The brokerage Howard Lutnick's family controls owns a third of a Beijing venture with a Chinese state company. BGC Group told the SEC so on Monday, four days before the Treasury secretary put the Nvidia scandal on Lutnick's desk.
Scott Bessent told CNBC on Friday that Treasury, the War Department, the trade representative and State "were in favor of putting Megaspeed on the Entity List for months, but Commerce has the pen." Megaspeed, of Singapore, bought more than $4.8 billion of Nvidia chips in two years, CNBC reported. Lutnick runs Commerce. He has agreed to testify before the Senate Banking Committee on Dec. 10.
If Lutnick falls, he will be taking the fall for Donald Trump. Trump knows a lot more than he is saying.
