Loading summary
Transcript16 lines
- [00:00]
A
And we're live on Matchday as Doug reaches for a buffalo wing. He's got it. Oh, and he's gone for a can of Pepsi, too. What a finish. There's no doubt about it. It just tastes better. Matchdays deserve Pepsi.
- [00:16]
B
By the time I hit my 50s, I'd learned a few things, like how family is precious, work can always wait. And 99% of people over 50 already have the virus that causes shingles. Not everyone at risk will develop it. I did. The painful, blistering rash disrupted my life for weeks. Don't learn about your shingles. Risk the hard way. Talk to your doctor or pharmacist today. Sponsored by gsk.
- [00:45]
C
I wrote a little song to remind you. Choice hotels get you more of the experiences you value.
- [00:50]
D
The Cambria Hotel's got it all.
- [00:53]
C
A rooftop bar. Have a ball. Bring a date, your squad, or even your mom.
- [00:57]
D
Book direct@ChoiceHotels.com I'm Kiana, and I leveled up my business with Shopify. Once I figured out that Shopify was a thing, I never turned back. I can create a site with my eyes closed. Shopify thinks ahead of us, you know, and it thinks about the customer more than anything. Every day I'm thinking about some other new business, but Shopify is doing it to me because it's so easy to use. It's like, I can't stop. I'm addicted.
- [01:26]
C
Start your free trial@shopify.com Imagine buying your
- [01:30]
E
kid a toy only to find the batteries aren't included. Or buying furniture, but it's missing the tools to build it. Frustrating, right? Now, imagine that exact same feeling, but you're paying way more. That is what buying business software usually feels like. Fragmented, disconnected, and incredibly expensive. Odoo completely changes that. Odoo is a complete, fully integrated business suite where all your apps actually talk to each other. We're talking automated lead routing for your sales team, seamless AI integration, and an intuitive point and click website builder. It's everything your business needs to scale, saving you time, headaches, and money. Stop piecing your software together. Go to odoo.com that's o d o o.com to learn more.
- [02:14]
C
U.S. senators are investigating whether Howard Lutnick, the Commerce Secretary, in conjunction with his family and other rare earth mineral companies, have participated in bribery that based on a new letter that was just sent from Senators Warren and Lofgren to Cantor Fitzgerald, the former company family owned company of Howard Lutnick, whose sons allegedly run it. I'm Michael Popo. Let's get to the Bottom of the corruption being investigated by the Senate Democrats all has to do with rare earth minerals and various mining companies, capital markets, some other investment relationships where Caner Fitzgerald has made money as the underwriter, taking an equity stake in which the Commerce Secretary had approval rights and or had the ability to fund particularly. The New York Times just did a great expose of the relationship between Donald Trump and Howard Lutnick, the sons of Trump and Lutnick, their respective companies and 14 different companies in the rare earth and or mining business. When you do the math, more than $9 billion worth of government contracts are in play related to companies that, that have equity positions taken by Trump's sons, Eric Jr. And Eric and Don Jr. And benefiting Canor Fitzgerald as writer, placement agent, investment banker, you name it. So lots of fees going to the Lutnick Sons and lots of equity and financing and government contracts going to the Trump Sons. And that is now the subject of this detailed investigation by the Senate Democrats. One thing in particular that I've been focused on through the New York Times article is a company called Kaz Resources. Kaz Resources, which is in a tungsten mining business out of Kazakhstan. You've got the Trump family taking a 20% ownership interest through an entity they, they own or are involved with called Dominari Securities. Dominari securities also picked up a bunch of money, millions and millions of dollars through Canor Fitzgerald, finding them capital. So you've got fees being made by the Trump, by the, by the Canner, Fitzgerald Lutnick Sons, and you've got the equity position all there with the Trump sons. And the issue is whether Howard Lutnick, who not only is the Commerce Secretary, but effectively controls a sovereign wealth fund, a sovereign wealth fund where he can give out money through various relationships like the Export Import bank that he sits on and the U.S. economic Development Board that he sits on and influence where those billions and billions and billions of dollars end up. And they're ending up in contracts and agreements, in financing and in loans involving his own family. So he's doling out the money, he's meeting with the principals, he's meeting with the countries in his role as Commerce Secretary, wearing his commerce Secretary hat, like when he met with the president of Kazakhstan, President Tokyev at the St. Regis Hotel near Cantor Fitzgerald's headquarters. And suddenly, oh, everybody comes out rosy. The Commerce department takes a 10 or 20% stake in a company, meaning you and I now own a mining company. The Cantor Fitzgerald boys make. Boys make money from fees, from placement, from underwriting, from investment Banking from consultancy from whatever. And the Trump sons make money cuz they own these mining companies and there's 14 of them. They have names like USA Rare Earth in particular, they have names like Kaz Resources and the rest. And this inter, incestuous interrelationship between Lutnick as Commerce Secretary but former chairman but big stakeholder in Cantor Fitzgerald and Trump as president, but also his sons with family businesses in the industries that he regulates and that he funds. That's what they're getting to the bottom of. And they're warning not just Cantor Fitzgerald, they're warning the company that the owners of Rare Earth, USA Rare Earth that they could be investigated for ultimately for bribery and corruption, you know, in collaboration with, in cahoots with the father, Howard Lutnick. Now I've done this disclosure before over the last six years, but I'll do it again. I had one time worked at Cantor Fitzgerald. I worked under Howard Lutnick back a million years ago when I was global head of litigation for them. I don't have any knowledge of what's going on there now. All I can do is give educated speculation based on the players that I do know. That's all I can do. So the Lutnick sons ones, I don't know, 31, the other one's 28, something like that, they took over from daddy when daddy Lutnick divested his interest, sent it to them, I think in exchange for a dollar, the billions of dollars of ownership, partnership stakes and equity stakes that he has in the various thousands of entities that make up Cantor Fitzgerald family of companies. Turns that over to the Suns for now. Okay. But doesn't recuse himself from any meetings. In fact, when he meets with the Kazakhstan president Tokay of Tokyev, you know, he does it publicly. Oh, I think we could be in business together. But when Lutnick says. I'm gonna show you this clip. When Lutnick says we could be in business together, what he really means is let's get into business. We'll give you money from the government that's not mine, taxpayer dollars. We'll take an equity position. My sons will make money on the fees and Donald Trump's sons will make money from a related company. How's that? Play the clip.
- [08:34]
F
The opportunity for us to work together and to enhance both economies is the key to a trade relationship and to opportunity. You have great critical minerals that we can invest in together. We are thrilled that you selected our Wabtec and the locomotives. I think that is excellent and a great beginning and foundation for us to build together. We very much appreciate that.
- [09:08]
C
Now, here's what the letter, which we'll post up on Legal AF substack, says to Brandon Lutnick, who's the younger son but the chairman of now the Canter Fitzgerald lp It's still one of the last partnerships, true partnerships on Wall street at 110 E. 59th St. There we go. Corner of Park Avenue and 59th Street. We write regarding ongoing ethics and corruption concerns in light of the June 3, 2026 announcement that the U.S. department of Commerce that your father runs has finalized a $1.6 billion agreement with USA Rare Earth. Given the massive investment by the American public in USAR and its fiduciary responsibility to its shareholders, it is imperative your company provide complete transparency. In February, we wrote Commerce Secretary Howard Lutnick in regard to our concerns about the announcement that the government would be taking a 10% stake, meaning you and I now own 10%, whether we like it or not, of US Rare Earth. To close the deal, USAR set a $1.5 billion private offering for the company's stock and lo and behold selected Lutnick's former family company, Caner Fitzgerald, as the deal's placement agent, benefiting the family and the sons who have the majority stake in the company. In conjunction, the Commerce department took 16.1 million shares in the company. Now Commerce's $1.6 billion investment was predicated on matching requirement, so they had to go out and raise their own funds. So they used Cantor to do it in what was called a private investment in public equity. A pipe pipe transaction with. You're not going to guess who they picked to be the lead placement agent or underwriter for it, right? Can or Fitzgerald making more money once again. Now the the CEO of the U.S. rare Earth, Barbara Humpton, basically confessed that it was Secretary Lutnick who opened the doors to this influential agency and got them the funding and the matching funding that they needed, including through the Department of Energy and the Department of Defense. In fact, here's a clip.
- [11:38]
G
Actually, the Department of Commerce led an all of government effort. We had a really first of its kind meeting at the Pentagon with both the Department of War and the Department of Energy and Commerce themselves. At the end of the meeting, the question from all three departments was how fast do you need to move? Ultimately, Commerce stepped up and the Chips and Science act team switched into high gear to make sure that we moved at warp speed to understand how to scale up this business and to see the transformative opportunity ahead of us.
- [12:14]
C
One of the best investments I've made for my health has been getting better sleep. And my Leesa mattress has made a real difference. Look at the end of a long day. It's the place where I can actually unwind. It's supportive without feeling stiff, comfortable without sinking. And I wake up feeling more rested and ready to tackle the day. Leesa has a lineup of beautifully crafted mattresses tailored to how you sleep. So whether you're a side sleeper, back sleeper, or somewhere in between, there's an option for you. They're meticulously designed and assembled in the USA and they back everything with free shipping, easy returns and 120 night sleep trial. Go to leesa.com for 30% off select mattresses plus get an extra $50 off with promo code legal AF exclusive for my listeners. That's L E E S a.com promo code legal AF for 30% off select mattresses and, and an extra $50 off when you use our code. You're supporting our show. Lisa.com promo code legal a F and so they raised the specter here on page three. The circumstances around this deal come to coming together, raise serious questions about Secretary Lutnick's exposure to federal conflicts of interest and bribery law. And he should have, in other words, he should have recused himself from meetings. He shouldn't have been the placement agent to get everybody to make money and to, you know, here's what you know, you can just see the quarterbacking in his mind. Here's what we're going to do. I'm going to create effectively a sovereign wealth fund. I'm going to control money that belongs to the American people in these various places. Commerce Department, Energy Department, Import Export Bank, Development Corporation. Billions and billions of dollars would be under my control. Okay, I'll send it to companies that I'm already in business with through my, through my family business, Canter Fitzgerald. They'll benefit by being the placement agent, the underwriter, the fees, the investment banker. Yeah. And then the, and then you guys, you trump sons. You get into the business of mining. Not that you know anything about mining, but you get into the mining business and then we'll, we'll, we'll take an equity position in a company you own to prop it up. We'll get the funds. We'll match the funds your dad will make. You'll make money. Your dad will make money. We'll make money. I'll make money when I leave the Commerce Department. Finally, in a year or two, I'll have doubled my net wealth. You could just hear the playbooking, right? The blackboarding over this. And so this is what the senators want to get to the bottom of. This is what it says on page five. Though Secretary Lutnick may no longer hold a direct state encanter, the question is whether he holds an indirect stake through his sons. The direct financial interests of his family members is a central legal consideration in this matter. Legal experts in federal courts have determined that the thing of value did not go to the public official himself under bribery law. And here's the questions they're asking. Have any employees or representatives of Canter Fitzgerald met with any members of the Commerce Department regarding mining investments under the CHIPS or SCIENCE act funding? How many? Have any employees of Cantor Fitzgerald met with Secretary Lutnick or any other representative from the office of the Secretary regarding United States Rare Earth? Have Cantor Fitzgerald met with CHIPS and the science team? Have they discussed with any members of the Commerce Department potential investment in that company? How was Cantor chosen to be the lead placement agency for the the some of these investments randomly? Now, at the same time, companies that Lutnick is involved with are also the subject of another set of letters from these same senators about the attempt by Todd Blanche, the embattled nominee for attorney General, to award affiliates of Donald Trump and his family a pass on tax liability or criminal liability based on a settlement amended settlement agreement after the anti weaponization fund was created. What what is an affiliate do? Does the company, like I just described, does it consider itself an affiliate of Donald Trump? Is CAS Resources another company Trump Lutnick are all involved with? Is that a affiliate? Do they consider that they're the beneficiary of this amended settlement agreement entered into by Todd Blanche? These are all excellent questions that need to be answered as we, you know, as we continue here. The problem is you've got a corrupted administration. You've got a Department of justice and effectively a Commerce Department that are wholly owned subsidiaries of the Trump Organization. That's what they are. That's how they operate. There's no independent thought. The only independent thought is how do we make as much money as possible for Trump's family, Lutnik's family, the family of Steve Witkoff, the foreign envoy for the Iranian deal, who's a golf buddy of Donald Trump. How do we do that? That is when they get up in the morning and they brush their teeth, that is the number one thing that's on their mind. That's why Donald Trump made $3.6 billion in cryptocurrency and the investors lost $7 billion because he makes it on the vic. He makes it on the fees. When you own the platform and that you want volume. The higher the volume, the more money you make. Where did he get that concept from? Probably Howard Lutnick, whose Canter Fitzgerald is fundamentally, although they've tried to make themselves into something else, they want to be a bigger player on Wall street, but they are fundamentally a brokerage. So in brokering, in broking, you make a lot of money. All you want is velocity. You want buying and selling, buying and selling. You almost want panic because you'll make a lot of money on the buy and the sell because you're not taking an equity transaction. You're only the broker. You're not taking a stake and you're not using your money. You're facilitating the transaction. And that's a concept that's at the heart of Howard Lutnick, and that is what has been imbued in Donald Trump as he tried to apply the same philosophy in the cryptocurrency world. So until my next report, and you know I'm going to cover all things Howard Lutnick right here on Midas Touch and Legal aforementioned, hit the free subscribe Button on Legal AF YouTube. Help us to continue to grow that channel. Till my next report, I'm Michael Popak. Can't get your fill of Legal af. Me neither. That's why we formed the Legal AF substack. Every time we mention something in a hot take, whether it's a court filing or a oral argument, come over to the substack. You'll find the court filing in the oral argument there, including a daily roundup that I do called Wait for it Morning af. What else? All the other contributors from Legal AO are there as well. We got some new reporting, we got interviews, we got ad free versions of the podcast and hot takes where Legal AF on Substack. Come over now to free subscribe.
- [19:44]
B
Most people overpay for car insurance, not because they're careless, but because switching feels like too much hassle. That's why there's Jerry, your proactive insurance assistant. Jerry compares rates side by side from over 50 top insurers and helps you switch with ease. Jerry even tracks market rates and alerts you when it's best to shop. No spam calls, no hidden fees. Drivers who save with Jerry could save over $1,300 a year. Switch with confidence. Download the Jerry app or visit Jerry AI Libsyn today. That's J E R R Y AI libsync.
- [20:21]
H
Hi, Ryan Reynolds here for Mint Mobile. Are you looking for a beach read this summer? May I suggest your big wireless bill? It's got suspense, mystery, a slightly flat emotional arc, and a shocking twist where you realize you've been overpaying the entire time. Fortunately, though, Mint's story is better. Every plan $15 a month, even unlimited. That's it. Happy ending, zero tears. Give it a try@mintmobile.com Switch upfront payment
- [20:44]
I
of $45 for three months, $90 for six months or $180 for a 12 month plan. Required $15 per month equivalent taxes and fees Extra initial plan term only greater than 50 gigabytes may save slow when it works Busy sea terms When Maintaining your daily wellness rituals is important to you, the change in routine during the summer can feel daunting. Kachava's new travel packs help you stick to your daily ritual even when you're on the go. Just one packet of Cachava's all in One Nutrition Shake provides complete nutrition with 25 grams of protein, 6 grams of fiber, greens, adaptogens, and much more. So you'll be fueled and ready for wherever life or your summer adventures take you. No fillers, no nonsense, just the good stuff your body craves. Plus, it actually tastes delicious, but you can try it for yourself because the variety pack includes all six delicious fan favorites chocolate, vanilla, chai, matcha, coconut, acai and strawberry. So instead of worrying about sticking to your daily ritual, simplify it with Cacava. Go to cachava.com and use code fitness for 15% off. That's K A C H-A-V-A.com code fitness.