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Matt Levine

Poison Pills and Customer Liquidity

Also Bitcoin 10,000 Week, greed, envy and magic potions.

Poison pills.

What I like about Carl Icahn is his ability to get exaggeratedly and, I think, genuinely offended when anyone tries to stop him from using his billions to tell companies what to do. Corporate managers will politely refuse his demands to buy back more shares, and he will accuse them of being monstrous human-rights abusers, and you get the sense that he means it. I like to think that if I were that rich I would preserve the ability to be that offended. Now he's in a fight with SandRidge Energy Inc., and SandRidge put in place a poison pill to stop him, and he sat down to write a letter: