Business

Icahn Saves $60 Million By Advising Trump’s Economic Policy

REUTERS/Brendan McDermid

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Robert Donachie Capitol Hill and Health Care Reporter
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Billionaire investor Carl Icahn saved tens of millions in the first quarter of 2017, reportedly due to his close personal relationship with President Donald Trump.

The billionaire was able to use his inside knowledge of Trump administration’s plans to deregulate the energy sector to save his oil refining company–CVR Energy Inc.–around $60 million, Bloomberg reports.

Icahn serves as special regulatory advisor to the president, offering Trump advice on the best ways to cut unnecessary, burdensome regulations imposed on business. (RELATED: Trump Picks Icahn As Special Regulatory Advisor)

Democrats feared Icahn was using his close ties to the president in order to boost his personal investments since news broke that Trump picked him to join his advisory council.

Democratic Sen. Elizabeth Warren of Massachusetts led the charge against Icahn in early-May. Warren, along with a coalition of Democratic congressmen, sent a letter to regulators urging them to probe Icahn’s relationship with Trump to discern whether or not the investor used insider knowledge of the administration’s deregulation efforts to make personal gains.

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