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pavlovtoday at 12:02 PM3 repliesview on HN

Every man in the White House is benefiting himself first.

Look at Secretary of Commerce Howard Lutnick. In his previous job as CEO of Cantor Fitzgerald, he became deeply involved with stablecoin cryptocurrency Tether. Supposedly Cantor Fitzgerald holds close to a hundred billion dollars of funds for Tether, but this has never been verified by an audit — the only confirmation is from Lutnick himself.

In his White House job, he has worked hard to make it easier for companies like Tether to operate in the US with no oversight. And why wouldn’t he? As the sole guarantor of Tether’s credibility, he’s probably making billions from them.


Replies

nova22033today at 12:24 PM

Lutnick's sons run Canton Fitzgerald.

show 1 reply
ameliustoday at 12:17 PM

Aren't there safeguards against such obvious forms of conflict of interest?

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_factortoday at 12:25 PM

On the flip side, he may just like the technology and tries to proliferate it. Thats the problem with corruption, it's all about the angle of observation.