Illinois Rep. Luis Gutierrez demanded on Thursday that the Securities and Exchange Commission investigate “possible illegal insider trading” involving investor Carl Icahn. The billionaire sold $30 million worth of stock in an industrial company a week before President Trump announced potential tariffs on imported steel.
In a letter to SEC chairman Jay Clayton that was exclusively obtained by Cheddar, Rep. Gutierrez states Icahn’s decision to sell [shares in the Manitowoc Co.](http://thehill.com/homenews/administration/377198-former-trump-adviser-icahn-denies-knowledge-of-tariffs-before-steel) so close to Trump’s announcement is “highly suspicious,” and the friendly relationship between Trump and Icahn “adds to the appearance of wrongdoing.”
“If this was a member of Congress that had done exactly the same thing...I’m sure there’d be an indictment,” the Democratic congressman told Cheddar in an exclusive interview Thursday.
Icahn formerly served as a special advisor to Trump. In late February, he sold $31.3 million of shares in Manitowoc at about $32 to $34 each. But because the company, which makes construction cranes, relies on steel for its products, its stock price plummeted almost 6 percent when President Trump announced last week that he would impose a 25 percent tariff on steel imports.
Shares of Manitowoc closed Wednesday at $28.16, about 11 percent lower than Icahn’s lowest selling price.
Trump formalized his decision on tariffs Thursday afternoon.
In a statement responding to the allegation, Icahn said he reduced his position in Manitowoc “for legitimate investment reasons having nothing to do with that announcement.”
Israel bombarded Gaza early Friday, hitting areas in the south where Palestinians had been told to seek safety, and it began evacuating a sizable Israeli town in the north near the Lebanese border, the latest sign of a potential ground invasion of Gaza that could trigger regional turmoil.
The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans.
Israel pounded the Gaza Strip with airstrikes on Thursday, including in the south where Palestinians were told to take refuge, and the country's defense minister told ground troops to “be ready” to invade, though he didn’t say when.
Addressing the nation from the Oval Office, President Joe Biden has made his case for major U.S. backing of Ukraine and Israel in a time of war.
Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market.
Despite deepening opposition, Rep. Jim Jordan is expected to try a third vote to become House speaker, even as his Republican colleagues are explicitly warning the hard-edged ally of Donald Trump that no more threats or promises can win over their support.
Donald Trump is winning over swing state voters including in several states even leaning toward President Joe Biden, according to a recent poll by Bloomberg and Morning Consult.
A Russian-American journalist working for a U.S. government-funded media company has been detained in Russia and charged with failing to register as a “foreign agent,” her employer said Thursday.
Lawyer Sidney Powell pleaded guilty to reduced charges Thursday over efforts to overturn Donald Trump’s loss in the 2020 election in Georgia, becoming the second defendant in the sprawling case to reach a deal with prosecutors.
Republican Rep. Jim Jordan failed again Wednesday on a crucial second ballot to become House speaker, the hard-fighting ally of Donald Trump losing even more GOP colleagues who refused to give him the the gavel.
