US Commerce Secretary Divests From Cantor Fitzgerald

Commerce Secretary Howard Lutnick has divested his longstanding ownership in Cantor Fitzgerald, transferring control to his children and a select group of private investors, in a move that fulfils federal ethics requirements. The transactions, completed this past week and announced by Cantor Fitzgerald on May 19, come as Lutnick steps away from the Wall Street empire he led for more than three decades. Ownership of Cantor Fitzgerald has now been placed into trusts benefiting his adult children, including Brandon and Kyle Lutnick, who were appointed chairman and executive vice chairman earlier this year following their father’s confirmation to President Donald Trump’s Cabinet....