'Trump's Commerce Secretary Loves Tariffs. His Former Investment Bank Is Taking Bets Against Them' [View all]

"A subsidiary of Cantor Fitzgerald, which is run by the sons of US commerce secretary Howard Lutnick, is letting clients essentially bet that President Donald Trump’s tariffs will be struck down in court."

"CANTOR FITZGERALD, A financial services company led by the sons of US commerce secretary Howard Lutnick, is creating a way for investors to bet that President Donald Trump’s signature tariffs will be struck down in court. Traders at the firm’s investment banking subsidiary, Cantor Fitzgerald & Co., say they have the capacity to buy the rights to hundreds of millions of dollars in potential refunds from companies who have paid Trump’s tariffs, according to documents viewed by WIRED."

"Lutnick ran Cantor Fitzgerald for nearly 30 years until he was confirmed by the Senate in February, when he turned over control of the firm to his sons, Kyle and Brandon, who are both in their twenties. Since joining the Trump administration, Lutnick has emerged as one of the most vocal supporters of the president’s tariff policies, which Lutnick has said would raise 'hundreds and hundreds of billions of dollars' in revenue for the United States, eventually eliminating the need for Americans making less than $150,000 to pay taxes."

"But the investment bank that made Lutnick a billionaire is now letting certain clients wager that Trump’s tariffs will eventually be ruled unlawful, at which point companies that have paid the import duties can apply to get their money back."

Continued at link:

https://www.wired.com/story/cantor-fitzgerald-trump-tariff-refunds/

I posted about this Cantor Fitzgerald scheme months ago, before it looked like Trump would lose his Supreme Court tariff case. Lutnick's going to make a ton of money on this. I wonder if Trump's part of the grift?