US settles with billionaire Carl Icahn for using company to secure personal loans

FILE - Financier Carl Icahn poses for photos upon arriving for the annual New York City Police Foundation Gala in New York, March 16, 2010. .

The agency said that from at least Dec. 31, 2018 to the present, Icahn pledged approximately 51% to 82% of Icahn Enterprises' outstanding securities as collateral to secure personal loans with a number of lenders. Icahn became widely known as a corporate raider in the 1980s when he engineered a takeover of TWA, or Trans World Airlines. Icahn bought the airline in 1985 but by 1992 it filed for bankruptcy. TWA emerged from bankruptcy a year later but continued to operate at a loss and its assets were sold to American Airlines in 2001. In February Icahn took a nearly 10% stake in

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