We should all be aware of Icahn being investigated for insider trading regarding the HPQ joke-offer. An unrelated USA federal investigation is reported here, from before Icahn stepped down as a Trump advisor.
https://www.bloomberg.com/news/articles/2019-05-03/icahn-discloses-u-s-probe-of-trades-before-steel-tariff-imposed
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He's also been doing investing at this level for decades.
He knows what he can and can't get away with.
You can bet his team of lawyers reviewed it and told him to go ahead with it.
I don't agree with it, but nothing will happen.
hes a scrooge , crooked old man ,greedy ,and very slippery.
Insider trading at its finest.