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Icahn 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Icahn, who rarely comments on the nation's banks, was referring to the Depression-era law, which was repealed in the late 1990s.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.

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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 Ken Wills)

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