This Insider Trading Investigation Of Carl Icahn Is A Joke
AP Photo
Putting them all together in an insider scandal should be part Wolf of Wall Street, part Ocean's Eleven, headline gold.
Too bad it isn't proving to be a great criminal case at all.
At best the whole story seems like a stock geek's game of telephone gone wrong. On Friday the Wall Street Journal reported that three years ago investor Carl Icahn may have told legendary sports gambler Billy Walters that he was making a play for Clorox. Walters, then, allegedly told Mickelson. According to the SEC and the FBI, both the gambler and the golfer made similar bets on Clorox at the time.
Now that the case is out, though, it seems that the Fed's can't use wiretaps to dig up more dirt. That's an issue going forward, as all three men have denied wrongdoing and the Feds have yet to accuse them of any either.
Over at the New York Post, Charlie Gasparino points out two reasons why we might not see any formal accusations going forward with the evidence the Feds have now.
First, Icahn is an activist investor, and for him the rules of insider trading are murky. It seems the comments Icahn allegedly made to Walters weren't specific enough to be classified as inside information - they didn't include a tender offer for Clorox, for example.
Second, Gasparino points out that insider trading is an exchange. Mickelson and Walters would have had to reward Icahn for his comments to fulfill the two-way nature of the crime. Since Icahn is one of the richest men in the world, it's hard to think Mickelson and Walters could have paid him enough money to make a difference to him.
That is unless Icahn, now 78, plans to retire and work on his handicap. (FYI- retirement sounds like Carl Icahn's own personal worst nightmare.)
So for now let the speculation fly. You have to wonder who leaked this story to the WSJ and why, no?
All these men definitely have enemies. By Forbes' calculations Icahn lost $420 million on Friday. Not a lot of money to him and his empire - but just about as much as he claims to have made on his long Herbalife bet. Enough to notice.
What everyone else is noticing in this rigmarole is that the Feds have dedicated years to this case and haven't charged anyone. Meanwhile, questions from the financial crisis go unanswered while the crisis' repercussions are still felt.
Yet this is the file they're on.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market