SEC charges Carl Icahn with hiding billions of dollars worth of stock pledges

[butters]

Icahn and the publicly-traded company that bears his name settled those charges without admitting or denying wrongdoing. They agreed to pay $500,000 and $1.5 million in fines, respectively, the SEC said in a press release Monday.

The SEC said that Icahn, who established himself as a ruthless corporate raider before adopting the friendlier mantle of activist investor, pledged anywhere from 51% to 82% of Icahn Enterprises, or IELP, shares outstanding to secure billions worth in margin loans without disclosing that fact to shareholders or federal regulators.

https://www.msn.com/en-us/money/mar...&cvid=9e7396237fce46b3bb59fcce17bb5f29&ei=111

wonder how his shareholders will feel about this... if he's made them profits, they'll maybe not care and ignore the fact he could have wiped them out

ticks me off, though, that companies and CEOs seem to feel blasé about taking such risks with other people's money: when they do get caught and charged, the billions involved get shrunk exponentially to fines amounting to $2 million, so it's a case of 'borrowing' illegally to make pots more dosh for themselves and whilst $2 million is a lot of money to most people, it's a drop in that ocean made up of billions.