Howard Lutnick

Cantor Fitzgerald lost 658 employees on September 11, 2001 — the largest single-company death toll of the attacks. In 2013, Cantor Fitzgerald received a $135 million settlement from American Airlines for its role in the disaster. The firm distributed none of it to the families of the 658 employees who died. The money went to partners by equity stake. Lutnick, holding approximately one-third of the firm, received an estimated $15–25 million of the settlement. The families were not informed that the lawsuit had been filed or that a settlement had been reached. Separately, Cantor had distributed approximately $180 million in firm profits to 9/11 families over the five years prior — a fact Lutnick has repeatedly cited publicly while not disclosing the settlement.

• —658 Cantor Fitzgerald employees killed on September 11, 2001 — the single largest employer death toll of the attacks.
• —2013: Cantor Fitzgerald received $135M settlement from American Airlines.
• —Settlement proceeds distributed to firm partners by equity stake. Lutnick held approximately one-third of the firm.
• —Lutnick's estimated personal share: $15–25 million.
• —Families were not informed of the lawsuit or the settlement — they learned of it through The Intercept's 2017 reporting.
• —Cantor had separately distributed ~$180M in firm profits to 9/11 families over five prior years — routinely cited by Lutnick as evidence of his commitment to the families.
• —No charges were filed. The distribution was legal under the partnership agreement.

Tether (USDT) is the world's largest stablecoin, with more than $130 billion in circulation. Its reserves — primarily US Treasury bonds — are custodied and managed by Cantor Fitzgerald. Senator Elizabeth Warren's investigative staff documented that Tether has been the preferred financial instrument of North Korean nuclear weapons programs, Mexican drug cartels, Russian arms companies, Middle Eastern terrorist groups, and Chinese fentanyl precursor manufacturers. Despite this record, the US government took no enforcement action against Tether. Lutnick personally held approximately a 5% stake in Tether. After his nomination as Commerce Secretary, he agreed to have Cantor serve as the "backbone" of Tether's new multi-billion dollar Bitcoin lending program — a new business deal entered during his role as a Commerce nominee.

• —Tether (USDT): largest stablecoin by circulation (~$130B+). Reserves custodied by Cantor Fitzgerald.
• —Senator Warren documented: North Korean nuclear weapons programs, Mexican drug cartels, Russian arms companies, Middle Eastern terrorist organizations, Chinese fentanyl precursor manufacturers — all used Tether.
• —No US government enforcement action taken against Tether.
• —Lutnick personally held ~5% equity stake in Tether.
• —Post-nomination agreement: Cantor would serve as "backbone" of Tether's multi-billion dollar Bitcoin lending program.
• —Deal was entered into after Lutnick was nominated as Commerce Secretary — before confirmation and formal divestiture.

Lutnick was confirmed as Secretary of Commerce in February 2025. To satisfy ethics requirements, he transferred his Cantor Fitzgerald stake to "Dynasty Trust A" — a trust for his four adult children. The following day, Tether filed a New York UCC credit filing showing that it had loaned Dynasty Trust A an undisclosed amount of money. The arrangement meant that Lutnick's family trust remained financially entangled with Tether — the same company whose US Treasury reserves Cantor manages — immediately after the purported divestiture. In April 2026, Senators Warren and Wyden sent letters demanding disclosure of the loan terms and ethics compliance documentation. The investigation remains open. No charges have been filed.

• —February 2025: Lutnick confirmed as Commerce Secretary.
• —Divestiture: Cantor Fitzgerald stake transferred to "Dynasty Trust A" (four adult children as beneficiaries).
• —Following day: Tether filed a NY UCC credit filing disclosing a loan to Dynasty Trust A.
• —Loan amount: undisclosed. Terms: undisclosed.
• —Cantor Fitzgerald manages Tether's US Treasury reserves. Dynasty Trust A holds Cantor equity. Tether loaned money to Dynasty Trust A.
• —April 2026: Senators Warren and Wyden sent letters demanding ethics compliance documentation and loan terms.
• —Congressional investigation open. No charges filed.

Howard Lutnick is the principal architect of the Trump administration's tariff regime, serving as chief trade negotiator. After taking the Commerce role, he installed his son Brandon as Chairman and CEO of Cantor Fitzgerald. In summer 2025, Cantor Fitzgerald salespeople designed and began promoting "tariff refund derivative products" — financial instruments that allowed companies to trade their anticipated legal tariff refund claims for 20–30% immediate cash. If courts struck down Lutnick's tariffs, Cantor would profit substantially from the positions it held. The Commerce Secretary's son's firm was building products that would gain value if the Commerce Secretary's own policy rulings were overturned by courts. In August 2025, Senators Wyden and Warren wrote to Brandon Lutnick warning of insider trading. In September 2025, Representative Jamie Raskin opened a Congressional investigation. Cantor subsequently said it "never executed any transactions" — that salespeople had merely "explored" the products. The investigation remains open.

• —Howard Lutnick: principal architect of Trump tariff regime and chief trade negotiator.
• —Brandon Lutnick (son): installed as Chairman and CEO of Cantor Fitzgerald after Howard took the Commerce role.
• —Summer 2025: Cantor salespeople designed "tariff refund derivative products" — allowing companies to exchange future legal tariff refund claims for 20–30% immediate cash.
• —Structural conflict: Commerce Secretary negotiates tariffs. Son's firm profits if tariffs are struck down.
• —August 2025: Senators Wyden and Warren wrote to Brandon Lutnick warning of insider trading.
• —September 2025: Representative Jamie Raskin opened Congressional investigation.
• —Cantor's response: products were "explored" but "never executed." Investigation open. No charges.

While serving as co-chair of the Trump Presidential Transition (November 2024 – February 2025), Lutnick brought Cantor Fitzgerald lobbyists to Congressional meetings using his transition access. During the same period — and after being nominated as Commerce Secretary — he agreed to the Tether Bitcoin lending program, a new Cantor business deal. He used his transition position to advance crypto regulatory preferences that would directly benefit Cantor. Senator Warren's pre-confirmation letter stated that Lutnick "used his role as Trump Transition co-chair to advance his own interests." Following his confirmation, reporting established that Lutnick held executive positions in more than 800 firms and had earned approximately $300 million in recent years. He was confirmed over these objections. No charges were filed.

• —November 2024 – February 2025: Lutnick served as co-chair of the Trump Presidential Transition.
• —Brought Cantor Fitzgerald lobbyists to Congressional meetings using transition access.
• —Signed new Tether Bitcoin lending program agreement — new Cantor business — while serving as Commerce nominee.
• —Used transition access to advance crypto regulatory preferences benefiting Cantor.
• —Warren pre-confirmation letter: Lutnick "used his role as Trump Transition co-chair to advance his own interests."
• —Post-confirmation: held executive positions in 800+ firms; earned approximately $300M in recent years.
• —Confirmed over objections. No charges filed.