Icahn grew up as an only child in Queens in a family of school teachers. A Princeton graduate, he dropped out of medical school and eventually went to work at Dreyfus and Company, a job his uncle helped obtain for him. He began to trade options at Tessel Paturick and Company and moved on to Gruntal in 1964. He liked to gamble as a sideline and hobby. His uncle, M. Elliott Schnall financed Icahn and Company which opened its office at 42 Broadway. Icahn became an expert at greenmail and eventually became involved in hostile takeovers.