http://nymag.com/daily/intel/2011/03/carl_icahn_would_rather_return.html (Apparently a man with who doesn't want to land in history as one of the guillotined: In 2010 his net worth was US$11 billion, making him the 24th richest American, and as of March 2010 the 59th richest man in the world.
HAHAHAHAHAHAHAHAHAHA! I don't think for a moment this is an act of conscience, but rather avoiding facing the firing squad. For sure these players KNOW where the markets are headed (it's economics 101 for christ's sake!) and they want as far out of the firing line as possible. Besides, these guys probably already made enough to retire on during the boom years in market plays and premiums. They don't need to try and double down when the market is tanking and go down with the sinking ship! Smart play I believe. Pack up your gold and GTFO of Dodge City whilst the going is still good!
Auspm, I think that Mr. Icahn just doesn't want the sense of responsibility and the worried phone calls from investors after the most recent bear market he experienced. When you are already that rich why take on the extra stress of managing other people's money. If he really believed things were going to hell long-term he would have pulled his own money out too, but he is leaving his money invested in the fund.
Well that's what I'm saying. He's already secured his position during the boom and now that the market is starting to turn to liquid shit, he doesn't want to be held accountable. For sure, he senses a looming witch hunt I think...
Presumably he is extremely personally wealthy, and it may be that he is smarter than the average fund manager and realises that he can afford to just divest himself of all of the hassle and entanglements now and simply go and enjoy life with his family in complete financial security in a big estate in the country?
A bit more on this one. I agree AusPM - it is economics 101 and someone like this ringing the bell should be the signal that most small time investors need to batten down the hatches. http://news.yahoo.com/s/ac/20110309...carl_icahn_plans_to_give_investors_money_back and for the doubters his avoiding regulatory control is considered a possible reason. Personally I think put all your assets in PM and cash in that order. http://www.courierpostonline.com/article/20110309/BUSINESS/103090323/Icahn-gives-back-money
Wow this is huge signal. People are getting off the boat. I wonder if he has stake in Gold/silver. I wonder who else is abandoning the ship.
Hey may have secured it in physical assets, but he knows supply is finite in those assets. If you push it to its limit, thats when the system comes crashing down. So better to return the money and let rich people figure it out =D. Slam
