calls for return of Glass-Steagall: FOX Business
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[February 12, 2014]
(Reuters) — Billionaire activist Carl Icahn, who has been making
headlines with his epic battle with Apple Inc., might have another
one on his hands — this time with his banker friends.
In an interview with FOX Business Network on Tuesday, Icahn called
for the reinstatement of the Glass-Steagall Act, which separated
investment banks and commercial banks.
Icahn declined to comment on JPMorgan Chase Chief Executive Officer
Jamie Dimon being awarded a $20 million package, but said: "I am
good friends with a lot of bankers (and they) may hate me for this,
but I think the Volcker Rule is fine."
"I think what they should do is go back to Glass-Steagall," he told
FOX Business. "A lot of my friends at these investment banks are
going to be real mad at me for saying it, but I really think that
was one of the problems in '08."
Icahn, who rarely comments on the nation's banks, was referring to
the Depression-era law, which was repealed in the late 1990s.
Of course, Icahn had kind words to say about Apple.
[to top of second column]
In a letter to Apple shareholders on Monday, Icahn wrote he was
ditching his non-binding proposal to force Apple to add another $50
billion to its stock buyback plan, "especially when the company is
already so close to fulfilling our requested repurchase target."
Icahn told FOX: "I'm not going anywhere. I'm not leaving. I haven't
sold one share, nor do I intend to. I think Apple is one of the
cheapest stocks around and I've said that — Tim Cook and I agree on
that. It's very undervalued."
(Reporting by Jennifer Ablan; editing by
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