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Cantor Weighed Tariff Trades for Hedge Funds But Shut Them Down
(Bloomberg) -- Cantor Fitzgerald LP had internal discussions about facilitating trades for hedge funds based on the outcome of legal challenges to Trump administration tariffs, but shut down the idea before executing any transactions, according to people familiar with the matter. The New York brokerage and investment bank was run for three decades by US Commerce Secretary Howard Lutnick, a key figure in the nation's trade policy, and is now led by his son Brandon. The younger Lutnick was asked in a letter from Democratic Senators Elizabeth Warren and Ron Wyden released Thursday to disclose transactions or agreements the firm has made relating to products that would let institutions effectively bet on the legality of President Donald Trump's tariffs. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets Cantor received a client inquiry about possibly facilitating such trades, which are done by larger Wall Street banks, and some staff discussed with potential clients about arranging them before the idea was rejected, said the people, who requested anonymity to describe internal deliberations. The firm takes no directional position on brokered trades, and only takes commission when it matches a buyer and a seller. 'We have not facilitated or executed any trades in that market,' Cantor spokesperson Erica Chase told Bloomberg by phone. Warren and Wyden had cited a late July report by Wired that alleged the financial services company created a 'litigation finance' product that allows it to bet that the courts will strike down the tariffs. In theory, such trades would connect a company vulnerable to US tariffs with a fund willing to bet that such tariffs might be reversed. 'Public reporting indicates that Cantor has offered companies the opportunity to trade their legal claim to a future tariff refund in exchange for 20 to 30% of the duties the company paid,' the letter said. 'In this scenario, if the courts determine that the tariffs are illegal, the company stands to recover hundreds of millions of dollars.' In reference to the cited story from July, Chase, the Cantor spokesperson, said 'what is being reported about our business is absolutely false.' Cantor's dealings have been a key area of focus for ethics watchdogs who are on alert for conflicts of interest, given Lutnick is a prominent figure in shaping Trump's policies and other potentially market-moving matters. Brandon Lutnick has said he wants the firm 'to be sitting at the heart of crypto,' an industry that has boomed under the current administration. Wyden, in an email to Bloomberg, accused Lutnick's son of 'brokering huge bets on policies the Commerce Secretary is personally directing.' 'When you've got the Commerce Secretary's son running the Commerce Secretary's old Wall Street firm,' Wyden wrote, 'you're going to face some tough questions about whether everything is on the level.' Among the questions the senators posed were how many tariff refund agreements Cantor has finalized, whether it created them at the request of a specific client and if anyone at the firm had communicated with people in the US government about the tariffs or related legal cases, including Trump and the Commerce secretary. (Updates with additional details throughout.) Americans Are Getting Priced Out of Homeownership at Record Rates Dubai's Housing Boom Is Stoking Fears of Another Crash Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist What Declining Cardboard Box Sales Tell Us About the US Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Tim Walz Just Said What We're All Thinking About Trump's Smithsonian Plan
ABC News reports that Donald Trump is conducting a review of the Smithsonian Museum to make sure it aligns with his views of American History. Trump's Deputy Chief of Staff Stephen Miller said, "The Smithsonian is supposed to be a global symbol of American strength, culture and prestige. A place for families and children to celebrate American history and greatness. Instead, the exhibits have clearly been taken over by leftwing activists who have used the Smithsonian as yet one platform to endlessly bash America and rewrite / erase our magnificent story. These activists have obscenely defaced this beloved institution. The Trump Administration will proudly and diligently restore the patriotic glory of America and ensure the Smithsonian is a place that once more inspires love and devotion to this nation, especially among our youngest citizens." Related: Needless to say, people aren't comfortable with this audit! And now, Tim Walz's response to the news is going viral: "If you're trying to erase history, you're on the wrong side of it." Related: The comment section on his Facebook post is actually very funny... "Is he going to add planes to the revolutionary war section?" one person asked. Related: "…later this week he plans on personally surveying the museum and will be placing a McDonald's golden arches 'M' sticker of approval on every piece and or exhibit he approves of…" another person joked. And this is my personal favorite: "I'm excited for the interactive drinking bleach exhibit." Related: As this person said, "He must have read 1984 and got inspired." I guess we'll have to see what passes the Trump American history test. Also in Internet Finds: Also in Internet Finds: Also in Internet Finds:
Yahoo
15 minutes ago
- Yahoo
Supreme Court allows enforcement of Mississippi social media age verification law
WASHINGTON (AP) — The Supreme Court on Thursday refused to block enforcement of a Mississippi law aimed at regulating the use of social media by children, an issue of growing national concern. The justices rejected an emergency appeal from a tech industry group that is challenging laws passed in Mississippi and other states that require social media users to verify their ages. NetChoice, which brought the lawsuit, argues the Mississippi law threatens privacy rights and unconstitutionally restricts the free expression of users of all ages. Mark Sherman, The Associated Press Sign in to access your portfolio
