Senator Elizabeth Warren (D – MA), is the leading voice of eight senators demanding a federal investigation into the activities of Carl C. Icahn, who acts as a special adviser to President Trump. The senators are seeking information about whether or not Icahn is guilty of marketing manipulation and violating insider trading laws surrounding his investment in oil refiner, CVR Energy.
For more than six decades, the 81 year old Icahn has become a billionaire in the world of finance. Along the way he has gained a reputation as an aggressive critic of corporate CEOs, and one who does not shy away from a challenge. It is known that President Trump and Mr. Icahn are known as friends and business associates, with the President praising Icahn as a “brilliant negotiator.”
In a letter composed by the team of senators, it is alleged that Mr. Icahn attempted to influence policy that benefited CVR. He did this while being an adviser to President Trump.
CVR is required by the E.P.A. to either blend its oil with ethanol or buy credits. The senators suggest CVR timed its buying and selling of these credits based on information Mr. Icahn had about coming policy changes.
“Mr. Icahn ‘made a massive bet in 2016’ that the price of the renewable fuel credits would drop,” the letter from the senators reads. “He then — as an unpaid adviser to President Trump — recommended personnel and policies that did in fact cause the price of these credits to drop. The net result was an ‘impossible’ ‘rare profit’ on the credits, ‘a $50 million turnaround’ from Mr. Icahn’s initial investment.”
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