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Barney Frank Has Muzzled Carl Icahn

We know Carl Icahn is such a tough guy he’ll sue his friends and fellow billionaires to win deals. But, has the outspoken sultan of shareholder rights been silenced by Washington lawmakers?

We know Carl Icahn is such a tough guy he’ll sue his friends and fellow billionaires to win deals. But, has the outspoken sultan of shareholder rights been silenced by Washington lawmakers?

The billionaire's blog, The Icahn Report, launched nearly two years ago with much fanfare to take on inept corporate boards, has been radio silent for nearly a year. (Icahn also started a grassroots campaign - The United Shareholders of America - at the same time.)

Carl, WTF? We need you. Are you too busy sparring with The Donald and Lions Gate to weigh in on financial reform and corporate governance?

We hear Wall Street’s toughest activist investor halted the blog last April because it pissed off too many of his pals in Washington, where he was also lobbying behind the scenes for changes to proxy rules. One of those was influential, but sensitive Congressman Barney Frank, who we hear gave Carl an earful after he wrote an op-ed in the New York Times arguing the government should have gotten board seats at A.I.G. after taking an 80 percent stake in the company and suggesting Frank’s idea of suing the beleaguered insurance giant would have little chance of success. (The op-ed was then posted on Icahn’s blog.)

Carl, don’t let Barney push you around. You’re way taller and have much more in your bank account. (We reached out to Icahn but haven’t heard back yet - we know he doesn’t wake up until noon so hopefully we’ll hear from him soon)

Icahn says blog to go live on Thursday [Reuters]



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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 Brett a worthy successor or offer to serve as a reference for his next gig. 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. After hiring Brett as an investment analyst a decade ago, Icahn allocated the $300 million to his son and Schechter in April 2010 to invest in loans and securities of companies with less than $2 billion in equity value. Their investments, internally dubbed the Sargon portfolio, generated a gross cumulative gain of 96 percent by the end of June, according to a July 27 filing with the U.S. Securities and Exchange Commission...“These two guys doubled our money over the last two years,” the elder Icahn said in an interview. “You can’t complain about that.” Carl Icahn Hands Son Brett $3 Billion To Prove His Mettle [Bloomberg]


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