A long-simmering spat between billionaire investors Carl Icahn and Bill Ackman boiled over into a shouting match on live television Friday.
The two Wall Street titans, interviewed by phone simultaneously on CNBC, traded barbs about an old investment deal and on Ackman's position in the nutritional supplements distributor Herbalife Inc.
Ackman was being interviewed by CNBC host Scott Wapner a day after Icahn made disparaging comments about him on Bloomberg Television. After Ackman had spoken about some of his current investment positions, Wapner interrupted the conversation to say that Icahn had called in and had a few points to make.
"I've really sort of had it with this guy Ackman," Icahn told CNBC. "He's like the crybaby in the schoolyard."
The two then spent the best part of 30 minutes telling Wapner why they didn't much care for each other.
"This is not an honest guy, and this is not a guy who keeps his word," Ackman said. "This is a guy who takes advantage of little people."
The animosity between the two men dates back to at least 2003, when Icahn bought a stake in Hallwood Realty Partners from Ackman's former fund Gotham Partners. Icahn paid $80 a share for that investment and, according to Ackman, agreed to pay a portion of any future profit to Ackman's fund.
Icahn refused to pay up when Hallwood was acquired a year later for $136 a share, according to Ackman's version of events.
Ackman then sued Icahn on behalf of his investors and won. He says that Icahn then called him, congratulated him on winning his claim and said he wanted to be his friend. Ackman declined the invitation.
"Carl Icahn does not have a good reputation for being a handshake guy," Ackman said.
That version of events, in particular the claim that he wanted to be Ackman's friend, is disputed by Icahn.
"To get the record straight, I never asked Ackman to be my friend," Icahn told CNBC.
One of Ackman's recent big bets is on Herbalife. In December, the hedge fund manager said that the nutritional supplements distributor was a pyramid scheme and that he was taking a short position in the stock. Short-sellers make money when the stock they're betting against declines.
Icahn has refused to comment on whether he held a position in Herbalife, but speculation is rife that he has bought a stake and is betting against his old adversary.