FBI Investigation Finds Sons of Commerce Secretary Profiting from Father's Administration with Data Center Deals
The sons of former Commerce Secretary Howard Lutnick, now 27-year-old Brandon and 29-year-old Kyle, are making a hefty profit from their father's administration by investing in the data center industry, which is booming thanks to government support for artificial intelligence (AI). The data centers provide cloud services that power many AI applications and platforms.
According to an investigation by the New York Times, Kyle Lutnick recently toured a property in Texas where his company Fermi America plans to build a new data center. During the visit, he met with Fermi's co-founder and CEO billionaire Toby Neugebauer. The news broke after Cantor Fitzgerald, the financial services firm run by Lutnick's father for many years, was revealed to be "helping raise capital" for Fermi America's new data center in exchange for millions of dollars in fees.
The Times notes that this arrangement is not an isolated incident but rather part of a pattern. Howard Lutnick, as Commerce Secretary, has used his influence to create opportunities for his family's companies to secure foreign investments and capitalize on government initiatives. This includes Fermi America's partnership with Doosan Enerbility, a Japanese company that supplies nuclear power plant components, which will "pursue broader collaboration across multiple projects and technology platforms" in support of Fermi America's long-term nuclear development strategy.
The New York Times investigation has raised concerns about the potential for crony capitalism and the blurred lines between public service and private gain. The Commerce Department has denied any wrongdoing, with a White House spokesperson stating that the only interest guiding Secretary Lutnick's decision-making is the best interest of the American people.
The sons of former Commerce Secretary Howard Lutnick, now 27-year-old Brandon and 29-year-old Kyle, are making a hefty profit from their father's administration by investing in the data center industry, which is booming thanks to government support for artificial intelligence (AI). The data centers provide cloud services that power many AI applications and platforms.
According to an investigation by the New York Times, Kyle Lutnick recently toured a property in Texas where his company Fermi America plans to build a new data center. During the visit, he met with Fermi's co-founder and CEO billionaire Toby Neugebauer. The news broke after Cantor Fitzgerald, the financial services firm run by Lutnick's father for many years, was revealed to be "helping raise capital" for Fermi America's new data center in exchange for millions of dollars in fees.
The Times notes that this arrangement is not an isolated incident but rather part of a pattern. Howard Lutnick, as Commerce Secretary, has used his influence to create opportunities for his family's companies to secure foreign investments and capitalize on government initiatives. This includes Fermi America's partnership with Doosan Enerbility, a Japanese company that supplies nuclear power plant components, which will "pursue broader collaboration across multiple projects and technology platforms" in support of Fermi America's long-term nuclear development strategy.
The New York Times investigation has raised concerns about the potential for crony capitalism and the blurred lines between public service and private gain. The Commerce Department has denied any wrongdoing, with a White House spokesperson stating that the only interest guiding Secretary Lutnick's decision-making is the best interest of the American people.
- sons making millions off dad's admin, it's not cool at all 
but like, you gotta wonder how this even went down without anyone noticing for so long... maybe they were too busy raking in the dough to care about ethics? 
and now we're left with crony capitalism concerns and a whole lot of distrust in our government's ability to regulate itself 
it sounds like crony capitalism to me and its shady how Kyle and Brandon are making bank off their dads connections. 
. maybe there should be some regulations in place to make sure everyone is playing by the same rules 