On top of all the other bullshit that they are, the tarrifs are a massive grift.
Commerce Secretary Lutnick has an investment bank that is betting against the Tarrifs and expects to make big money when they are struck down in court.
His investment bank pays companies who paid the tarrifs pennies on the dollar to get future rights to any repayment from the government in the event the tarrifs are overturned.
Say a company paid $10 million in tarrifs. Lutnick’s investment bank pays the company $3 million for the rights to the tarrifs. In the future, a court overturns the tarrifs, rulling them illegal. US government has to pay back the tarrifs to the companies that paid them. But Lutnick’s investment bank now owns the right to that $10 million. Thus, Lutnick’s investment bank gets $10 million. $7 million profit.
Lutnick is advocating for tarrifs while having an investment bank that is betting against the tarrifs. A scam is afoot, folks.
On top of all the other bullshit that they are, the tarrifs are a massive grift.
Commerce Secretary Lutnick has an investment bank that is betting against the Tarrifs and expects to make big money when they are struck down in court.
https://www.wired.com/story/cantor-fitzgerald-trump-tariff-refunds/
His investment bank pays companies who paid the tarrifs pennies on the dollar to get future rights to any repayment from the government in the event the tarrifs are overturned.
Say a company paid $10 million in tarrifs. Lutnick’s investment bank pays the company $3 million for the rights to the tarrifs. In the future, a court overturns the tarrifs, rulling them illegal. US government has to pay back the tarrifs to the companies that paid them. But Lutnick’s investment bank now owns the right to that $10 million. Thus, Lutnick’s investment bank gets $10 million. $7 million profit.
Lutnick is advocating for tarrifs while having an investment bank that is betting against the tarrifs. A scam is afoot, folks.