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Alternative Market Briefing

Icahn investigated over role in Trump administration

Thursday, November 09, 2017

Bailey McCann, Opalesque New York:

Activist investor Carl Icahn has been subpoenaed over his efforts to change biofuel policy while an advisor to President Trump, Bloomberg first reported earlier today.

The U.S. Attorney's office for the Southern District of New York wants to gather information on Icahn's impact on the Renewable Fuel Standard. Icahn's investments were poised to gain from potential changes in the standard that would remove some reporting and operational requirements.

Icahn is a majority owner of oil refiner CVR Energy and had been using public speeches to advocate for a change in the policy prior to his work with the Trump administration. As an advisor to the President, his role involved examining federal regulations for potential changes. Icahn's mandate in the administration was broad and he eventually resigned, issuing a letter that attempted to distance himself fully from anything he might have advised President Trump on. He was also unsuccessful in changing the fuel standard.

The U.S. Attorney's office is also seeking information from CVR Energy about its activities during Mr. Icahn's time in the administration. The investigation was revealed in a 10-Q filed by Icahn Enterpris......................

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