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.”

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126 Responses to “Carl Icahn Gives Son Four Years To Prove Himself”

  1. Lightning says:

    usain bolt was here.

  2. Dr_Rosenrose says:

    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. guest says:

    See you soon!

    -Regression toward the mean

  4. guest says:

    I'll see your button and raise you two.

    P. Falcone

  5. Nasty Nate says:

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

  6. TWA says:

    I believe some of that money is ours, sonny.

  7. Abe_Froman_ says:

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

  8. Prodigal Quant says:

    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

  9. Guest says:

    I never realized Chuck E Cheese was that wealthy!

  10. pazzo83 says:

    Ha, 2016.

    – Mayans

  11. Guest says:

    Ichan haz $3Billion play money?

  12. Guest #9 says:

    What, only 96%? amateurs!


  13. guest says:

    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.

  14. Guest says:

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

  15. merkin_capital says:

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

    -Tamiko Soros

  16. Guest says:

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

    • Guest says:

      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!"

  17. Hi Minsky says:

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

  18. Andres says:

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

  19. guest says:

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

    —-generic new england ivy league legacy.

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