That’s a big no no for the billionaire internet guy. According to a very well written investigative piece in a New York magazine, iCahn secretly spent his time in Trump’s cabinet trying to lobby for a particular piece of regulation being removed. That regulation, uh, actually deeply changed the way a particular business for ICahn was actually ran.
The story printed by The Newyorker paints a picture of an ICahn who secretly tried to use his federal executive role to “furnish and benefit on his own good”. That part right there, uh, is actually against federal law in the United States. In the United States it is against the law to try and influence federal regulations to benefit a business in a financial manner.
Which is what ICahn did.
The New Yorker expose reportedly uncovered that ICahn owns a 82% stake in CVR a refiner. Under federal law, a refiner must purchase certain pin numbers and codes to actually legally do business. Under federal law, refiners must actually blend ethanol into their products or buy RIN’s from refiners that do. ICahn has and for some time has been viciously against the regulation that requires this.
While in Trump ‘s administration, ICahn, privately lobbied against the regulation that required refiners to purchase RIN’s rather than the other way around. ICahn secretly tried to get it to where third parties were actually responsible for RIN’s rather than companies like CVR. The abuse of power reportedly came in February after ICahn had apparently claimed to Bob Dineen, head of the Renewable Fuels Association, that there was an executive order coming to change the RIN policy entirely.
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