For about 15 minutes on Friday afternoon, all of Wall Street was tuned into the battle that everyone wanted to see: William A. Ackman taking on Carl C. Icahn, live on air.
And the battle proved even stranger than anyone would have expected: Profanities were dropped; old battles were refought; taunts were slung.
Years of bad blood between the two hedge fund magnates spilled publicly onto CNBC’s airwaves, with Mr. Icahn deriding his younger counterpart as a “crybaby,” and Mr. Ackman declaring the veteran investor a “bully.” It was a smackdown that regularly prompted whoops from traders on the New York Stock Exchange floor, especially on the occasions that Mr. Icahn flung an occasional reference to bovine excrement.
Nominally, the two were set to talk about Herbalife, the health supplements company in which Mr. Ackman has publicly bet against. Speculation has ripped across Wall Street that Mr. Icahn has taken a contrary bullish bet on the company.
Of course, that’s not all that they argued about.
Instead, the two men squabbled over a nearly decade-old court case involving a real estate company, where Mr. Ackman sold his investment to Mr. Icahn. (You can read all about the lengthy battle here.) Mr. Ackman to this day alleges that Mr. Icahn reneged on a deal to share profits from a stock sale; the elder investor sees things differently.
How did that shape the battle between the two rich men? It became perhaps the financial world’s most-watched schoolyard match, in which Mr. Icahn shouted repeatedly and Mr. Ackman passionately argued his position at length.
Mr. Icahn dubbed Mr. Ackman “the crybaby in the schoolyard” and called his opponent “the quintessential example of on Wall Street, if you want a friend get a dog.” Clearly the more inflamed combatant, Mr. Icahn declared to his foe, “I wouldn’t want to invest with you if you were the last man on Earth.” He even picked a fight with CNBC host Scott Wapner, declaring him the bully. “I don’t give a damn what you want to know, I came on to talk about what I want to talk about,” the investor thundered, refusing to declare his position on Herbalife. [That said, Mr. Icahn mused that Herbalife could be "the mother of all short squeezes."]
For his part, Mr. Ackman repeatedly argued that Mr. Icahn was a bully who had taken advantage of a young investor stumbling in the early part of his career. The younger hedge fund manager repeatedly defended his bet against Herbalife, positing himself as the target of a major campaign by the health products marketer.
“He’s not an honest guy, he doesn’t live up to his word, and he takes advantage of little people,” Mr. Ackman flatly declared of Mr. Icahn.
Later in the exchange, Mr. Icahn sneered to his opponent, “I appreciate you called me a great investor.” Then he added, “I can’t say the same about you.”
DealBook: Rumble on Basic Cable, as Ackman Takes on Icahn Live
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DealBook: Rumble on Basic Cable, as Ackman Takes on Icahn Live
