Trump Pal Sold Millions in Steel-Related Stock Days Before Tariff News

[r3volution 3.0]

I'm not sure but it was before the 16th, he held a meeting announcing that he was asking the commerce department to research the issue, then some time later on the 16th the commerce department announced their recommendations. It might have been an infrastructure meeting.

There was this on the 13th:

President Trump on Tuesday told lawmakers at the White House that he is considering new tariffs on imported steel and aluminum, warning that the domestic industries are being “decimated” by unfair trade.

“They are dumping and destroying our industries,” Trump said. “We can’t let that happen.”

Trump pushed back against several lawmakers who warned him the tariffs could cost U.S. jobs and hurt the broader economy.

“You may have a higher price, but you have jobs,” Trump said during the nearly hourlong meeting, which included lawmakers from both parties.

The White House meeting was scheduled as closed to the press, but Trump let reporters remain in the room. That allowed for an unusual public airing of the tensions between Republican lawmakers and the president on trade.

http://thehill.com/business-a-lobby...ump-spars-with-gop-lawmakers-on-steel-tariffs

If you search Google, you find talk of tariffs before this, but the big headlines seem to have started here.

 

[timosman]

It is nice to see the dynamic duo working together.

 

[oyarde]

Yep, and curing that rot should have been the focus, rather than protectionism.

Ya , makes no difference to me . Steel costs and stocks are of no matter to me , I dumped all my steel stocks more than 13 yrs ago and I need to purchase nothing . Not something I would have done , but meh

 

[Krugminator2]

Vague talk of tariffs is one thing.

If you search Google, you find talk of tariffs before this, but the big headlines seem to have started here.

Nothing vague. Had a conversation with my dad about it over Christmas.

Here is from December 13th in Barron's

First paragraph. The timeline was already established.

U.S. Steel’s stock is a bit like the products it sells: heavy and hard to move. Shares are up about 1% this year, and yet the shares might suddenly get red hot on Feb. 16.

That’s when the U.S. Department of Commerce is expected to finalize a preliminary ruling against Chinese steel makers redirecting steel to Vietnam to circumvent U.S. import laws and sell products without paying import taxes.

“The ruling brings formal action against Chinese steel producers circumventing duties, such as import taxes, carries punitive implications for buyers of those imports and provides a more favorable macro backdrop for U.S. steel producers,” Shawn Quigg, a JPMorgan derivatives strategist, recently advised clients.

https://www.barrons.com/articles/a-red-hot-u-s-steel-trade-1513191258

 

[oyarde]

Reported (to the NYT, expect a feature story)

Somebody cut Specs out of the times for me . He will be famous . I will need to show the wife .

 

[oyarde]

I see the shithole Co that bought out my old plant right before I left 13 years ago is up 4 cents on the NYSE today . P / E ratio about a million to 1

 

[r3volution 3.0]

Nothing vague. Had a conversation with my dad about it over Christmas.

Here is from December 13th in Barron's

First paragraph. The timeline was already established.

https://www.barrons.com/articles/a-red-hot-u-s-steel-trade-1513191258

I don't think an expected ruling by Commerce is the same as the actual statement by Commerce, or by the POTUS.

Let me put it this way; why are steel tariffs now dominating the news cycle, rather than a couple weeks ago?

 

[Krugminator2]

Let me put it this way; why are steel tariffs now dominating the news cycle, rather than a couple weeks ago?

Potential tariffs aren't interesting. Trump has been bloviating about them for 30 years.

This just now fits into the reality show. If I had to guess, I would say Icahn was aware of the timeline, just like everyone else. As the announcement date approached he decided to take some risk off just in case something major like tariffs were announced. He sold just part of his stake.

Let's say Icahn owned a drug company. There was an FDA announcement coming up. He sells part of his position because he doesn't want full exposure if the FDA rejects a drug. The drug then gets rejected. Morons will accuse Icahn of knowing something, when in reality he just managing risk.

 

[r3volution 3.0]

Potential tariffs aren't interesting. Trump has been bloviating about them for 30 years.

This just now fits into the reality show. If I had to guess, I would say Icahn was aware of the timeline, just like everyone else. As the announcement date approached he decided to take some risk off just in case something major like tariffs were announced. He sold just part of his stake.

Sure, but it's equally plausible that he knew it was going to be a bigger deal than most people (read: investors) were expecting.

We'll never know.

Suffice it to say, there's a lot of insider trading by politically connected people, and I wouldn't be at all surprised if that's what this was.

 

[nikcers]

Sure, but it's equally plausible that he knew it was going to be a bigger deal than most people (read: investors) were expecting.

We'll never know.

Suffice it to say, there's a lot of insider trading by politically connected people, and I wouldn't be at all surprised if that's what this was.

Someone took off his Hillary for prison button.

 

[Krugminator2]

Sure, but it's equally plausible that he knew it was going to be a bigger deal than most people (read: investors) were expecting.

We'll never know.

Suffice it to say, there's a lot of insider trading by politically connected people, and I wouldn't be at all surprised if that's what this was.

I am big Icahn fan. I would put the odds at zero percent that he did something wrong.

A lot of people involved in corporate raiding went to prison the 80's. The banker who did all Icahn's deals, Michael Milken, and his neighbor Ivan Boesky went to prison for insider trading. Icahn got an anal probe and there wasn't a hint of impropriety. He isn't doing something stupid like this at 82 years old to increase his net worth by .0002%.

 

[r3volution 3.0]

I am big Icahn fan. I would put the odds at zero percent that he did something wrong.

Well, he did endorse Trump.

He isn't doing something stupid like this at 82 years old to increase his net worth by .0002%.

It's only stupid if you get caught.

A smart inside trader would only use inside info when he can construct a justification for his action based on public information.

 

[eleganz]

You really have to re-evaluate your membership here when you start posting links to think progress to make a point.

The steel tariff talk has been going on for a while.

Next thread.

 

[enhanced_deficit]

Is something going behind the scene relating to Deep Stage leaks? It seems as if negative stories about Trump and his close aides/pals have more than doubled this week.

Trump ally reportedly in talks to earn $75 million if he could get the US probe into 1MDB dropped

• Elliot Broidy, a republican donor, and his wife Robin Rosenzweig, discussed setting up a consulting contract with Jho Low, who is at the center of the 1MDB scandal.
• The contract proposed a $75 million fee for Broidy and his wife if they could get the Justice Department to drop its probe into 1MDB.
• The Wall Street Journal reviewed a cache of emails which revealed the connections.

Arjun Kharpal | @ArjunKharpal

Published 3 Hours Ago Updated 1 Hour Ago



Related

Jay Clayton as SEC chair akin to a fox guarding a hen house

By Former Sen. Ted Kaufman (D-Del.), Opinion Contributor - 03/13/17The Trump campaign’s final TV commercial last November spelled out his pledge to take on Wall Street. It featured a photo of Goldman Sachs CEO Lloyd Blankfein and a voice over describing “a global power structure that is responsible for the economic decisions that have robbed our working class.”
If you worked for Goldman Sachs, you might have thought you were in for a tough time when the election results came in.
It soon became apparent that Goldman had little to fear after the announcements of Trump appointees such as Steven Bannon, Trump's top advisor in the White House and a former Goldman partner; Secretary of Treasury Steven Mnuchin, a former Goldman partner; Chairman of the National Economic Club Gary Cohn, the former president of Goldman and Goldman Sach’s “go-to” lawyer, Walter “Jay” Clayton, for chairman of the Securities and Exchange Commission (SEC).

http://thehill.com/blogs/pundits-bl...ec-chair-akin-to-a-fox-guarding-the-hen-house

 

[specsaregood]

I am big Icahn fan. I would put the odds at zero percent that he did something wrong.

A lot of people involved in corporate raiding went to prison the 80's. The banker who did all Icahn's deals, Michael Milken, and his neighbor Ivan Boesky went to prison for insider trading. Icahn got an anal probe and there wasn't a hint of impropriety. He isn't doing something stupid like this at 82 years old to increase his net worth by .0002%.

I'd just like to say that I bought into his investment partnership because of this thread in march and it has been very good to me.
And the more I read from him, the more I like.

 

[Krugminator2]

I'd just like to say that I bought into his investment partnership because of this thread in march and it has been very good to me.
And the more I read from him, the more I like.

If you are interested in reading about him, read King Icahn. Great read. A lot of the Gordon Gekko scenes like the shareholders scene were based on real life events from Icahn in the 80s. Just the stories in the book on how he negotiates are super entertaining and insightful. I use the Icahn method of wearing people down for everything now.

 

[juleswin]

I'd just like to say that I bought into his investment partnership because of this thread in march and it has been very good to me.
And the more I read from him, the more I like.

Oh yea, the man that backed the herbalife ponzi scheme, I am sure he is such a swell guy.

 

[specsaregood]

If you are interested in reading about him, read King Icahn. Great read. A lot of the Gordon Gekko scenes like the shareholders scene were based on real life events from Icahn in the 80s. Just the stories in the book on how he negotiates are super entertaining and insightful. I use the Icahn method of wearing people down for everything now.

thanks, I was just looking for a book on him this morning after reading his press release against a deal. I'll pick that up.

 

[Krugminator2]

Oh yea, the man that backed the herbalife ponzi scheme, I am sure he is such a swell guy.

What's wrong with that again? His job is to make money. And he made a fortune in Herbalife. Not to mention it just hit new all time highs. The Ponzi scheme allegation are five years old. At some point you have to admit you are wrong.

 

[specsaregood]

What's wrong with that again? His job is to make money. And he made a fortune in Herbalife. Not to mention it just hit new all time highs. The Ponzi scheme allegation are five years old. At some point you have to admit you are wrong.

at some point you have to realize that some people just aren't worth replying to.