Corp Raider Carl Icahn Sells Half of His Chesapeake Stock

wizard-of-oz-curtain“Pay no attention to that corporate raider behind the curtain! I am the great and powerful Oz!!” Carl Icahn is an evil corporate raider who buys just enough stock in a company to fire a bunch of people and force the company to sell key assets–all so the stock price will pop up and he can then sell his shares at a tidy profit. Icahn has been doing it for years. He tried it with Chesapeake, firing co-founder Aubrey McClendon back in 2013 (see Breaking: Chesapeake Energy CEO Aubrey McClendon Gets Pink Slip). Bad move because Icahn’s raider strategy at Chesapeake failed miserably. He’s just sold half of his 9.4% stake in the company at a loss–and we’re being told it’s “for tax purposes.” Yeah, right. We can tell you with 100% certainty when Icahn bought his Chessy stock it wasn’t so he would end up losing a bunch of money. He screwed up and now the whole world knows–and Chesapeake’s stock has taken a nosedive…

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