Hindenburg Research Takes Aim at Carl Icahn in Short Campaign

Carl Icahn's Icahn Enterprises' stock fell as much as 25% after short-seller Hindenburg Research accused the famed activist investor of running a "Ponzi-like" structure. Hindenburg highlighted IEP's 15.8% dividend yield, which it said is the largest of any US large-cap name, and argued that achieving that yield isn't being done through legal means. The report also said that "we think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well."