We thought it was shady in December when Commerce Secretary Howard Lutnick made a huge profit on his Rumble (RUM) shares that he purchased for $2 per share in the SPAC deal that Cantor Fitzgerald promoted and then resold these shares to Tether for $7.50 per share. After all, Lutnick is the one Wall Street figure who has come out and said that Tether is legit and fully backed even though it is unaudited and there is no proof of what its reserves are, and we have no idea what its liabilities are. There has even been some speculation that Lutnick may own a 5% stake in Tether through his Cantor Fitzgerald, although at his confirmation hearing in January... Lutnick said he held no equity in Tether, but did own a convertible note in Tether.
Today, Lutnick has become the man in charge of implementing the tariffs that are disrupting the entire world. Although we fully support these tariffs or anything else President Trump wants to do to burst our tech bubble, strengthen our manufacturing base, increase production of critical minerals, reduce housing costs, and lower income/wealth inequality... maybe it isn't a good idea to have Lutnick in charge of tariffs.
Is it possible Lutnick originally did own a 5% stake in Tether but changed it to a convertible note when he realized he would be part of the Trump Administration?
When did he first acquire this 5% stake? Did he really pay $600 million for it? Was it given to him for free to try and boost confidence in Tether and artificially inflate Crypto?
If it really was a convertible note the whole time why would Tether need to borrow money from Cantor Fitzgerald considering the huge reserves it is supposed to have?
If Tether turns out to be a massive fraud what effect will this have on the U.S. economy considering Lutnick is in such a prominent position??? If Tether goes bust will Lutnick push to use tax dollars to bailout Tether? Has Tether become a systemic risk where if it failed it would bring down Cantor Fitzgerald and many other Wall Street firms?
Eric Sprott's daughter was once married to Neal Cabot Ohm. He works for Lutnick as Managing Director of Newmark a sister firm of Cantor Fitzgerald.
Eric Sprott previously sued Neal Cabot Ohm for sneaking into his daughter's safety deposit box and stealing all of her gold!
Lutnick's firm hired Neal Cabot Ohm after these allegations were already reported in the media. What does it say about Lutnick if these are the type of people running his companies?
We are sticking with our prediction that Trump will fire Lutnick at some point very soon.
Preparing Americans for Hyperinflation
