The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Steel Tariff Tip Off?

Mar 5, 2018

Just days before Trump announced his intention to impose stiff tariffs on imported steel and aluminum, multi-billionaire investor Carl Icahn dumped almost a million shares of stock in Manitowoc Company, a Wisconsin-based manufacturer of cranes and other lifting equipment that is heavily dependent on imported steel. Within just a couple of days after Trump’s announcement, the stock shares that Icahn sold were valued at about six million dollars less than what he got for them.

Icahn hadn’t bought nor sold any Manitowoc stock for more than three years. How did he know to sell his shares just before their price dropped?

Probably he got a good “tip”. Icahn is a long-time business friend of Trump. He served as a “special advisor” to Trump until he resigned last August just before New Yorker magazine published an article about how he used his White House position to benefit his investments.

Looks like Icahn’s still got the connections to get good “tips.” It’s all still business-as-usual.