The New Yorker magazine has a fascinating article (referenced briefly by Rachel Maddow last night) that looks into the dealings of billionaire investor and long-time corporate raider Carl "I Con" Icahn, who until yesterday, was an "advisor" to neo-fascist demagogue Donald "Rump" Trump for regulatory "reform", a euphemism for cutting regulations unpopular with corporations. What makes that particular connection galling is that Icahn -- who has long chafed under Federal regulations impacting his investments -- was more interested in boosting his profits through cutting regulations, particularly at the EPA, that were bothersome to his bottom line.
In particular, he was bleeding millions from his investment in CVR, an oil refinery in Texas, due to a requirement that ethanol be blended into their fuel or purchase "credits" from refineries that do. He wanted that requirement done away with, and he let Rump know that it was his top priority:
"Appearing on Bloomberg TV on August 16, 2016, [Icahn] vowed that Trump would put an end to 'these crazy regulations' on his first day in office. In fact, Icahn continued, he had spoken with Trump about the E.P.A. rule obliging his refiner to purchase renewable-fuel credits. If elected, Trump 'will stop that,' Icahn promised. 'That’s a hundred per cent.' Several weeks after Trump’s victory, Icahn tweeted, 'I’ve agreed to serve as a special advisor to the president on issues relating to regulatory reform.' [snip]
In the months after the election, the stock price of CVR, Icahn’s refiner, nearly doubled—a surge that is difficult to explain without acknowledging the appointment of the company’s lead shareholder to a White House position. The rally meant a personal benefit for Icahn, at least on paper, of half a billion dollars." (emphasis added)Icahn's brief stint as "advisor" to Rump on regulatory matters benefitted him greatly, perhaps even beyond the CVR caper. Financiers quoted in the New Yorker article joke that it was a corporate raid on Washington by Icahn, and "the cheapest takeover Carl's ever done." Drain the swamp, indeed.
