Conflict of interest may have led to Icahn leaving Trump post
WASHINGTON — Billionaire investor Carl Icahn stepped down from an unpaid post as President Trump’s adviser on deregulation efforts just days before The New Yorker was preparing to publish a lengthy article detailing potential conflicts of interest.
Icahn said in a letter to Trump released yesterday that he would resign to prevent “partisan bickering” about his role that Democrats suggested could benefit him financially. But his departure came as The New Yorker was preparing to post its story online and begin selling printed magazines tomorrow.
The story points out potential conflicts and even possible criminal law violations involving obscure rules that require oil refineries to blend ethanol into gasoline. In his letter, Icahn wrote that he never had access to nonpublic information or profited from his position.
“I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest,” Icahn wrote.
He added that, out of an abundance of caution, he had limited his input to broad matters of policy about the oil-refining industry. Icahn controls a sizable stake in refiner CVR Energy. As an unofficial adviser, Icahn wasn’t required to submit financial records to the Office of Government Ethics to address any conflicts of interest.
Icahn also said he was stepping down because he didn’t want to cloud the work of Neomi Rao, who as head of the Office of Information and Regulatory Affairs is the administration’s point person on regulations.