• 14 Aug 2012 at 12:23 PM

Carl Icahn Gives Son Four Years To Prove Himself

Ten years ago, Carl Icahn hired his son Brett to be an analyst at Icahn Enterprises and the kid didn’t fuck anything up so he got to keep his job. Two year ago, Carl gave Brett and another employee, David Schechter, $300 million to invest under the “Sargon portfolio,” and the guys returned 96 percent (before fees) through June. Last month, Carl tossed the duo an additional $3 billion and a contract that expires in 2016, at which time Papa Icahn will either officially deem Brett a worthy successor or offer to serve as a reference when he looks for a new job.

Under a 46-page legal agreement filed with federal regulators last month, Brett Icahn and Schechter will get to invest their boss’s capital in companies with stock market values between $750 million and $10 billion. The deal may free the elder Icahn, who still has final say over many aspects of the portfolio, to focus on larger targets for shareholder activism. Brett, who turns 33 this month, along with Schechter has been running $300 million for his father, who owns more than 90 percent of Icahn Enterprises LP, a holding company with $24 billion in assets including activist investing partnerships as well as the Tropicana casinos, an oil refiner and an auto-parts maker. The arrangement expires after Carl turns 80 in 2016, giving Brett the chance to both prove his mettle as a successor and develop a track record to start his own hedge fund.

“These two guys doubled our money over the last two years,” the elder Icahn said in an interview. “You can’t complain about that.” Brett didn’t return an e-mail seeking comment.

Here’s a random guy on the street’s two cents on the matter: “It’s a pretty nice gesture by the old man. If the son doesn’t meet the standard Carl is looking for, it gives Brett an opportunity to go out and earn his own.”

Carl Icahn Hands Son Brett $3 Billion To Prove His Mettle [Bloomberg]
Related: The two often play chess, wagering thousands of dollars a game. Brett plays better. “I can’t figure out how he does it,” his father says, adding that a chess pro was coming over to coach him later that day. “Don’t tell Brett. I don’t want him to know.”

126 comments (hidden to protect delicate sensibilities)
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Comments (126)

  1. Posted by Lightning | August 14, 2012 at 12:30 PM

    usain bolt was here.

  2. Posted by Dr_Rosenrose | August 14, 2012 at 12:31 PM

    Sargon's first capital commitment after the allocation from Mr. Icahn was to a Vietnamese sewing company, widely known for their second shirt button that doesn't fall off and leave the shirt-wearer looking like a slob.

  3. Posted by guest | August 14, 2012 at 12:32 PM

    See you soon!

    -Regression toward the mean

  4. Posted by guesticles | August 14, 2012 at 12:35 PM

    When you've got chest hair like that you don't hide it.

    -someone in stamford http://dealbreaker.com/uploads/2010/08/Picture-20

  5. Posted by guest | August 14, 2012 at 12:37 PM

    I'll see your button and raise you two.

    P. Falcone

  6. Posted by HFguy | August 14, 2012 at 12:41 PM

    Elite comment..

  7. Posted by Nasty Nate | August 14, 2012 at 12:49 PM

    I'd love to run my hands through his naughty jungle of love.

  8. Posted by TWA | August 14, 2012 at 12:56 PM

    I believe some of that money is ours, sonny.

  9. Posted by Abe_Froman_ | August 14, 2012 at 12:56 PM

    It's ok Brett, someday you will catch a break.
    -Prince Al Waleed

  10. Posted by Guest | August 14, 2012 at 12:57 PM

    Not like you're around any more to use it.

    – American Can

  11. Posted by Prodigal Quant | August 14, 2012 at 1:01 PM

    chilling at dad’s house in Southampton, drinking 40s while cruising on the family boat, and making out with the babes > 96% returns > MBA > CFA > Negotiating allowance with dad's secretary > Closet Bitch

  12. Posted by guesticles | August 14, 2012 at 1:03 PM

    Hey!

    -emma lasry, louis bacon's kids

  13. Posted by Guest | August 14, 2012 at 1:10 PM

    I never realized Chuck E Cheese was that wealthy!

  14. Posted by pazzo83 | August 14, 2012 at 1:13 PM

    Ha, 2016.

    - Mayans

  15. Posted by cmdr_bond | August 14, 2012 at 1:16 PM

    japanese proverb say "bird never make nest in bare tree"

  16. Posted by Guest | August 14, 2012 at 1:17 PM

    Ichan haz $3Billion play money?

  17. Posted by Guest #9 | August 14, 2012 at 1:18 PM

    What, only 96%? amateurs!

    ~Bernie

  18. Posted by guest | August 14, 2012 at 1:21 PM

    I believe those 96% results. The only explanation for a 33 year old man to have the body of a 73 year old woman is many long hours pouring over financial statements.

  19. Posted by Guest | August 14, 2012 at 1:23 PM

    Well you're either an Icahn or an Icahn't. You look more like an Icahn't.

  20. Posted by Guest | August 14, 2012 at 1:24 PM

    Hey!

    Andrew Ross Sorkin

  21. Posted by merkin_capital | August 14, 2012 at 1:45 PM

    Brett, does your contract have paragraph titled "Get It Up or Get Out"? Just want to compare terms George gave me.

    -Tamiko Soros

  22. Posted by Chesapeake | August 14, 2012 at 1:53 PM

    We're still here.

  23. Posted by Duh Duh Dalio | August 14, 2012 at 1:55 PM

    Yes. I'd like to challenge them as to why they didn't do better.

  24. Posted by Alert ICE Agent | August 14, 2012 at 2:12 PM

    Or you're a certain Dealbreaker commenter…

  25. Posted by pretzel logic trader | August 14, 2012 at 2:41 PM

    And you seem like really trying to be funny youcahn't

  26. Posted by Darkstar | August 14, 2012 at 3:07 PM

    Mean comment

  27. Posted by Guest | August 14, 2012 at 3:34 PM

    Average comment

  28. Posted by Guest | August 14, 2012 at 3:36 PM

    Man, it must be awkward to be that David Schechter, guy.

  29. Posted by Yes, but | August 14, 2012 at 3:47 PM

    I figured it out…

    – Pafnuty Chebyshev

  30. Posted by steez | August 14, 2012 at 4:01 PM

    How does pouring anything over a financial statement transform your physical appearance?

    -AIG Grammar Quant

  31. Posted by Hi Minsky | August 14, 2012 at 5:02 PM

    In more genteel times he'd be referred to as a regent. Today, 'fluffer" might be more apt.

  32. Posted by Guest | August 14, 2012 at 5:07 PM

    Awkward? He's perfect (for Brett):

    Portfolio goes up: "David, thanks for your secondary, peripheral assistance"
    Portfolio goes down: "David, your picks are what's tanking performance!"

  33. Posted by PermaGuestII | August 14, 2012 at 5:29 PM

    This sounds very familiar…

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    What's up with the Mitt Romney videos? Keep it impartial dealbreaker ;)

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    man…i wish my daddy gave me 3 billion to play with.

    —-generic new england ivy league legacy.

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