Trump’s commerce secretary picks Howard Lutnick: the Wall Street tycoon who lost his brother—and nearly 70 percent of his staff—in the 9/11 attacks
President-elect Donald Trump has named Howard Lutnick—an executive known for his sharp rise to the upper echelons of Wall Street, as well as his ability to recover from the 9/11 attacks that devastated his company. he—as Minister of Commerce.
In his new role, Lutnick, who co-chairs Trump’s transition team, will lead the incoming administration’s direction on tariffs and trade, while maintaining direct responsibility for the Office of the Trade Representative United States, Trump declared in a Twitter post. Social truth on Tuesday.
Lutnick, a longtime New York power player, became Chairman and CEO of Cantor Fitzgerald, a Wall Street investment banking and financial services firm, in the early 1990s as a 29 years old.
During Trump’s 2024 campaign, Lutnick—who was donated more than 1 million USD into Trump’s super PAC and hosted a $15 million fundraiser at his Hamptons home this summer — has become a top economic adviser.
Lutnick has been one of the main voices in Trump’s camp advocating for higher taxes, aimed at cutting corporate taxes in the states and protecting U.S.-based businesses from foreign competition.
For months, many suspected Trump would appoint Lutnick to the position of Treasury Secretary, a role that remains unfilled.
A representative for Lutnick did not immediately respond luck request comment.
Who is Howard Lutnick?
Lutnick, 63, climbed the business ladder quickly, but he didn’t have an easy start: Both of his parents died when he was 18, leaving him and his two siblings to fend for themselves. for your life.
The New York native joined Cantor Fitzgerald as a bond trader right out of college and quickly formed a close mentor-mentor relationship with the firm’s founder, Bernard Cantor.
Eight years after joining, Lutnick was named president and CEO of Cantor Fitzgerald—according to reports. “bow to the top” as Cantor did on his hospital bed—and five years later, he became president.
Suzanne Craig: “There is no hiding the fact that before and even after September 11, Mr. Lutnick was disliked by many in the industry.” wrote in New York Times in 2011. “A ruthless competitor even by Wall Street standards, he has made many enemies over the years. In 1996, as Mr. Cantor, his mentor, lay dying, Mr. Lutnick fought with Mr. Cantor’s wife, Iris, for control of Cantor Fitzgerald. She then banned him from attending the funeral.”
Cantor Fitzgerald was brutally tortured after the 9/11 attacks. The company is headquartered on the 101st to 105th floors of the north tower of the World Trade Center; The flight was hijacked from the 93rd to the 99th floor, leaving those on the Cantor floor with no way to escape.
Every single worker present at the office—658 employees—died that morning, representing nearly 70 percent of the company’s employee base. That morning Lutnick took his son to kindergarten and was not in the office, but his younger brother Gary, also a Cantor employee, was killed. Cantor staff representative nearly 1 in 4 of the victims killed in New York that day.
Within a week, Lutnick returned to the trading desk and, amid widespread criticism, announced the company would cut pay for its deceased employees. He then pledged 25% of the company’s profits over the next decade to their relatives, along with ongoing health insurance. He also gave them $90 million from your personal savings.
Today, Lutnick is one of Wall Street’s longest-serving CEOs, having spent 41 years at the helm of Cantor Fitzgerald. During his tenure, Lutnick oversaw 1.3 billion USD merger belong to BGC Partnera financial services company, with eSpeed, an electronic bond trading platform, as well Get Rumblea video platform, going public through a special purpose acquisition company (SPAC). Earlier this year, through BCG Group—of which Lutnick is also CEO—he unveiled a future exchange called FMX, counted Morgan StanleyCiti et Goldman Sachs among its equity partners. Meanwhile, his economic stake in the company is about 60%, up from 25% two decades ago.
Over the past few months, Lutnick has balanced his CEO duties with his role leading the Trump campaign by working for Cantor from 6:30 a.m. to 9 a.m., then from 4 p.m. to 10:30 p.m. evening, with Trump time in between. Wall Street Journal reported.
Trump hopes Lutnick will take control of tariffs — and line up new administration with “loyalists”
One of Trump’s main talking points during his campaign was his pledge to raise taxes. As Secretary of Commerce, Lutnick will be closer to that promise than any other appointee.
“Tariffs are a great tool [for] president will use,” Lutnick speak CNBC in October, argued that the Trump administration would use tariffs to “build up.”
“If we want to make it in America, let’s tax it or if we’re competing with it, let’s tax it,” he added.
Lutnick became increasingly close to Elon Musk, another important Trump advisor, New York Times point out“and, given the Department of Commerce’s role in expanding broadband Internet access, [Lutnick] could give tech giant Starlink a significant boost.”
As a member of the transition team, Lutnick played a key role in recruiting and hiring. He promised to do the same as a member of the administration, NPR reported—exclusively “stack” groups with “loyalists.”
However, many people do voice concerns about Lutnick’s potential conflicts of interest, including with respect to cryptocurrency; Cantor Fitzgerald, manager one some reserve funds for Tether, a stablecoin.
