New Republic - At least one person in the Trump administration stands to make a fortune at the National Weather Service’s deathbed.
Commerce Secretary Howard Lutnick oversees the National Oceanic and Atmospheric Administration and its subsidiary, the National Weather Service. But until recently, he also ran a financial firm, Cantor Fitzgerald (which he placed under the stewardship of his two twentysomething sons), that invests in companies vying to replace the weather agencies’ labor.
Cantor owns a controlling interest in BGC Group, which created a weather derivatives desk in 2023 to analyze its clients’ climate-related financial exposure. Cantor is also invested in a satellite company that photographs natural disasters and weather events in real time. Lutnick is especially close to that project—he helped the company go public in 2022.
Lutnick’s most recent ethics filing revealed that he is still in the process of selling off his shares in the company. Securities and Exchange Commission filings obtained by the Associated Press indicate that Lutnick’s stakes aren’t going far—instead, he’s been transferring them to one of his sons.
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