Carl Icahn: U.S. is in major economic trouble
Icahn said that he resigned from the role to avoid "partisan bickering" about his position.
The billionaire investor said he did not want that scrutiny to affect the Trump administration's work on regulatory reform.
And in a personal defense, Icahn wrote in his resignation: "I never had a formal position with your administration nor a policymaking role.
And contrary to the insinuations of a handful of your Democratic critics, I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest.
I never sought any special benefit for any company with which I have been involved, and have only expressed views that I believed would benefit the refining industry as a whole," he added.
Still, former White House 骨髄腫 ボーナス 英語 仕事 大阪環球影城 攻略 lawyers had told CNBC that Icahn's appointment to the informal role, given his stake in refinerrepresented a conflict of interest and could carl icahn mulling economic position in trump administration put him at risk of violating conflicts laws.
The rule in question requires refiners to blend ethanol, a renewable fuel, into gasoline.
In an interview on CNBC's Icahn said the Environmental Protection Agency should immediately revoke part of the rule that requires refiners that cannot blend ethanol into gasoline to buy credits instead.
If Icahn's advice in his capacity as special advisor on regulation contributed to such a repeal, he would have inherently aided in removing a disadvantage for CVR Energy.
Repeal of the regulation could have potentially boosted CVR's stock price and enrich Icahn.
The markets were anticipating Icahn would help shape rules that would benefit CVR: Shares of the company rose 11.
Icahn Associates held 82 percent of CVR Energy's outstanding shares at the time, according to FactSet data.
The Trump team did not return CNBC's phone call or emails requesting comment for its original investigation into Icahn.
Earlier, the "will be advising the Carl icahn mulling economic position in trump administration in his individual capacity and will not be serving as a federal employee or a Special Carl icahn mulling economic position in trump administration Employee carl icahn mulling economic position in trump administration will not have any specific duties.
He said Icahn's duties may go beyond informal advising, given that he has a formal title as special advisor, sweeping responsibilities and potentially influence over personnel choices.
As such, he would be subject to the conflicts rules, including under 18 USC 208," Eisen told CNBC at the time, referring to a law that restricts people with a financial interest from advising the president.
Of course, that's a lot of ifs, and we have to see what his actual conduct is," said Eisen, a fellow at the Brookings Institution.
In a statement to CNBC for its December investigation, Jesse Lynn, general counsel at Icahn Enterprises, said, "Mr.
Icahn is well aware of his obligations under the law generally and with respect to 18 U.
He will follow the law as he always has.
In the New Yorker article, Lynn reiterates that Icahn held no official government role and was "not in a position to set policy.
Asked what specific regulations he would target, Icahn had said, "If you look at the EPA, which I've talked about quite a bit, there is nothing more absurd — and I've talked about this before — than this regulation concerning the obligated party, being refineries.
He also said it was "insane" that the credits for those who don't blend ethanol are traded openly.
Trading in the credits can drive up the price.
In an answer to a follow-up question on when he expected regulations to be rolled back, Icahn said, "I believe that in the EPA, concerning regulations relative to refineries, you really need to roll back almost yesterday.
In an email to CNBC, Painter noted that the Trump transition team had said Icahn "is not a government employee they may be wrong on this if he acts like one so it looks like they are saying the rules won't apply to him.
Under the standard passed under George W.
Bush's administration, refiners here required to either blend some ethanol into gasoline or buy credits called Renewable Identification Numbers, or RINs.
Large refiners that operate gas stations have an advantage in this system because they can blend the gasoline and send it to their pumps to be sold to consumers.
That means they have to buy fewer RINs.
But smaller merchant refiners like CVR Energy do not have blending operations and instead sell gasoline in bulk to traders.
As a result, they have to buy RINs to comply with the ethanol mandate.
Icahn has carl icahn mulling economic position in trump administration he opposes the regulation because it stresses refiners' finances and prevents them from investing in their facilities.
He has warned that the cost burdens associated with RINs could push some refiners carl icahn mulling economic position in trump administration bankruptcy, which would lead to higher gasoline prices.
That sent the price of credits down more, and it fell further when word leaked that an executive order on ethanol blending was imminent.
Previously the Renewable Fuels Association had opposed any changes, the New Yorker reported.
The association's head later said he was told by Icahn that the blending point would be changed whether the association objected or not, so he agreed to take a deal to his board.
Early in the year, CVR actually was selling renewable fuel credits, the magazine wrote.
It was able to buy them later at a discount to meet federal requirements, according to the story.
A day after news of the deal with the Renewable Fuels Association, the White House denied there was any plan to change the renewable fuel requirements, and no such change was made, according to the magazine.
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Carl Icahn on Investing, Activism and Politics
· The refiner’s largest shareholder, Carl Icahn, just accepted a job guiding the president-elect on a rollback of regulations are hindering businesses such as CVR Refining. Skip to main content.
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