The Wall Street billionaire putting his
hand up
to run
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s economy
The Wall Street billionaire putting his hand up to run Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s economy
By Todd Gillespie
November 14, 2024 — 5.41am
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The text to Elon Musk: a picture of giant scissors. Musk’s text back: a
picture of a sword.
The person on the other end: Howard Lutnick — Wall Street billionaire, MAGA
believer and head-hunter-in-chief to Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд, the next American
president• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США.
Cantor Fitzgerald CEO Howard Lutnick was prominent during Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s campaign.
Credit: Bloomberg
“Me, Elon Musk and Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд are going to figure it out,” Lutnick, head of
brokerage and investment bank Cantor Fitzgerald, told a podcaster shortly
before Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд staged his comeback for the ages on Election Day.
By “it” Lutnick was referring to nothing less than the $US2 trillion ($3
trillion) US deficit and the role of the federal government in American life.
He and Musk say they’re ready to gut federal agencies, disband entire
departments and stock the vast bureaucracy with loyalists like themselves to
unbridle American capitalism.
It’s a remarkable turn for Lutnick, a pugnacious billionaire whose name even
now barely registers outside Wall Street circles. Along with other financial
players jockeying for influence, he’s busily lining up candidates for
positions of power.
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One of the names many suspect is on Lutnick’s list: his own. Inside the Park
Avenue headquarters of Cantor Fitzgerald, employees are exuberant, but even
senior bankers and traders are in the dark about what might be in store for
their CEO — and what his rise inside Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд World could mean for them.
Where, if anywhere, Lutnick might land in Washington is anyone’s guess. But if
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд asks, Lutnick is ready to serve, he’s said publicly. Treasury secretary
is a possibility, but others are vying for that job too. Among them are Scott
Bessent, a prominent hedge fund manager; Jay Clayton, former chairman of the
Securities and Exchange Commission; and Robert Lighthizer, an economic adviser
and China hawk during the first Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд administration. Some of Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s key
advisers are backing Bessent, Bloomberg News reported Tuesday, citing people
familiar with the matter. At this point, it’s difficult to rule anyone in or
out.
But few on Wall Street have embraced Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд more enthusiastically than Lutnick.
He crisscrossed the country on “Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд Force One”; strategised at Mar-a-Lago,
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s residence and private club in South Florida; grabbed the mike and
pumped his fist at raucous rallies; and gloried in Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s spectacle of
grievance at Madison Square Garden• Архитектура » Архитектура по странам » Архитектура США » Здания и Сооружения США » Спортивные сооружения США » Madison Square Garden
• Архитектура » Архитектура США » Здания и Сооружения США » Спортивные сооружения США » Madison Square Garden.
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Now, few are in a better position to reap the spoils.
“He was a political novice and through sheer force of personality has become a
major player,” said Charles Myers, a former Wall Street executive and
Democratic donor who runs advisory firm Signum Global Advisors.
Lutnick is barely known outside of Wall Street but that could be about to
change. Credit: AP
For months now, Lutnick, a major Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд donor, has been fast at work assembling
a future administration. As co-chair of the transition team, he’s set up a war
room at Mar-a-Lago with eight TV screens and two iPads. He’s personally
walking Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд through names, photos and biographies of potential candidates,
laying out the pros and cons of each, according to a person familiar with the
matter. Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд is expected to interview candidates for Treasury in the next
week.
A spokesperson for Lutnick declined to comment.
“President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США-elect Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд will begin making decisions on who will serve in his
second administration soon,” Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд spokesperson Karoline Leavitt said in a
statement. “Those decisions will be announced when they are made.”
Lutnick has embraced Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s plan to restart oil drilling in Alaska’s Arctic
National Wildlife Refuge and make extracting valuable minerals and metals
easier in the Lower 48. With Musk, he has also endorsed the creation of an
entire new federal department, the Department of Government Efficiency, to
reduce what the new administration views as waste and inefficiency.
‘Two sides’
“There’s two sides,” Lutnick explained on the October 28 podcast with
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта investor Anthony Pompliano. “Cost-cutting, which is DOGE,” he
went on, referring to the proposed efficiency office. “And there’s revenue
production, which is Howard and the economic team.” He mentioned on the
podcast his text exchange with Musk, the billionaire CEO of Tesla Inc• Объект организация » Организации по алфавиту » Организации на Te » Tesla Motors.
Like Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд, Lutnick has bemoaned the move of US manufacturing overseas,
slammed “coastal elite nonsense” over electric cars, and focused on the
importance of taming inflation. He’s also criticized the cancellation of the
extension of the Keystone XL pipeline — a move by President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США Joe Biden• Объект человек » Персоналии по алфавиту » Персоналии на Ба » Байден, Джо on his
first day in office — and said China was attacking American workers by sending
fentanyl to the country.
“China is attacking America from its guts,” Lutnick told Pompliano. “It’s
going to get it directly into your stomach to try to kill you.”
That Lutnick has frequently placed himself at the centre of such discussions
has only added to the speculation inside Cantor. Barely 36 hours after Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд
cruised to victory, employees sporting Cantor vests were buzzing at the deli
downstairs from the firm’s Manhattan headquarters. Upstairs, on the trading
floor, chatter was spinning too.
Lutnick is unusual among top names being reported as potential cabinet picks
in that he’s a billionaire who still runs large private and public companies —
which also stand to benefit from his involvement in government policy. Among
Cantor’s ventures is an operation that will lend dollars to clients using
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin as collateral — a business• Экономика » Бизнес that could receive a boost from Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s
embrace of cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта .
His group also includes a private investment bank and a fixed income and
equities business• Экономика » Бизнес, along with publicly traded brokerage BGC Group Inc. and
real estate firm Newmark Group. Shares in both firms have risen since the
close of trading on Election Day — BGC by almost 11 per cent and Newmark by
5.5 per cent.
Futures controversy
Most politically pertinent is Lutnick’s latest venture, futures exchange FMX,
which launched in September and has been embroiled in finger-pointing over its
plans to clear US Treasury futures abroad — controversy that is likely to
evaporate under a Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд administration.
Protests to Lutnick’s plans, chiefly by dominant rival CME Group Inc., based
in Chicago, have involved Democratic Senator Dick Durbin of Illinois writing
to the Commodity• Экономика » Бизнес » Биржевой товар Futures Trading Commission — the top derivatives regulator —
and CME’s CEO, Terry Duffy, appealing to Treasury Secretary Janet Yellen.
Now there’s a chance Lutnick himself could hold Yellen’s role. At the very
least, Lutnick’s current job means he’s helping oversee the appointment of
regulators with oversight of FMX’s plans — and much of the rest of his
business• Экономика » Бизнес empire. (Duffy himself has said he’s not concerned about Lutnick’s
relationship with Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд, adding such obvious conflicts would be “a biblical
disaster.“)
Any top government job should make questions over entanglements unavoidable
and compel Lutnick — like anyone with such expansive business• Экономика » Бизнес interests taking
a job in a presidential administration — to divest assets or put them in a
blind trust to avoid legal troubles. Guidance allows new officials to minimise
capital-gains taxes, provided they invest the proceeds of any sale in an
accepted investment fund like a broad-based mutual fund.
But the rules laid out by the Office of Government Ethics may be less enforced
under Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд, according to Kate Belinski, a partner at law firm Ballard Spahr
LLP.
“There’s not really any way to get people to comply with this guidance,” she
said by phone — except, she added, threats from the Department of Justice,
which would be unlikely to turn on its own government’s officials under Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд.
‘He was a political novice and through sheer force of personality has become a
major player.’ Charles Myers, a former Wall Street executive and Democratic
donor who runs advisory firm Signum Global Advisors.
While still uncertain, the prospect of Lutnick’s departure leaves his 13,000
employees wondering who, if he moves on, would lead them after his 33 years at
the helm.
Even for those who’ve worked at Cantor for a while, there’s no easy answer.
While he can be bombastic in public and on television, in business• Экономика » Бизнес he’s known
for his discretion and keeping a very tight circle of loyal, trusted advisers,
according to people familiar with his working style.
Top deputies
Lutnick has repeatedly said he loves his current job, but would take a job if
Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд calls him up, leaving the precise fate of his companies — spanning from
Singapore to Tel Aviv and even the Philadelphia suburbs — unclear. But while
the firms have grown aggressively over his tenure, they’ve largely remained
self-contained entities, likely able to run themselves.
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His property firm Newmark is run largely by CEO Barry Gosin, who is popular
among employees. Cantor and BGC — the firm that recently launched FMX — have
clear heads of its divisions, but it’s unclear how they’d be steered without
Lutnick’s day-to-day involvement.
At Cantor, Lutnick’s top deputies have all been in their jobs at least six
years and pushing their own business• Экономика » Бизнес agendas. They include Sage Kelly, a
former Jefferies Financial Group health-care banker who has rapidly expanded
the firm’s investment-banking division• Экономика » Бизнес » Корпоративное управление » Подразделение (предпринимательство)
• Государство » Законы и право » Теория государства и права » Субъекты гражданских прав » Юридические лица » Подразделение (предпринимательство); Christian Wall, who joined from Credit
Suisse• Объект организация » Организации по алфавиту » Организации на Cr » Credit Suisse and oversees fixed income; and Pascal Bandelier, a former Barclays
trading executive who runs the equities business• Экономика » Бизнес.
A key adviser likely to have a close role in any transition is longtime ally
Stephen Merkel, who joined Cantor in 1993 after a stint as a lawyer in Goldman
Sachs Group• Объект организация » Организации по алфавиту » Организации на Go » Goldman Sachs Inc.’s J. Aron & Co. division• Экономика » Бизнес » Корпоративное управление » Подразделение (предпринимательство)
• Государство » Законы и право » Теория государства и права » Субъекты гражданских прав » Юридические лица » Подразделение (предпринимательство), and was in an elevator in the
World Trade Center when the first plane hit during the September 11, 2001,
terrorist attacks. Merkel missed being consumed by flamed by only seconds,
according to On Top of the World , a book by Lutnick’s college friend Tom
Barbash that chronicled Cantor in the wake of 9/11, when it lost 658
employees.
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The Sydney Morning Herald
46-ой Президент США Президент США (2021/01/20-***) Трамп, Дональд
Избранный президент США Президент США (2017/01/20-2021/01/20) организации Credit Suisse Goldman Sachs Tesla Motors соц_роль Президент США
