It seems that Carl Icahn is subscribing to Groucho Marx's theorem of "I don't care to belong to any club that will have me as a member."
Billionaire investor Carl Icahn turned down an invitation to join Republican presidential candidate Donald Trump's economic advisory council because Icahn is considering funding a Super PAC focused on regulatory reform, Icahn's general counsel told Reuters on Friday.
Essentially, Icahn is saying that he'd love to have been on the squad but he's just way too fond of these Super PACs his kids turned him onto. Had he agreed to direct interaction with the Trump campaign (like joining the economic team), he would have been much more limited in how much super PACing he could have done.
And he clearly wants to do a bunch.
This would be his second Super PAC. Technically known as independent expenditure-only committees, Super PACs may raise unlimited sums of money from corporations, unions, associations and individuals, then spend unlimited sums to advocate for or against political candidates.
The first Super PAC Icahn formed had an initial commitment of $150 million and was targeted at "tax inversions," which occur when a company moves its headquarters outside the United States to take advantage of lower tax rates elsewhere.
"Mr. Icahn declined the opportunity to join the Trump economic advisory council because at this time, we're still considering whether to fund and manage our own Super PAC focused on regulatory reform," Jesse Lynn, general counsel to Icahn, said by telephone.
But if regulatory reform - or really, creating a lack thereof - is what Carl wants to talk about, he might have been wasting his time on Trump's economic team. Because even though The Donald included a promise to reinstate Glass-Steagall in the GOP convention platform, Bloomberg reports that Trump's economic address in Detroit this afternoon will center around a proposed moratorium on any new financial regulations.