsy DeVos from the billionaire Amway fortune), his Goldman Sachs former employees and such to short the market like crazy. “Hey guys, watch what I’m gonna do, gonna make ya’ richer, believe me!”

    1). I predicted this. Give me a cookie
    2). Icahn is certainly not the only one.

    • The_Wretched

      If we had a fully functioning SEC; all Trump contacts would be checked for stock manipulations with every announcement.

    • It Takes a Village, People

      Am I the only one who is upset by this obvious insider trading? Isn’t this a crime? Am I nuts?

      • Joe in PA

        You might still be nuts…but it’s a crime. 🙂

      • SkokieGuy / May attempt snark

        This is one of MANY crimes. Members of Congress were exempt from insider trading laws.

        “A year ago, President Obama signed the Stop Trading on Congressional Knowledge Act into law at a celebratory ceremony attended by a bipartisan cast of lawmakers. The law wouldn’t just outlaw trading on nonpublic information by members of Congress, the executive branch and their staffs. It would greatly expand financial disclosures and make all of the data searchable so insider trading and conflicts of interest would be easier to detect.”

        https://www.npr.org/sections/itsallpolitics/2013/04/16/177496734/how-congress-quietly-overhauled-its-insider-trading-law

      • Nowhereman

        No–I’m right there with you. But it’s only a crime if democrats do it!

      • romanhans

        Compared to Jared Kushner getting $500 MILLION in loans from two companies after he had White House meetings with them? This is not a crime.

      • Chris Baker

        the silly part is that at a 12% drop, his $31m would have lost $4m in value. BUT HE”S A BILLIONAIRE.

    • Bluto
      • Joe in PA

        As George Takai might say…Oh My.

      • SkokieGuy / May attempt snark

        I knew I liked you for a reason!

      • Butch

        WHERE DO I GET ONE OF THOSE??????

      • Nowhereman

        Too cool for school!

      • jeffg166

        So many dragees, so little time.

    • Nowhereman

      I agree with both #1 and #2. I’ll bet there are republicans in congress who were tipped off, also. Mueller’s going to need a bigger army of forensic financial specialists to investigate all this. It would be a crying shame if they all end up in Leavenworth. For them, that is. I will be woo-hooing and high-fiving and happy dancing in the street. Almost forgot! Here’s your cookie! (homemade apricot fruit bars with a shortbread bottom and a crumble topping. Mmm mmm good!)

      • SkokieGuy / May attempt snark

        Damn, I just gained two delicious pounds, mmm!

        The problem is the corruption is so ingrained and widespread it will take a generation to correct and we theoretically need something outside the government to investigate. Conflicts of interest with SCOTUS that may have impacted rulings, campaign reform, election integrity, white supremacy infesting our military and police forces, etc. etc. Our society and government institutions have been very badly damaged and to pin all our hopes on a government employee is just unrealistic.

        Since early voting in the primaries has begun and zero done to improve election integrity, I fear that yet another election will be stolen. Without a bright blue Congress & WH, the chance of overturning Citizen’s United and / or eliminating lobbying and requiring public financing of elections are slim. With money in politics, many things we all hope for are a pipe dream.

        Okay, rant over (for now). Damn, I’m exhausted. I need a cookie.

        • Nowhereman

          Preaching to the choir. I’m right there with you. One of the more encouraging things about these “interesting times” that we are living in is that Trump seems to have woken up the Press. (I don’t count Fox in there, although even a couple of them are acting as if they aren’t drinking the kkkoolaid anymore.) The last time I remember the NY Times and the Washington Post racing each other to get the scoop is the Watergate era. And this is moving so much faster. And the 60s and 70s are the last time I remember seeing so many people actually marching in the streets in a common cause. The current uprising of young people makes me well up in tears.
          So, I’m beginning to feel optimistic that we will survive, and we will reclaim our democracy. When democrats regain power, JOB ONE has to be the undoing of Citizens United. It’s pretty ridiculous that a few filthy rich families and foreign oligarch’s can just buy our “democratic” government outright. They don’t even try to hide it anymore.
          I’ll set out a couple of Apricot Bars for you. They’re not only good, they are good for you! Loaded with potassium! (I also chop up organic sun-dried apricots and cook them in my Bob’s Red Mill Old-Fashioned oat meal.)

          • SkokieGuy / May attempt snark

            Love Red Mill stuff! And thank you for your optimism. There are days when its damn hard for me to rustle any up.

          • Nowhereman

            I hear that! I come here every day to get my dose. Lots of smart and funny folks here.

  • Nowhereman

    Wow. They don’t even try to hide it anymore. DRAIN THE SWAMP!!! MAGA!!!

    • zhera

      Why would they? They’ve proven that they can do whatever the fuck they want. Congress won’t do shit about it.

  • Jean-Marc in Canada
  • another_steve

    No limit to the corruption we’re observing with regard to everything and everyone Trump-related.

    Historians will have to give this period we’re living through a special name of its own to set it apart from other periods in American history rocked by rampant government crime and scandal.

    • The_Wretched

      “the fall of the american empire”

      Like every other fall, it happens when the oligarchs (aristocrats) gain control of the political system. their myopic policies then loot the empire and make it brittle to challenges and changing times.

      History 101.

      • greenmanTN

        But they’ll blame it on the gays, like xtians do about Ancient Greece and Rome.

      • another_steve

        What makes this current period distinctive, I think, is the involvement of a foreign adversary, Russia, in the crimes and corruption.

        I’m no historian. Maybe others reading here may know: Was there ever a period in American history when a foreign entity/adversary colluded with a sitting President of the United States to commit ongoing crimes on U.S. soil?

        • The_Wretched

          No but I think the russia thing is just a symptom of putting a greedy narcissistic idiot puppet in the presidency.

          • thatotherjean

            Which came first, the chicken or the egg?

          • Jonty Coppersmith

            The Russia thing is a symptom of Putin/Russia attempting to destroy and reduce the influence of the USA.

        • ChrisMorley

          Winston Churchill conducted a lengthy seduction / charm offensive on Franklin D Roosevelt to persuade the US to enter WWII against Hitler. He would surprise friends and colleagues with his nudity including in the White House. Does that count?

          See points 4 and 9: http://thelistlove.com/10-mind-blowing-winston-churchill-facts/

    • Megrim Twist

      Well said, so true, so sad. The look back will reveal just how dark, just how disgusting. I guess that’s something to look forward to.

    • DreadPikathulhu

      Historians will fill shelves on books covering the last 50 years of American politics. I just hope that Trump is the beginning of the end of the GOP and not the start of the second part where they cement their wins and take us fully into an oligarchy.

      • another_steve

        Ideally, moderate Republicans (I assume they’re out there) need to pull out of the monstrosity that is their party today and form a new party. The Republicans who remain behind could rename themselves “The Party of God” or something.

        Won’t happen, of course, because splitting the current Republican Party like that would ensure neither half would ever prevail over the Democrats in a national election again.

        • DreadPikathulhu

          It would take at least a generation to rebuild a moderate GOP in the cities and suburbs, meanwhile the “Party of God” would have a lock on rural areas. I don’t see an easy solution for them.

        • Nic Peterson

          Moderate Republicans are listed on the endangered species list.

        • thatotherjean

          More like “The Party of Greed.” Most of the leaders are only faking the bit about God to ensnare the rubes.

      • Bad Tom

        We are aware of their plans now. That’s a big deal.

      • pch1013

        This assumes that there will be books in the future, and people interested in reading them.

      • Adam Schmidt

        I’ve been enjoying this book (I’m about a third of the way through it) because it’s really giving me a different view into politics, particularly that of Trump, the GOP, and Georgia politics (I live in Atlanta). Good read and worth the time…

        https://www.amazon.com/Dictators-Handbook-Behavior-Almost-Politics/dp/161039044X

    • kaydenpat

      Grifting taken to its max.

    • Ben in Oakland

      I wonder if Teapot Dome, Madoff, Enron, or Watergate are taken?

    • April

      U.S. Grant can now rest easy that his administration is now the second most corrupt in American history.

  • Devon Rodriguez

    Under any normal Presidency, this would be something discussed non stop and impeachment would be in the afterburner.

    In the current Presidency, this doesn’t crack the top 20 of the week, not to mention the last month or year.

  • Joe in PA

    If the SEC drops the investigation of Jared et. al. …why would we think they will do anything now?

  • Devon Rodriguez

    Isn’t this insider trading? AKA another crime.

    • Megrim Twist

      Corruption of the HIGHEST order.

    • Mikey

      and your point is?

      ¯_(ツ)_/¯

  • Joe in PA

    So if anything comes of this…who will trump throw under the bus for the “leak”?

  • MikeBx2

    Long time Trump confidant? How nice. They can share a cell. Lock them up.

  • Joe in PA

    Thanks Obama.

  • greenmanTN
    • Joe in PA

      I love the long lag time between blinks. Spot on. 🙂

  • Bluto

    Martha Stewart went to jail for less than this.

    • William

      Martha lied to the FBI.

      • The_Wretched

        Martha was a scapegoat. Mostly for having lady parts.

      • Friday

        Funny coincidence, so did…. 🙂

  • Anastasia Beaverhousen

    Oh, honey so much winning! For FOD .. friends of Donnie.

  • HZ81

    Trump co. will strip the White House to bare mattresses by the time they’re done. And the country? Forget about it. Welcome to Dust Bowl 2018.

  • Chucktech

    My, my, what…. propitious timing…

    I hope you go to prison, you pig.

  • Butch

    So typical of you damned liberals. A canny investor with incredible foresight makes a wise investment decision and all you can do is criticize. I’m sure it’s just the purest coincidence.

    • Joe in PA

      Say…I have a really spiffy bridge that’s for sale….

      • Butch

        I was thinking oceanfront property in Nebraska.

        • The_Wretched

          Invest with me, i have an insider sure line on who’ll win the Indianapolis submarine races.

        • boatboy_srq

          Leave it to your grandkids: when they retire it WILL be oceanfront.

      • lymis

        One that has one end in Fort Lee, no doubt.

  • DisqusD37

    This better get picked up by the major wires…

  • liondon#iamnotatraitor

    How arrogant. .not even hiding it anymore .

  • Xiao Ai: The Social Gadfly

    I just want to point out that Wall Street itself is fucking all of you.This is the same Wall Street that I’ve repeatedly been telling you to be proactive about, over the past two years saying, shut it down first. I noticed you still aren’t doing anything to dissuade it.

    Otherwise, carry on all! Have a great weekend!

    • The_Wretched

      Occupy wasn’t quashed for getting the target wrong.

    • Pip

      What exactly are we to do about it? Burn it all to the ground? Storm the buildings? Hold it hostage until it starts not putting money ahead of everything else?

      Regulating this is up to our lawmakers. It’s obvious that they aren’t paying the least amount of attention to their constituents at this time. So our start needs to be the hill. Then the rest should fall into place.

      • Xiao Ai: The Social Gadfly

        Storming the buildings would be a great start! Blocking access to any and all companies that facilitate stock exchanging throughout the U.S. is another. Can you think of any more ? I’d love to hear them!

        • Pip

          LoL! You know as well as anyone that this wouldn’t accomplish anything. It’s been tried, and failed miserably.

          https://uploads.disquscdn.com/images/7405bbb973bdbc974cc1afb6354e3c216fb3a495fc2d9aecf00850d756c8bc94.gif

          • Xiao Ai: The Social Gadfly

            Really? When was that? That darned MSM must have run a blackout.

          • Pip

            Occupy WS went into buildings, blocked entrances, made themselves a nuisance. Not sure how much of it was covered above the border, but it was all over down this way. All that was done was arrests, harassment, and your typical slandering by both the Right and MSM. Sorry you missed it!

        • David Gervais

          That could be millions of locations. Not practical, and would b ignored anyway.

  • JWC

    Hmmmm didn’t Bush put Martha Stewart away for the same thing???

  • Robert Adams

    Bet Martha Stewart is a bit pissed.

  • EdA

    And in the Trade Wars posting, Amanda B. Rekendwith was wondering how many of the 1% had been selling short.

    Also worth looking out for.

  • Paddycakes2001

    Lock him up!

  • William

    I’m surprised that Icahn hasn’t been murdered by a band of former stewardesses.

  • gaymex1

  • TrumpToupee89

    Insider trading-esque

  • Ninja0980

    Gee..if I didn’t know better I’d say this was insider training.

  • Kevin Andrews

    Long past time to give these SOBs the Martha Stewart treatment. Now the Shitgibbon is giving stock market tips to his cronies and manipulating the market to their benefit. https://uploads.disquscdn.com/images/ec0d65240fdad11c7bfb29d0f77b516abe262f2facd0f2d5c4678004a31ed74c.png

  • Cuberly Deux

    Considering the pressure Donnie was under to not issue tariffs, pretty much relentless pressure. Doesn’t this sound even more plausible? Or maybe Carl has a copy of the pee pee tape.

  • Richard

    would this fall under the insider trading laws? Just wondering ….

  • boatboy_srq

    something something insider trading something.

    Ever get the feeling that the one safe investment position for the duration of the tRump pResidency is all cash?

    #NotNormal
    #NotPatriotic

  • ‘Til Tuesday

    The wealthy/investor class always take care of each other, and that crosses political lines. My own Senator (Bob Corker) got information in advance on company earnings and sold and bought stock based on that info and made a nice profit. It’s been going on in Congress for a long time. Wall Street and Congress take care of each other, and their wealthy friends like Carl Icahn.

  • KarenAtFOH

    What, he didn’t short sell it instead? Loser.

  • SDG

    I knew it!

  • John

    Did he buy hoping for a capital gains profit? OR Did he short it knowing that the mango moron was going to pull his tariff stunt? If Ichan is an ‘insider’ then he had to know what was coming….doncha think?

  • rextrek

    hmmm, WONDER what would happen IF this was Under Presid3ent Obama? One PHKN Guess??? BLATANT WHITE PRIVILAGE!

  • Icahn is already being investigated for self-dealing. This just increases the odds he’ll wind up in jail.

    https://www.nytimes.com/2017/03/26/us/politics/carl-icahn-trump-adviser-red-flags-ethics.html?smprod=nytcore-ipad&smid=nytcore-ipad-share

  • Max_1
  • pch1013

    What’s especially shocking is that this sort of thing is no longer shocking.

  • thatotherjean

    What’s a little insider trading among friends?

  • ETownCanuck

    Just for once, I would like to see some actual legal consequences for their actions. I know it’s a pipe dream however, as it’s very clear who the ruling class is in your country…It sure ain’t John Q. Public.

  • Pucks yer Mackd

    Martha Stewart did time for this shit! But mr. whiteman will get away with it!

  • gaymex1

    31.71 closing price on Feb. 22. Price right now is 26.99. If he sold one million shares at the close, he would have been ahead as of today about 4.72 million bucks.
    Not bad.

    • Natty Enquirer

      Make the fine $13 million.

      • gaymex1

        Whatever the fine is, it’s probably deductible in some way.

  • Charlie

    LOCK HIM UP!

  • Tom Ato

    Obama’s ruining everything.

  • So did Deripaska.

  • boobert

    I hope they prove that icahn got a heads up from you know who !

    • Jon Doh

      Martha Stewart?

  • killreligion

    To be fair we’ve been hearing for weeks he would do this

    PLus shallow alert. All that money and he dresses like that??????

  • justme

    Maybe Icahn will help donnie with his Russian mob payment for this month..

  • Pip

    Sounds pretty shady to me. But then again… doesn’t that cover most things in #45’s orbit?

  • LesbianTippingHabits


    Is the Securities and Exchange Commission going to care? Of course not.

    On the other hand, what did Hillary – and Martha Stewart – do?

  • customartist

    The Republican Congress and Senate will not bat an eye

  • JCF

    Swamp the Drain!

  • Chris Bartlett

    Christ doesn’t anyone go to jail anymore?
    This shit is a crime!

    • customartist

      No. Congressmen and Senators might go hungry

  • customartist

    These people are Billionaires! Are they so stupid that they don’t think this shit will come out, ESPECIALLY when there is an open investigation into Trump and everything in his orbit?!? What utter idiots! Let them fry. Trump will be finding himself lonelier and lonelier as time goes on.