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The Grift Files · Who got what · Updated Nov. 8, 2026

What Howard Lutnick has gained

Secretary of Commerce; former chairman, Cantor Fitzgerald

8
dated entries
3
records
2
of our stories

The card

What the record shows

Howard LutnickSecretary of Commerce; former chairman, Cantor Fitzgerald

Cantor stake moved to his sons' trusts, bought with a loan from Tether; a senator alleges the firm's Tether stake rose from $600 million to $10 billion

Lutnick satisfied his divestiture pledge by transferring Cantor Fitzgerald to trusts for his own children, who now run the firm. Senators Warren and Wyden later found the trust paid for the stake with money lent by Tether, the stablecoin issuer whose business Commerce policy touches. Senator Blumenthal's October 2026 letter alleges a $192 million distribution to Lutnick; that figure is the senator's allegation.

Response: The Commerce Department said Lutnick "fully complied with the terms of his ethics agreement, including all divestiture and recusal requirements." Cantor did not respond to CoinDesk.

Source: CoinDesk, InvestmentNews, CoinDesk

Holding office, or a family name, is not a crime. This page says only what the sources say, and carries the response where one was given.

In the timeline

Every entry that names Howard Lutnick

8 dated entries from the Grift Files timeline, oldest first, each with its source.

  1. Trump announces a $5 million 'gold card' residency visa for wealthy foreigners

    $5MThe President

    In the Oval Office, Trump said wealthy foreigners would be able to buy permanent residency for $5 million, calling it "a route to citizenship." Commerce Secretary Howard Lutnick named it the "Trump Gold Card" and said it would effectively replace the EB-5 investor visa. The card carries the sitting President's name and is marketed by his administration.

    The response: Trump said the proceeds could help pay down the deficit; Lutnick said EB-5 was "full of nonsense, make-believe and fraud" and gold card applicants would be vetted (NPR).

    Source: NPR (via GPB)

  2. Lutnick 'divests' Cantor Fitzgerald by handing it to trusts for his own children

    $361MThe circle

    Commerce Secretary Howard Lutnick transferred his ownership of Cantor Fitzgerald, BGC Group and Newmark to trusts for the benefit of his adult children; the deal took effect May 16, 2025. BGC bought back 16.4 million shares for $151.5 million and Newmark 11 million shares for $127 million; the Financial Times put the total at $361 million, with no immediate tax bill if proceeds were reinvested. His son Brandon, 27, became Cantor's chairman and CEO and oversees the trusts; son Kyle is executive vice chair. Cantor is the main custodian of the reserves behind Tether's USDT stablecoin and holds rights to a 5% stake in Tether.

    The response: Brandon Lutnick: "Kyle and I are honored to continue building on our father's legacy." The Commerce Department has said Lutnick fully complied with his ethics agreement.

    Source: InvestmentNews

  3. White House names 37 ballroom donors; most have business before the government

    A donor

    The White House released a list of 37 ballroom donors without amounts. Corporate names included Lockheed Martin, Palantir, Booz Allen Hamilton, Google, Amazon, Apple, Meta, Microsoft, Coinbase, Ripple, Tether America, Comcast, T-Mobile, Altria, Reynolds American, Caterpillar, Union Pacific, NextEra, Micron and HP, companies with federal contracts, pending mergers or regulatory matters. Individuals included Stephen Schwarzman, Harold Hamm, the Lutnick family, the Adelson Family Foundation, the Winklevoss twins and Kelly Loeffler and Jeff Sprecher. Senator Richard Blumenthal wrote to the donors asking how much each gave and what they wanted.

    The response: Trump has said the funding comes from private donors and himself, not taxpayers.

    Source: CNN (via Atlanta News First)

  4. 'Trump Gold Card' visa goes on sale at Trumpcard.gov for $1 million plus a $15,000 fee

    $1MThe President

    The administration launched the Trump Gold Card at Trumpcard.gov. Applicants pay a nonrefundable $15,000 processing fee to the Department of Homeland Security, and after vetting a $1 million "gift" to the U.S. government; companies can pay $2 million per employee. The site also takes a waiting list for a $5 million "Trump Platinum Card." Commerce Secretary Howard Lutnick said about 10,000 people had pre-registered.

    The response: Trump: "Basically it's a Green Card, but much better." Lutnick predicted thousands of cards and billions of dollars for the Treasury (Reuters).

    Source: Reuters (via Yahoo News), Trumpcard.gov (U.S. government)

  5. Tether lent money to the Lutnick children's trust as it bought their father's Cantor stake

    The circle

    Bloomberg reported in March 2026 that a trust benefiting Howard Lutnick's four children, which holds more than half of Cantor Fitzgerald's equity, borrowed an undisclosed sum from Tether in October 2025, around the time it completed the purchase of his stake; the loan was reportedly backed by all the trust's assets. Senators Elizabeth Warren and Ron Wyden wrote to Lutnick and Tether CEO Paolo Ardoino on April 29, 2026 asking whether Tether financed his divestiture, whether he helped arrange the loan, and what contact he has had with Tether since joining the Cabinet, noting Tether lobbied for the GENIUS stablecoin law Lutnick helped shape. "If true, that would be a startling revelation," they wrote. Lutnick has not said what his children paid.

    The response: The Commerce Department has said Lutnick "fully complied with the terms of his ethics agreement, including all divestiture and recusal requirements"; neither Commerce nor Tether responded to CoinDesk, The Block or DL News before publication.

    Source: CoinDesk, The Block, DL News (via Yahoo Finance)

  6. Gold card reality check: 338 applications and one approval, against promises of trillions

    The President

    A court filing by Trump officials showed 338 people had applied for the $1 million Trump Gold Card and 59 had advanced to Homeland Security vetting. Lutnick said the prior week that only one person had been approved, with "hundreds in the queue." Before the price was cut from $5 million, Lutnick had projected 200,000 cards could raise $1 trillion for the Treasury.

    The response: Trump: "I happen to think it's going to sell like crazy. It's a bargain" (The Telegraph).

    Source: The Telegraph (via Yahoo News)

  7. Commerce eases chip export rules for MGX and G42, the UAE firms behind World Liberty's biggest deals

    $263MA donor

    A Commerce Department rule said the government would 'favorably review' export licenses for MGX, the Abu Dhabi fund that used USD1 to pay for its $2 billion Binance stake, and gave the UAE government, G42 and its cloud arm access to license exceptions for advanced computing equipment. Senator Warren called the provision 'corrupt' and, citing Trump's disclosure, said the MGX deal produced a $263 million windfall for him; she demanded that Commerce Secretary Howard Lutnick testify. CNBC noted there was no evidence in the rule that the UAE's dealings with World Liberty influenced the decision.

    The response: Commerce said the rule 'will significantly upgrade the status of the United Arab Emirates,' citing its status as a Major Defense Partner and its support for U.S. national security interests.

    Source: CNBC

  8. Senate investigator says Cantor's Tether stake went from $600 million to $10 billion under Lutnick's watch

    $192MThe circle

    Sen. Richard Blumenthal, ranking Democrat on the Senate Permanent Subcommittee on Investigations, wrote to Cantor Fitzgerald chairman Brandon Lutnick, Howard Lutnick's son, after a September Senate Democratic report found Tether's USDT is a key tool of Iran's shadow banking network. Cantor custodies tens of billions of Tether's Treasury reserves and acquired rights to a 5% Tether stake in 2024. Blumenthal alleged that stake's estimated value rose from $600 million to $10 billion since Trump returned to office and that Howard Lutnick received more than $250 million in that period, including a $192 million Cantor distribution; he demanded the terms of Lutnick's divestiture, any Tether financing for his children, and all Lutnick-Tether communications by Oct. 23, and asked Treasury and Justice to investigate possible sanctions violations.

    The response: Tether said it has worked with law enforcement for years and froze nearly $550 million in Iran-linked USDT this year. Cantor did not respond to CoinDesk or Cointelegraph. Commerce has previously said Lutnick fully complied with his ethics agreement.

    Source: CoinDesk, Cointelegraph

Exhibit C

The receipts

3 records you can open and read yourself: financial disclosures, securities filings, court dockets, budget-office estimates, Treasury figures and congressional reports. Every link goes to the official copy or the original report.

Records that name Howard Lutnick3 records

From our newsroom

Our reporting on Howard Lutnick

The rest of the roster

Who else got what

The whole Grift File: the ledger, the chapters and the roster →

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