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Trump Taps Billionaire Investor Carl Icahn to Overhaul Regulations

Image: Trump Taps Billionaire Investor Carl Icahn to Overhaul Regulations

Carl Icahn (Heidi Gutman/CNBC/NBCU Photo Bank via Getty Images)

 

By    |   Wednesday, 21 Dec 2016 05:39 PM

President-elect Donald Trump Wednesday named billionaire investor Carl Icahn a special adviser for regulatory reform — a post for which he would not be paid nor would be required to give up any business dealings.

"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 in announcing his choice. "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."

Icahn, 80, is one of the world's most successful investors, philanthropists and activist shareholders. He specializes in buying undervalued companies, turning them around — eventually selling them for huge profits.

Forbes lists Icahn's net worth at $16.5 billion, ranking him No. 65 on its list of global billionaires.

Among the companies that Icahn has held controlling stakes in over the years include RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Marvel Comics, Revlon and Time-Warner.

He once owned more than 4.7 million shares of Apple before selling them in April 2016 amid concerns about the company's relationship with China.

Icahn backed Trump during the primaries — and after winning, the Republican nominee said that he wanted to tap him as treasury secretary. That post eventually went to former Goldman Sachs partner Steven Mnuchin.

Icahn will not be paid to serve in the position, The Wall Street Journal reports, and he would not be required to divest any of his business holdings.

In January, Icahn donated $1 million to a fundraiser Trump held in Des Moines for veterans groups after Trump boycotted the seventh Republican primary debate, which was sponsored by Fox News.

His other contributions include $200 million to the Mount Sinai School of Medicine — now the Icahn School of Medicine at Mount Sinai — in Manhattan in 2012. He also established seven charter schools in the Bronx.

Icahn also has donated to the Randall's Island Sports Foundation, where the Icahn Stadium is named in his honor, and has served on the board of Lincoln Center in New York.

A graduate of Princeton University, Icahn began his Wall Street career in 1961. He formed his investment company seven years later.

In Trump's announcement, Icahn slammed what he said was more than $1 trillion in new Obama administration regulations that have generated over 750 billion hours in paperwork.

"It's time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities," he said.

"President-elect Trump is serious about helping American families, and regulatory reform will be a critical component" of his agenda.

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President-elect Donald Trump Wednesday named billionaire investor Carl Icahn a special adviser for regulatory reform — a post for which he would not be paid nor would be required to give up any business dealings.
trump, carl icahn, regulatory reform, adviser
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2016-39-21
Wednesday, 21 Dec 2016 05:39 PM
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