The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Carl Icahn is in trouble with the SEC.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05The trading day begins with the S&P 500 and the Nasdaq looking for their next move following
00:10eight days of gains.
00:12Stocks are not the only thing on the up and up.
00:14Gold prices are at a record high, trading above $2,500 an ounce.
00:18And for the first time in history, a gold bar, which typically weighs about 400 ounces,
00:24is worth $1 million.
00:28And speaking of millions, veteran Wall Street tycoon Carl Icahn has agreed to pay $1.5
00:33million to settle charges that he used his company's stock as collateral for billions
00:39of dollars in personal loans without telling investors.
00:43He and his company, Icahn Enterprises, also agreed to pay half a million dollars in civil
00:48penalties.
00:49According to the Securities and Exchange Commission, the misdeeds, which go all the way back to
00:542005, are tied to the fact that he did not reveal what he was doing to all his shareholders.
01:02The federal securities laws imposed independent disclosure obligations on both Icahn and IEP.
01:09These disclosures would have revealed that Icahn pledged over half of IEP's outstanding
01:15shares at any given time.
01:17Due to both disclosure failures, existing and prospective investors were deprived of
01:22required information.
01:24If those billions of dollars in personal loans would have gone bad, then lenders would
01:28have confiscated Icahn Enterprises' shares, which would have forced a sale that would
01:33have hurt all company shareholders, all without shareholder knowledge.
01:37Icahn is a Wall Street legend and is said to have partially inspired the Gordon Gekko
01:43villain made famous in the 1987 hit movie, Wall Street.
01:48That'll do it for your daily briefing from the New York Stock Exchange.
01:51I'm Conway Gittens with the Street.
01:54Thanks for watching.
01:55See you next time.

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