Billionaire investor Carl Icahn made $1.3 billion from his bet against shopping malls in the first half of the year.
The famed investor that founded Icahn Enterprises lost almost $2 billion on his stake in car rental company Hertz, after it filed for bankruptcy in May. Billionaire investor Carl Icahn made $1.3 billion from betting against shopping malls in the first half of the year, using an instrument that many still associate with the 2008 financial crisis. His firm, Icahn Enterprises, said this windfall was a result of a short position on commercial mortgage-backed securities.
Investors expecting a rise in mall defaults purchase credit-default swaps and subsequently push the CMBX 6 lower. As the index tumbled, Icahn's swaps gained in value.
Hmm
Good for him, betting on easily predictable economic & human carnage and coming out a 'winner' in an effectively rigged game that only he and a few of his Fascist friends have access to. What a guy! -Someone should name a toxic waste-dump after him.
What’s the French word for guillotine?
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