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Lutnick's sons (Cantor-Fitzgerald) hedged on *tariff refunds* buying right at 20-30 cents in the dollar
Trump Official’s Sons May Make Tons of Money After Supreme Court Rulinghttps://www.newsweek.com/howard-lutnick-sons-may-make-money-supreme-court-ruling-tariffs-11558345
The "Tariff Refund" Bet
Beginning in mid-2025, Cantor Fitzgerald—led by Brandon (Chairman/CEO) and Kyle (Executive Vice Chairman)—offered a specialized "litigation finance" product to companies struggling with tariff costs.
The Arrangement: Cantor bought the rights to future government refunds from companies that paid the tariffs.
The Discount: The firm reportedly purchased these rights at a steep discount, often 20–30 cents on the dollar.
The Payoff: On February 20, 2026, the Supreme Court ruled 6-3 that the administration overstepped its authority in using emergency laws to levy universal tariffs.
Potential Returns: If the government issues full refunds, Cantor Fitzgerald could see returns of 3x to 5x their initial investment. Estimates suggest the total pool of refundable tariffs exceeds $175–$200 billion.
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