Carl Icahn: Activist Investor (08:14)
Icahn’s role on Wall Street is debatable; he buys stakes in companies with plans to direct management on behalf of shareholders, and challenges CEO decisions. His competitive nature drives his success.
Tappan Takeover (06:57)
In the late 1970s, Tappan experienced losses. Icahn found the company undervalued and became a major stockholder and director, preventing the CEO from bullying other board members and forcing unprofitable decisions. Soon after, Electrolux bought the company at $11 a share over prior trading figures.
Icahn: Business Roles (03:32)
Icahn opposes CEOs profiting at shareholder expense, insisting he makes companies productive and helps people. He believes in shareholder democracy and corporate accountability. Associates state Icahn's goal is to make as much money as possible; Icahn Enterprises has made over a trillion dollars for investors.
Icahn's School Days (03:36)
Born in 1936, Icahn grew up in Queens; the neighborhood was divided into Jewish and Italian communities. He did well in school and attended Princeton, where he paid for room and board by mastering poker while working as a cabana boy.
Gail Golden Icahn (03:42)
Icahn’s wife Gail describes falling in love with him; they converse over breakfast regarding her tennis skills. Gail explains that their relationship works because of mutual respect and humor. She has known Icahn since 1978, marrying him in 1999.
Icahn: College and Career Path (03:36)
At Princeton in 1953, Jews were outsiders, contributing to Icahn’s competitive nature. He won the Senior Thesis and was accepted into medical school. He did not want to be a doctor and joined the Army. He made money by playing poker, prompting him to consider Finance.
Icahn: Player to Investor (06:26)
Icahn describes impacts of the 1962 stock market crash, discouraging further participation. Studying options, he devised the Midweek Option Report, making him the biggest Wall Street broker and enabling his purchase of a New York Stock Exchange seat. In 1979, he began undervalued company takeovers.
Icahn: Corporate Raider (05:47)
The Reagan era, a party era for finance, encouraged the pursuit of money and resulted in insider trading scandals. Icahn’s role was controversial; he exposed executive greed while making large sums.
Texaco Takeover (10:02)
In 1984, Texaco was thriving. Orders to pay Pennzoil $10 billion for the Getty merger scandal resulted in Texaco filing bankruptcy. Icahn bought stocks, bargaining a $3 billion settlement; he sold his shares for $2 billion in the single largest transaction in Wall Street history.
TWA Deal (12:06)
The travel industry experienced a bad year in 1986. TWA approached Icahn to fight off Frank Lorenzo and manage the company; flight attendants fought his concessions. Icahn created a school, doing well for a time, but heightened terrorist threats led to the company filing bankruptcy.
Icahn's Family (05:42)
Icahn takes his daughter to his childhood home, and he reminisces about his mother. They visit the temple where his father was cantor. Icahn describes his father and their relationship dynamics.
Herbalife Battle (10:10)
In 1990, billionaire Bill Ackman accuses Herbalife of being a pyramid scheme and intent on exposing them; when Icahn takes on the company, their rivalry becomes personal and publicly broadcast. They are found to be not fraudulent.
Buybacks and Brett Icahn (10:11)
Brett Icahn started working for his father in 2002. He made Icahn $5 billion after advising him to become the largest investor in Netflix and convincing Apple CEO Tim Cook to pursue a massive buyback program. Icahn Enterprises negotiates for his return to the company and eventual takeover.
Ichan: Working Through Retirement (07:33)
Icahn Enterprises moves offices to Florida, where Carl and Gail own a home. Brett rejoins the firm, going to his father with investment ideas and capital, but letting him make final decisions. Finance analysts and journalists discuss the billionaire’s role in economics.
Credits: Icahn: The Restless Billionaire (01:44)
Credits: Icahn: The Restless Billionaire
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