Carl Icahn Guides Trumps Policy and Scores $60 Million
Source: Bloomberg
Government work has paid off handsomely for billionaire Carl Icahn. CVR Energy Inc., his oil refining company, saved about $60 million in the first quarter because of expectations that the federal government will ease a regulation involving renewable fuels, securities filings show.
Its much more than a lucky break. As a special regulatory adviser to President Donald Trump, Icahn himself has been advocating the kind of relief that will benefit his company. Icahns cost savings show how the Trump administration has let officials outside business interests influence policy decisions. Richard Painter, a University of Minnesota Law School professor and White House ethics counsel under President George W. Bush, calls Icahns role a clear conflict of interest.
Even before the magnitude of Icahns gain was known, a group of U.S. Democratic lawmakers sent a letter to regulators urging them to investigate whether Icahn used his role as adviser to gain unfair trading advantages. Brandee Stephens, a spokeswoman for Sugar Land, Texas-based CVR declined to comment. Icahn didnt return several messages left for comment.
Read more: https://www.bloomberg.com/news/articles/2017-05-24/icahn-reaps-60-million-windfall-as-trump-regulations-adviser