CORPORATE RAIDED

Trump Ally Carl Icahn Pays Fine for Taking Out Secret Loans

Even at 88, Icahn still strikes fear into the heart of Wall Street for his hard-earned reputation as one of the most ruthless ‘corporate raiders.’

Billionaire corporate raider Carl Icahn has settled charges with the US Securities and Exchange Commission that he failed to disclose he’d used up to 80% of stock in his own company to secure personal loans worth as much as $5 billion. The loans were worth almost as much as his entire net worth, according to the Forbes 400. Not disclosing them is a breach of securities laws. Both he and Icahn Enterprises will now pay the agency a total of $2 million, without admitting any wrongdoing, CNBC reports. Icahn, now 88, rose to fame as a “corporate raider” in the 1980s, first for his hostile takeover of Trans-World Airlines. He threw his weight behind his friend Donald Trump in 2016 and was at one time a prospective nominee for Secretary of the Treasury. Though he was eventually passed over for Steven Mnuchin, he spent a brief stint advising the Trump administration on financial regulatory reform.