SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Carl Icahn speaking an investor conference hosted by CNBC in September. (Photo: Heidi Gutman/Getty Images)
Trump Brings on Billionaire Bruiser Carl Icahn to Gut Government Regulations
'Donald Trump has selected a man who epitomizes predatory corporate capitalism to lead his deregulatory charge'
Dec 22, 2016
President-elect Donald Trump has selected yet another billionaire for his cabinet: infamous corporate raider Carl Icahn will advise Trump on his sweeping plans to dismantle government regulations, it was announced late Wednesday.
"According to Forbes he is worth $16.5 billion, making him the 50th richest man in the world," notes CNN Money. "That would make him the richest member of the Trump administration, including the President-elect himself, who Forbes estimates is worth is worth $4.5 billion."
"Donald Trump has selected a man who epitomizes predatory corporate capitalism to lead his deregulatory charge," observed Robert Weissman, president of the consumer advocacy group Public Citizen, in a statement.
"In accepting the designation," Weissman continued, "Icahn cites fanciful and false claims about the cost of regulation, while failing to acknowledge regulatory benefits, which include preventing consumer rip-offs, protecting the air and water, making our food and water safer, and much more."
"It's precious to hear talk about protecting jobs from the corporate raider famous for actions that cost thousands of workers their jobs," Weissman added.
Indeed, just months ago, over 1,000 employees at the Trump Taj Mahal casino in Atlantic City were striking against severe cuts that Icahn imposed on workers--after Icahn purchased the casino in a "shady personal deal" with Trump in 2014.
Icahn responded to the strike by shutting the casino down, a devastating move that prompted the New Jersey legislature to ban the billionaire from operating a casino for at least five years.
Icahn first made his fortune in the 1980s trading junk bonds and pillaging public corporations for private profit--most infamously when he took over the airline TWA, which he drove into bankruptcy multiple times, all while pocketing enormous profits. Like many companies subjected to the predatory capitalist, TWA never recovered from Icahn's tenure.
On Twitter, progressives highlighted Icahn's anti-worker and elitist stance:
\u201cThere's nothing anti-establishment about billionaire Carl Icahn. But there's lot that's anti-worker. https://t.co/o1AkqMoxAg\u201d— Our Revolution (@Our Revolution) 1482362892
\u201cHeart-warming, isn't it, how Trump champions the interests of the downtrodden in everything he does? https://t.co/Gjwkky5riP\u201d— George Monbiot (@George Monbiot) 1482393991
Reuters reports that Icahn will be a "special advisor," and not a government employee. Yet the conflicts of interest when it comes to Icahn's role are rife, critics also charge.
Democratic National Committee spokesman Eric Walker condemned Trump's choice in comments to Bloomberg, arguing that it puts Icahn "in charge of overseeing regulatory overhauls while simultaneously controlling or owning stock in companies that could benefit from the changes he makes."
"The corrupt nature of this arrangement cannot be understated," Walker told the outlet. "Voters who wanted Trump to drain the swamp just got another face full of mud."
Pundits and journalists echoed the sentiment on Twitter:
\u201cHow many more billionaires can Trump fill the swamp with? Carl Icahn to regulate how his own industry is regulated.\u201d— Katrina vandenHeuvel (@Katrina vandenHeuvel) 1482363196
\u201cNow, Carl Icahn.\n\nDrain the swamp of lobbyists.\nGive the gov't to corporations.\nTrump cut out the middlemen.\n\nWelcome to the kleptocracy.\u201d— Nick Jack Pappas (@Nick Jack Pappas) 1482364579
Some raised the alarm about what Icahn's record of pillaging corporations could mean for his impending government role:
\u201cIcahn's expertise is asset-stripping: taking over companies and selling off their parts.\n\nHe's about to do that to the U.S. government.\n\n\ud83d\udea8\ud83d\udea8\ud83d\udea8 https://t.co/BGRHbgjT57\u201d— Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1482367566
"If Carl Icahn is going to advise Trump on regulation, he would do well to revisit how Wall Street deregulation led directly to the 2008 financial crash and the Great Recession. These are facts he must know well from personal experience," Weissman noted, "and which show how regulation is vital to limit corporate abuses, ensure financial stability and preserve jobs."
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
President-elect Donald Trump has selected yet another billionaire for his cabinet: infamous corporate raider Carl Icahn will advise Trump on his sweeping plans to dismantle government regulations, it was announced late Wednesday.
"According to Forbes he is worth $16.5 billion, making him the 50th richest man in the world," notes CNN Money. "That would make him the richest member of the Trump administration, including the President-elect himself, who Forbes estimates is worth is worth $4.5 billion."
"Donald Trump has selected a man who epitomizes predatory corporate capitalism to lead his deregulatory charge," observed Robert Weissman, president of the consumer advocacy group Public Citizen, in a statement.
"In accepting the designation," Weissman continued, "Icahn cites fanciful and false claims about the cost of regulation, while failing to acknowledge regulatory benefits, which include preventing consumer rip-offs, protecting the air and water, making our food and water safer, and much more."
"It's precious to hear talk about protecting jobs from the corporate raider famous for actions that cost thousands of workers their jobs," Weissman added.
Indeed, just months ago, over 1,000 employees at the Trump Taj Mahal casino in Atlantic City were striking against severe cuts that Icahn imposed on workers--after Icahn purchased the casino in a "shady personal deal" with Trump in 2014.
Icahn responded to the strike by shutting the casino down, a devastating move that prompted the New Jersey legislature to ban the billionaire from operating a casino for at least five years.
Icahn first made his fortune in the 1980s trading junk bonds and pillaging public corporations for private profit--most infamously when he took over the airline TWA, which he drove into bankruptcy multiple times, all while pocketing enormous profits. Like many companies subjected to the predatory capitalist, TWA never recovered from Icahn's tenure.
On Twitter, progressives highlighted Icahn's anti-worker and elitist stance:
\u201cThere's nothing anti-establishment about billionaire Carl Icahn. But there's lot that's anti-worker. https://t.co/o1AkqMoxAg\u201d— Our Revolution (@Our Revolution) 1482362892
\u201cHeart-warming, isn't it, how Trump champions the interests of the downtrodden in everything he does? https://t.co/Gjwkky5riP\u201d— George Monbiot (@George Monbiot) 1482393991
Reuters reports that Icahn will be a "special advisor," and not a government employee. Yet the conflicts of interest when it comes to Icahn's role are rife, critics also charge.
Democratic National Committee spokesman Eric Walker condemned Trump's choice in comments to Bloomberg, arguing that it puts Icahn "in charge of overseeing regulatory overhauls while simultaneously controlling or owning stock in companies that could benefit from the changes he makes."
"The corrupt nature of this arrangement cannot be understated," Walker told the outlet. "Voters who wanted Trump to drain the swamp just got another face full of mud."
Pundits and journalists echoed the sentiment on Twitter:
\u201cHow many more billionaires can Trump fill the swamp with? Carl Icahn to regulate how his own industry is regulated.\u201d— Katrina vandenHeuvel (@Katrina vandenHeuvel) 1482363196
\u201cNow, Carl Icahn.\n\nDrain the swamp of lobbyists.\nGive the gov't to corporations.\nTrump cut out the middlemen.\n\nWelcome to the kleptocracy.\u201d— Nick Jack Pappas (@Nick Jack Pappas) 1482364579
Some raised the alarm about what Icahn's record of pillaging corporations could mean for his impending government role:
\u201cIcahn's expertise is asset-stripping: taking over companies and selling off their parts.\n\nHe's about to do that to the U.S. government.\n\n\ud83d\udea8\ud83d\udea8\ud83d\udea8 https://t.co/BGRHbgjT57\u201d— Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1482367566
"If Carl Icahn is going to advise Trump on regulation, he would do well to revisit how Wall Street deregulation led directly to the 2008 financial crash and the Great Recession. These are facts he must know well from personal experience," Weissman noted, "and which show how regulation is vital to limit corporate abuses, ensure financial stability and preserve jobs."
President-elect Donald Trump has selected yet another billionaire for his cabinet: infamous corporate raider Carl Icahn will advise Trump on his sweeping plans to dismantle government regulations, it was announced late Wednesday.
"According to Forbes he is worth $16.5 billion, making him the 50th richest man in the world," notes CNN Money. "That would make him the richest member of the Trump administration, including the President-elect himself, who Forbes estimates is worth is worth $4.5 billion."
"Donald Trump has selected a man who epitomizes predatory corporate capitalism to lead his deregulatory charge," observed Robert Weissman, president of the consumer advocacy group Public Citizen, in a statement.
"In accepting the designation," Weissman continued, "Icahn cites fanciful and false claims about the cost of regulation, while failing to acknowledge regulatory benefits, which include preventing consumer rip-offs, protecting the air and water, making our food and water safer, and much more."
"It's precious to hear talk about protecting jobs from the corporate raider famous for actions that cost thousands of workers their jobs," Weissman added.
Indeed, just months ago, over 1,000 employees at the Trump Taj Mahal casino in Atlantic City were striking against severe cuts that Icahn imposed on workers--after Icahn purchased the casino in a "shady personal deal" with Trump in 2014.
Icahn responded to the strike by shutting the casino down, a devastating move that prompted the New Jersey legislature to ban the billionaire from operating a casino for at least five years.
Icahn first made his fortune in the 1980s trading junk bonds and pillaging public corporations for private profit--most infamously when he took over the airline TWA, which he drove into bankruptcy multiple times, all while pocketing enormous profits. Like many companies subjected to the predatory capitalist, TWA never recovered from Icahn's tenure.
On Twitter, progressives highlighted Icahn's anti-worker and elitist stance:
\u201cThere's nothing anti-establishment about billionaire Carl Icahn. But there's lot that's anti-worker. https://t.co/o1AkqMoxAg\u201d— Our Revolution (@Our Revolution) 1482362892
\u201cHeart-warming, isn't it, how Trump champions the interests of the downtrodden in everything he does? https://t.co/Gjwkky5riP\u201d— George Monbiot (@George Monbiot) 1482393991
Reuters reports that Icahn will be a "special advisor," and not a government employee. Yet the conflicts of interest when it comes to Icahn's role are rife, critics also charge.
Democratic National Committee spokesman Eric Walker condemned Trump's choice in comments to Bloomberg, arguing that it puts Icahn "in charge of overseeing regulatory overhauls while simultaneously controlling or owning stock in companies that could benefit from the changes he makes."
"The corrupt nature of this arrangement cannot be understated," Walker told the outlet. "Voters who wanted Trump to drain the swamp just got another face full of mud."
Pundits and journalists echoed the sentiment on Twitter:
\u201cHow many more billionaires can Trump fill the swamp with? Carl Icahn to regulate how his own industry is regulated.\u201d— Katrina vandenHeuvel (@Katrina vandenHeuvel) 1482363196
\u201cNow, Carl Icahn.\n\nDrain the swamp of lobbyists.\nGive the gov't to corporations.\nTrump cut out the middlemen.\n\nWelcome to the kleptocracy.\u201d— Nick Jack Pappas (@Nick Jack Pappas) 1482364579
Some raised the alarm about what Icahn's record of pillaging corporations could mean for his impending government role:
\u201cIcahn's expertise is asset-stripping: taking over companies and selling off their parts.\n\nHe's about to do that to the U.S. government.\n\n\ud83d\udea8\ud83d\udea8\ud83d\udea8 https://t.co/BGRHbgjT57\u201d— Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08 (@Leah McElrath \ud83c\udff3\ufe0f\u200d\ud83c\udf08) 1482367566
"If Carl Icahn is going to advise Trump on regulation, he would do well to revisit how Wall Street deregulation led directly to the 2008 financial crash and the Great Recession. These are facts he must know well from personal experience," Weissman noted, "and which show how regulation is vital to limit corporate abuses, ensure financial stability and preserve jobs."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.