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Bailey McCann, Opalesque New York: Billionaire activist investor Carl Icahn released a new video just after midnight warning of "danger ahead" in the global economy. In the video, he takes on Wall Street, corporate CEOs, politicians, and voices his support for presidential candidate Donald Trump. The 15-minute video was released on his personal website.
The video opens with an endorsement for Trump saying he is the only candidate with the potential to "wake people up," and then goes into a litany of his concerns for the economy.
Icahn went after carried interest first saying that, "not having to pay full taxes on income that you are earning is an absurdity." He then went on to say that the corporate tax rate faced by companies repatriating money into the US is also problematic.
The middle section of the video moves on to his views about corporate guidance, much of which he thinks is suspect. He cited the both the prevalence of bolt-on acquisitions and stock buybacks as "financial engineering," that bolster quarterly earnings reports like "steroids." Icahn added that he does support buybacks from companies like Apple which have with extra-large cash balances.
Icahn was also against the Fed's decision to hold off raising interest rates, saying that low rates "by definition create bubbles," citing inflated prices in real estate and the art market. He went on to say that as smaller investors are getting squeezed by current market forces, they are piling ...................... To view our full article Click here
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