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Pharaoh of Wall Street, Golf and Gambling

6/2/2014
By Charles Payne

Pharaoh of Wall Street, Golf and Gambling

 

The big story this morning is the investigation into Phil Mickelson, Carl Icahn and Billy Walters over suspicious trading in Clorox (CLX) three years ago.

 

There’s no doubt somebody knew something was brewing at Clorox which closed at $66.20 on June 27, 2011.

 

Interesting sessions:

 

  • July 6 closed $68.18 on million shares
  • July 11 closed $70.05 on 5.6 million shares
  • July 15 closed $74.55 on 18.1 million shares - to my knowledge this is the first Icahn's intentions were made public.

 

 

By Icahn standards, this was a swift battle that came to an end after Clorox fought back against his proposed slate of directors (including his son, Brett) and the idea of putting itself up for sale on September 23, 2011. It’s a compelling story because of the players, but I think something was leaked somewhere judging from the volume. I doubt Phil Mickelson would have knowingly broken the law and Icahn knows better. (I only know of Billy Walters from a 60 Minutes piece I saw on him, so not sure where I stand other than everyone is innocent until proven otherwise.)

 

There is another part of the story that will not be mentioned in the media today. Yes, shenanigans exist on Wall Street, but that shouldn’t dissuade investors from putting money into the stock market.  Clorox is a household name and while not sexy, I suspect will be a household name 100 years from now. For those that don’t want to trade stocks and can stand occasional dips and broad market crashes buying and holding this name has been huge! The stock is up in a straight line from 2009 lows, but if you bought in January 1985 you’d be up more than 500%.

 

Tune in to “Making Money with Charles Payne” tonight at 6:00PM EST on Fox Business for more details on the gambling scandal.

Charles Payne
Wall Street Strategies


 

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