In a story that does not deserve to be overshadowed by Steve Bannon’s departure from the White House, it became clear today that multi-billionaire corporate-raider legend Carl Icahn was no longer an advisor to his old friend Donald Trump on regulatory matters. But it’s an open question as to whether he was pushed out of that shadowy gig or chose to leave it.

During the 2016 campaign and immediately after, Trump often touted Icahn’s willingness to advise him on economic policy as a feather in his cap. It was no surprise when it was announced that he would serve as a Special Advisor to the President for regulatory affairs in December 2016. He has no clear job description and drew no salary. But after a while it became apparent that he had a particular interest in the alleged regulatory burden placed on refineries like his own CVR Energy by rules involving ethanol production. So he became a magnet for concerns about conflicts of interest in the Trump administration, where he had a lot of influence despite his periodic claims he was just a private citizen who was advising the president in a non-self-interested fashion.

Today Icahn informed the world via a released letter to the president that he was stepping down from his Special Advisor position. This was supposedly not, like the resignations this week by other corporate figures from advisory positions, a protest against the president’s words on Charlottesville or anything else:

But here’s the thing: as Patrick Radden Keefe disclosed in a vast article on the Icahn-Trump relationship published today by the New Yorker after the Icahn news broke, the White House had already fired the mogul by August 14, or perhaps was denying he ever had a position:

On August 14th, I asked the White House to confirm that Icahn was still a special adviser to the President. The spokeswoman e-mailed me back: “Icahn is NOT ‘a special adviser to the president for regulatory reform.’ ” This was certainly news. In my conversations with Icahn and his lawyer, I had not developed any impression that his status had changed. Was the Administration cutting him loose? I wrote back to the spokeswoman, asking when Icahn had been let go. She replied, “There was no ‘effective’ end date, because there was never a formal appointment or title after January 20.”

There appear to have been multiple reasons for the rift. Icahn took a position on a rule governing ethanol production that was opposed by much of the rest of the industry, which happens to wield influence in key presidential election state Iowa. And Keefe thinks Icahn never quite adjusted to the radical change in power dynamics he suffered when Trump was elected president.

Whatever the truth, it’s quite possible that there’s trouble for Icahn down the road stemming from his vague but powerful role in the Trump administration, and Trump’s desire to keep a safe distance from the fallout. </s> Billionaire investor Carl Icahn on Friday said he was ending his role as special advisor to U.S. President Donald Trump after facing criticism that his advice on regulations could help his own businesses.

NEW YORK: Billionaire investor Carl Icahn on Friday said he was ending his role as special advisor to U.S. President Donald Trump after facing criticism that his advice on regulations could help his own businesses.

Some Democratic lawmakers and biofuels advocates have argued that Icahn's policy recommendations to the Republican administration create a conflict of interest with his investments, including oil refining company CVR Energy Inc. Icahn denied any conflict of interest. </s> Carl Icahn has stepped down from his role as a special adviser to President Donald Trump , the billionaire investor announced on Friday.

Icahn served as an advisor to Trump on regulatory reform issues, joining the president in an unpaid capacity after the presidential election in November. In a letter to Trump , Icahn repeatedly noted that he did not have a formal position or a policy-making role within the Trump administration, describing his position as "unofficial."

Icahn's resignation announcement follows the news Friday that former White House chief strategist Steve Bannon was fired . He steps away from the role as multiple presidential advisory committees disassembled this week after Trump's controversial statements about the white nationalist rallies in Charlottesville, Va. last weekend. The president blamed "many sides" in protests that left one woman dead.

Icahn's involvement with Trump has frequently come under criticism from Democrats who, in May, asked U.S. regulators to investigate Icahn's activities in the U.S. biofuels blending credit market.

"I chose to end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration," Icahn wrote in a letter to Trump . "I sincerely regret that because of your extremely busy schedule, as well as my own, I have not had the opportunity to spend nearly as much time as I’d hoped on regulatory issues."

In February, Icahn proposed changing the U.S. biofuels program to ease the regulatory burden on oil refining companies — including in CVR Energy, the company in which he owns a majority stake. </s> Billionaire Carl Icahn will advise Donald Trump on rescinding what the activist investor called "excessive regulation" on US businesses, the president-elect's transition team said today.

Icahn will serve as a special adviser, not a federal employee, and he will not have specific duties, Trump's team said in a statement.

He will not take a salary, a transition aide added.

The pick could draw scrutiny because Icahn, whose major investments include insurer American International Group and oil refining business CVR Energy, could help shape rules meant to police Wall Street and protect the environment.

In the transition team statement released today, Icahn said it was time to "break free of excessive regulation" and let businesses create jobs.

Icahn, an early supporter of Trump's White House bid who has at times been outspoken about regulation, has already helped the transition team weigh candidates to lead the Securities and Exchange Commission.

He has held meetings at his New York City office, not far from Trump Tower but away from reporters staked out there, people familiar with the talks said.

Candidates to replace her have included former SEC Commissioner Paul Atkins and Debra Wong Yang, a former federal prosecutor, a source familiar with the matter said.

Over the years, Icahn's businesses have had occasional regulatory run-ins, according to disclosures with the Financial Industry Regulatory Authority.

He is a large investor in nutrition supplement maker Herbalife, which said at one time it was investigated by the SEC.

Icahn, who was once known as a corporate raider, said in a recent Reuters interview the 2010 Dodd-Frank banking law "went too far."

He is also a critic of the US biofuels programme that requires oil companies to use renewable fuels such as ethanol.

"I do believe that, to some extent, we have gone overboard concerning the environment. But I leave that to the experts in that area," Icahn told CNN in a recent interview.

Trump and Icahn share some history in the casino business.

Icahn this year helped close the Trump Taj Mahal Casino Resorts in Atlantic City, two years after buying it out of bankruptcy.

The casino was once a prized part of Trump's empire.

Conway named as counselor to the president

Former Trump campaign manager Kellyanne Conway is to serve as counselor to the president, his transition team said.

Ms Conway, currently a senior adviser on Mr Trump's transition team, is widely credited with helping him bring a more disciplined approach to campaigning that helped him win the November presidential election.

In her new post, Ms Conway will play a key advisory role in the White House when Mr Trump takes office, helping to manage the New York businessman's messaging and legislative priorities, according to the statement.

Mr Trump said Ms Conway "played a crucial role in my victory.

"She is a tireless and tenacious advocate of my agenda and has amazing insights on how to effectively communicate our message."

Critic of China set to head new US trade council

Peter Navarro, an economist who has urged a hard line on trade with China, has been named to head a newly-formed White House National Trade Council.

Mr Navarro is an academic and one-time investment adviser who has authored a number of popular books and made a film describing China's threat to the US economy as well as Beijing's desire to become the dominant economic and military power in Asia.

Mr Trump's team praised Mr Navarro in a statement as a "visionary" economist who would "develop trade policies that shrink our trade deficit, expand our growth, and help stop the exodus of jobs from our shores".

The president-elect made trade a centerpiece of his presidential campaign and railed against what he said were bad deals the United States had made with other countries.

He has threatened to hit Mexico and China with high tariffs once he takes office on 20 January.

Mr Navarro, 67, is a professor at University of California, Irvine, and advised Mr Trump during the campaign.

He has authored several books including "Death by China: How America Lost its Manufacturing Base," which was made into a documentary film.

As well as describing what he sees as America's losing economic war with China, Mr Navarro has highlighted concerns over environmental issues related to Chinese imports and the theft of US intellectual property. </s> Billionaire investor Carl Icahn is stepping down as a special adviser to President Donald Trump on regulatory reform, he announced Friday.

In a letter posted on his website addressed to POTUS, Icahn responded to criticism on the Democratic side that his role might create a conflict 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 wrote.

According to the letter, Icahn is stepping down to avoid the distraction of “partisan bickering.” The investor’s announcement comes on the same day that White House chief strategist Steve Bannon exited the White House — whether Bannon resigned or was fired is currently unclear.

The announcement also seems to top off an already tumultuous week for the White House. Trump has been criticized over the past week for failing to sufficiently condemn white supremacists, neo-Nazis, and other hate groups, and drew massive backlash when, in a combative Tuesday press conference, he blamed “both sides” for the violence in Charlottesville, Va.

Several CEOs subsequently resigned from advisory boards before both the Manufacturing Council and the Strategy and Policy Forum dissolved altogether. Members of his Arts and Humanities Committee also resigned in protest, though the White House later issued a statement arguing that Trump had already decided not to renew the executive order for the group.

This will confirm our conversation today in which we agreed that I would cease to act as special advisor to the President on issues relating to regulatory reform.

As I discussed with you, I’ve received a number of inquiries over the last month regarding the recent appointment of Neomi Rao as Administrator of the Office of Information and Regulatory Affairs (or “regulatory czar,” as the press has dubbed her) – specifically questions about whether there was any overlap between her formal position and my unofficial role. As I know you are aware, the answer to that question is an unequivocal no, for the simple reason that I had no duties whatsoever.

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. Indeed, out of an abundance of caution, the only issues I ever discussed with you were broad matters of policy affecting the refining industry. 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.

Nevertheless, I chose to end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration or Ms. Rao’s important work. While I do not know Ms. Rao and played no part in her appointment, I am confident based on what I’ve read of her accomplishments that she is the right person for this important job.

I sincerely regret that because of your extremely busy schedule, as well as my own, I have not had the opportunity to spend nearly as much time as I’d hoped on regulatory issues. I truly appreciate the confidence you have in me and sincerely hope that the limited insights I shared have been helpful to you. I love our country which has allowed me to achieve so much and I thank you for the informal opportunity you have given me to aid it. </s> Businessman Carl Icahn announced on Friday that he will step away from his role as a special advisor to President Donald Trump on regulatory reform issues -- a decision he claims was made to avoid the suggestion of conflicts of interest by critics of the administration.

In a letter to Trump posted by Icahn to his personal website, he describes the nature of his position as informal, noting he had "no duties whatsoever" -- as opposed to the recently named administrator of the Office of Information and Regulatory Affairs Neomi Rao. In the letter, Icahn further dismisses suggestions that he had the opportunity to personally benefit from the role.

"I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest," wrote Icahn, adding, "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."

The announcement from Icahn, the founder and majority shareholder of conglomerate Icahn Enterprises, comes days after a number of business leaders resigned from the White House's American Manufacturing Council in the aftermath of Trump's response to last weekend's violence in Charlottesville, Virginia. The American Manufacturing Council disbanded on Wednesday, as did a second, separate panel of CEOs, dubbed the Strategic and Policy Forum.

The businessman, an early endorser of Trump's, was frequently praised by the Republican presidential nominee on the campaign trail in 2016. Trump portrayed Icahn as a master negotiator who would assist his potential administration in preventing the outsourcing of jobs by American corporations.

"If Ford or another company announces they want to move their jobs to Mexico or another country, then I will pick up the phone… I will call the executives or I’ll have Carl Icahn do it," Trump said on one such occasion in Michigan in October 2016.

A billionaire, Icahn first began to make his name in the 1980s when he engaged in the earliest of his numerous corporate takeovers by which he accumulated the majority of his wealth. </s> Throughout the 2016 presidential election campaign, two of President-elect Donald Trump's closest advisers were his campaign manager, Kellyanne Conway, and billionaire financier Carl Icahn.

Wednesday night, he announced Icahn would lead his administration's efforts to reduce government regulation. Thursday morning, he announced Conway would join his troika of top advisers as counselor to the president.

"Carl was with me from the beginning and with his being one of the world's great businessmen, that was something I truly appreciated," Trump said. "He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies. His help on the strangling regulations that our country is faced with will be invaluable."

"Kellyanne Conway has been a trusted adviser and strategist who played a crucial role in my victory," the president-elect added. "She is a tireless and tenacious advocate of my agenda and has amazing insights on how to effectively communicate our message. I am pleased that she will be part of my senior team in the West Wing."

Icahn is a New York City native and grew up in Far Rockaway, Queens. After receiving a degree in philosophy from Princeton University in 1957, he attended medical school at New York University and then joined the Army.

He began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., and has gone on to become one of the most well-known and influential investors in America, holding substantial or controlling positions in numerous American companies over the years, including:

The presidential transition team issued the following statement:

Over the course of six decades, Mr. Icahn has distinguished himself as one of America's most successful businessmen and investors. Mr. Icahn was one of President-elect Trump's earliest supporters, and his intimate knowledge of what businesses need to grow and thrive makes him a trusted voice in developing President-elect Trump's America First economic agenda. Icahn will be a leader in helping American entrepreneurs shed job-killing regulations that stifle economic growth ...

His efforts have improved the competitiveness of American companies in a wide range of industries, including real estate, telecommunications, transportation, industrial services, oil refining and manufacturing.

Carl has been deeply involved in many charitable endeavors for years. In 2012, in recognition of Carl's gift of $200 million, the Mount Sinai School of Medicine was renamed the Icahn School of Medicine at Mount Sinai, and the Institute of Genomics was renamed the Icahn Genomics Institute. The School of Medicine also established the Icahn Scholars Program to attract world-class physician-scientists. He also funded the Icahn Medical Institute Building at Mount Sinai Hospital and the Institute of Genomics, a genomics and multi-scale biology research program. Carl serves as a trustee on the boards of the School of Medicine and Mount Sinai Hospital.

In the realm of education, Carl established seven Icahn Charter Schools in the Bronx borough of New York City. The mission of the schools is based on the belief that all students deserve a rigorous academic program through which they will increase their capacity to learn. At Choate Rosemary Hall, a premiere boarding school located in Wallingford, Connecticut, where he previously served on the board of trustees, he endowed the Icahn Scholars Program, which has awarded a large number of scholarships to underprivileged students.

Carl has also made significant donations to the Randall's Island Sports Foundation, where he previously served as a trustee, for the construction of Icahn Stadium, a track and field stadium located on Randall's Island. In addition, he has served as a trustee on the board of Lincoln Center.

Icahn will be advising the president in his individual capacity and will not be serving as a federal employee or a special government employee and will not have any specific duties. As a result, his appointment won't require Senate confirmation.

"I am proud to serve President-elect Trump as a special advisor on regulatory reform," he said. "Under President Obama, America's business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork.

"It's time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities. President-elect Trump is serious about helping American families, and regulatory reform will be a critical component of making America work again."

Conway shattered a glass ceiling during the campaign by becoming the first woman to lead a successful presidential campaign. In her new position—which was first created by President Richard Nixon and was, for a time, a Cabinet-level post—she will continue her role as a close adviser to the president and will work with senior leadership to "effectively message and execute the administration's legislative priorities and actions."

She graduated magna cum laude from Trinity College in Washington, D.C., and holds a law degree, with honors, from George Washington University Law School. She is the founder and owner of The Polling Company Inc./WomanTrend, a polling and research firm that for 21 years has served leading political figures, nonprofits and companies.

At the onset of the 2016 campaign, she was an ally of U.S. Sen. Ted Cruz (R-Texas) but was instrumental in turning around the Trump campaign in its late stages. She has since been a key figure in both the president-elect's campaign and his transition team.

"I want to thank the president-elect for this amazing opportunity," she said. "A Trump presidency will bring real change to Washington and to Americans across this great nation. I am humbled and honored to play a role in helping transform the movement he has led into a real agenda of action and results."

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Has God called you to be a leader? Ministry Today magazine is the source that Christian leaders who want to serve with passion and purpose turn to. Subscribe now and receive a free leadership book. </s> Richard Levine/Corbis via Getty Images(NEW YORK) — Businessman Carl Icahn announced on Friday that he will step away from his role as a special advisor to President Donald Trump on regulatory reform issues — a decision he claims was made to avoid the suggestion of conflicts of interest by critics of the administration.

In a letter to Trump posted by Icahn to his personal website, he describes the nature of his position as informal, noting he had “no duties whatsoever” — as opposed to the recently named administrator of the Office of Information and Regulatory Affairs Neomi Rao. In the letter, Icahn further dismisses suggestions that he had the opportunity to personally benefit from the role.

“I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest,” wrote Icahn, adding, “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.”

The announcement from Icahn, the founder and majority shareholder of conglomerate Icahn Enterprises, comes days after a number of business leaders resigned from the White House’s American Manufacturing Council in the aftermath of Trump’s response to last weekend’s violence in Charlottesville, Virginia. The American Manufacturing Council disbanded on Wednesday, as did a second, separate panel of CEOs, dubbed the Strategic and Policy Forum.

The businessman, an early endorser of Trump’s, was frequently praised by the Republican presidential nominee on the campaign trail in 2016. Trump portrayed Icahn as a master negotiator who would assist his potential administration in preventing the outsourcing of jobs by American corporations.

“If Ford or another company announces they want to move their jobs to Mexico or another country, then I will pick up the phone… I will call the executives or I’ll have Carl Icahn do it,” Trump said on one such occasion in Michigan in October 2016.

A billionaire, Icahn first began to make his name in the 1980s when he engaged in the earliest of his numerous corporate takeovers by which he accumulated the majority of his wealth. </s> Billionaire investor Carl Icahn ended his role as a special adviser to U.S. President Donald Trump on Friday after facing criticism that his policy recommendations could help his own investments.

Some Democratic lawmakers and biofuels advocates argued that Icahn’s policy recommendations to the Republican administration created a conflict of interest with his businesses, including oil refining company CVR Energy Inc. Icahn has denied any conflict of interest.

“I chose to end this arrangement (with your blessing) because I did not want partisan bickering about my role to in any way cloud your administration,” Icahn wrote in a letter to Trump released on his website.

A call to Icahn’s office and an email to the White House were not immediately returned.

Icahn’s departure followed a flurry of changes at the White House. Trump on Friday fired his chief strategist, Stephen Bannon, two days after disbanding two high-profile business advisory groups.

The activist investor, who leads Icahn Enterprises LP , was an early and close ally of Trump who was often praised by the Republican for his business acumen. In his letter to Trump, he downplayed his role as an adviser, saying he “had no duties whatsoever.” But his web of financial interests were a lightning rod.

“If he was not willing to admit he was a de facto special government employee, and follow the rules, then he had no place serving in government,” said Norman Eisen, co-founder of Citizens for Responsibility and Ethics in Washington, who served as the chief ethics lawyer for former President Barack Obama.

“His short tenure, marred by serious conflicts allegations, was yet another black eye for an administration that has become notorious for violations of ethics and the rule of law.”

Icahn has been one of the loudest critics of the federal biofuels program, and he was working at price-crushing reforms of the program at the same time he was betting that credits at the center of the program would fall.

Biofuels regulations require refiners either to blend biofuels into gasoline or – in the case of companies like CVR that have no blending facilities – to buy credits from competitors. The regulation, the Renewable Fuel Standard, also allows companies to delay those credit purchases by a year.

As an adviser to Trump, Icahn urged the president in February to alter the policy to lift the blending burden from refiners. Yet environmental regulators are preparing to formally reject that proposal, sources told Reuters.
President-elect Donald Trump names Carl Icahn as the Special Advisor to the President on Regulatory Reform.