In an interview to appear tonight on FOX Business Network’s (FBN) Cavuto (6PM/ET), billionaire investor Carl Icahn speaks with anchor Neil Cavuto about his position in Apple and about the economy overall. Icahn discusses Apple, saying, “I absolutely have no intention of selling” Apple stock and that, “I think Apple is one of the cheapest stocks around.” When asked about Apple’s management, Icahn says, “We like the management there. It is a little unique for us because usually we don’t like the manager.” Icahn goes on to speak about the Volcker Rule and says, “I think the Volcker Rule is fine. I think what they should do is go back to Glass-Steagall…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.”  When asked about New York City Mayor Bill de Blasio, Icahn says, “I’m not a fan of the mayor.”

Carl Icahn

Excerpts from the interview are below.

On ending his buyback fight with Apple Inc. (NASDAQ:AAPL):

“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.”


On whether Apple at $530 is still cheap:

“Yes, I think, you know, sometimes you make money when you look at things and you can see it on the back of an envelope and make it simple, a no-brainer.  Netflix was one.  Chesapeake was one.  A lot of these that we do, Apple is exactly one. It’s just extremely cheap.”


On Apple’s management:

“We like the management there. It is a little unique for us because usually we don’t like the manager, usually, but in this case we do like the management. You know why it’s simple for the last five years Apple has spent over $18 billion in research and development, now where is it. Now some of it is in the products they are making they build the product up they go from iPhone 5 to iPhone 6 is coming out, but a lot of that has not been seen by the shareholders.”


On Apple CEO Tim Cook:

“Tim and I we get along pretty well. I plan to talk to him this evening…I think, I mean I am hoping to speak to him this evening. We called and missed each other.”


On whether he has any intention to sell any of his Apple shares:

“I absolutely have no intention of selling them.”


On JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon being awarded a $20 million package:

“I don’t really want to get into any area, I’m not going to talk about any specific companies… I personally think banks in general, and I am good friends with a lot of bankers 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… and 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.”


On the possibility that New York City Mayor Bill de Blasio might raise taxes:

“It doesn’t bother me at all.”


On New York City Mayor Bill de Blasio:

“I’m not a fan of the mayor but that’s for different reasons. We do a lot in charter schools, when you get away from bureaucracy in education, it’s amazing what those charter schools have accomplished, treat ‘em like a business almost and we have eight charter schools. It costs me money obviously, but I think it’s well spent and those kids – the middle of the Bronx- read as well as the kids in Scarsdale on all the tests. Down the road, the city school, same thing, same environment, same block they can’t read or write. That’s what we should have, more charter schools.”


On whether he doesn’t trust Republicans or Democrats:

“It’s not don’t trust, I think the Republicans muffed the whole election race, I’ve never seen anything muffed worse than what happened in the election where you go to the middle class guy and the Republicans go and start telling him hey we gotta pay back the deficit, we gotta take away your entitlements, we gotta worry about the rich guy cause he’s good for you. It’s like in the middle ages, they would tell the peasants it’s good we can hang your children, it’s good for you. God wants us to do it.”


On whether the rich should do more:

“Yeah, but it’s not so much they should do more. I really do believe in a meritocracy, if someone really takes risk and invests money, what the heck he should get the fruits of it. I mean I have taken a lot of risk in my life, we’ve made a lot of money and by the way they keep saying I am greedy and trying to make money, all the money I have is going to the Giving Pledge and it’s going back to society for the most part.”


On whether his children know he is giving money to the Giving Pledge:

“They always knew that, they always knew how I felt. I don’t believe in this huge inheritance because money can also be bad for kids. I have seen friends of mine giving money to their kids. My kids are going to be well off and my son has already made a great deal by buying Netflix, he and his partner bought Netflix.”


On his legacy:

“What I am doing actually here and I know it sounds corny to you but I think if my legacy could be to change what goes on in corporate America, to change this reprehensible system that we have that only enriches some of these lawyers and that the poison pill is killing the little guy and I’ll tell you why, what’s gonna happen is if you have this pill and you keep invading with the pill and saying oh we don’t like these bad raiders, whatever they call them, which is nonsense because look at the record we have and look at what we’ve accomplished…a lot of these pension funds are beginning to understand hey we have to do something, we are underfunded and here’s what happens, we do get calls, it’s coming around where some of these mutual funds, hedge funds say ‘you ought to take a look at this one Carl’ and we can’t come out. It’s like in the House of Cards, you could say that but we can’t so you could go do it. I am like the guy that you go to in the schoolyard, go beat up the bully, we’ll stand behind you, we’ll hold your books for you…I don’t mind beating up the bully.”


On how he wants to be remembered:

“If I could be remembered, as somebody who

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