Apr. 22 at 7:19 PM
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Commerce Secretary Lutnick helped create tariffs (taxes on imports) and pushed for them
@ the same time, his sons—who run Cantor Fitzgerald—were buying “refund rights” from companies. These rights let companies reclaim tariff payments if the govt later decides those tariffs shouldn’t have applied
They bought these claims cheaply, paying about 20–30 cents per dollar of potential refunds. For example, spending
$25 million on claims that could later pay
$100 million
Now that the govt is issuing about
$166 billion in refunds, those claims are worth full value. That means a deal like that could turn a
$75 million profit (a 300% return‼️ in 12 months). Scaled up, profits could reach hundreds of millions
Meanwhile, Lutnick stepped away from the firm, transferred ownership to his sons through a trust, & received
$360 million
In short: Lutnick helped create the tariff policy, while his sons’ firm made bets that would pay off if those tariffs were later reversed
