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Transcript

00:00:01
>> Billionaire investor Carl Icahn and President Trump are old chums, part of New York's network of steak eating power brokers. And Trump, admiring Icahn's business skill, quick to get Icahn on board as an official Presidential advisor. But that cozy relationship now under scrutiny with Public Citizen, a government watchdog group, Wednesday, calling on lawmakers to probe whether Icahn is violating the lobbying laws.
00:00:26
Reuters reporter, Chris Prentice.>> Icahn has a special sort of assignment. He's the special advisor to the President on regulations, and there's a lack of clarity over what that means. Separately, he also has a majority stake in an oil refiner called CVR Energy. And there's a question out there of a whether or not he is sort of focusing on that regulation which, if it were to be changed, would benefit both himself and the company.
00:00:54
>> Last month, Icahn seemed to use his connection to the White House to propose changes to how biofuels in gasoline and diesel are added. Icahn wants new regulations to force companies closer to the gas pump to do it instead of oil refiners, like CVR, which would lower costs.
00:01:10
Icahn says the proposed change will benefit the entire refining industry, but critics are crying cronyism, noting Icahn stands to personally gain thanks to his 82% stake in CVR. For that reason, they say under lobbying laws, he needs to make his discussions with Trump public. Icahn has called the complaint nothing short of a quote witch hunt.
00:01:34
The numbers, however, suggest the complaint may have some merit.>> In general, since the election, CVR stock has soared. It's risen somewhere around 70%, since November 8th. And Icahn's stake in the company, the value of his shares, has gone up over $600 million.>> And that's not Icahn's only gain connected to the White House.
00:01:58
The activist investor is said to have scored $1 billion win in the hours after the election. Jumping into a market plunge that almost immediately turned into a market rally that has shown little sign of slowing down.