The Tiny Magnet Maker That Attracted $1.6 Billion From Lutnick
Democratic lawmakers are questioning potential conflicts of interest regarding Commerce Secretary Howard Lutnick and a $1.6 billion government commitment to a magnet manufacturer. Bankers at Lutnick's former firm simultaneously raised $1.5 billion for the same company from private investors.
In late January, the week before Commerce Secretary Howard Lutnick announced a $1.6 billion government commitment to fund a US magnet maker, bankers at his former financial services company, now run by his sons, were busy earning fees raising $1.5 billion more for the company from private investors. The parallel deals have been questioned by Democratic lawmakers alleging possible conflicts of interest involving Lutnick and his sons. But a more basic set of questions has dogged the project: Can…
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