Trump transition head faces criticism for conflicts
Howard Lutnick faces allegations of intertwining his work related to Trump with his personal business interests.
TroibNews 
Howard Lutnick, the Wall Street CEO leading Donald Trump’s transition team, is under fire from some Trump insiders for allegedly blending his business interests with his responsibilities related to forming a potential administration.
Concerns among Trump loyalists have intensified due to the perception that Lutnick is attempting to exclude numerous aides and advisers from the first Trump administration, aiming to populate the second administration with individuals who could be personally advantageous to him.
These concerns have reportedly reached Trump himself, leading to speculation that Lutnick may face a demotion or be required to report to another loyalist regarding transition matters.
Lutnick and his supporters deny any wrongdoing, suggesting that the allegations stem from disgruntled former Trump officials associated with Project 2025 — a defunct initiative from the Heritage Foundation that has become a liability for Trump — who are frustrated by Lutnick’s refusal to consider them for important roles.
"The entire transition team is solely focused on ensuring President Trump is victorious and that he is ready to start building out his historic second administration immediately with dedicated individuals who will advance his America First agenda," Lutnick stated.
The most significant allegations claim that Lutnick conducted meetings on Capitol Hill in his capacity as transition co-chair, allegedly using these opportunities to discuss issues affecting his investment firm, Cantor Fitzgerald, including critical regulatory concerns related to its cryptocurrency operations.
“You cannot do that on behalf of President Trump,” remarked a senior Trump ally, who requested anonymity to express internal concerns.
Another senior Republican official described it as “totally sketchy” for Lutnick to appear to be operating in dual, potentially conflicting roles: “The onus is on him not to use the power in an abusive manner, and that has not been the case.”
A source close to Lutnick acknowledged that he has scheduled both transition-related and business meetings on the same day but insisted that he maintains a clear separation between the two. According to this person, transition staff do not attend his business meetings, and vice versa.
At 63, Lutnick has been a personal friend of Trump for years and has led Cantor Fitzgerald since 1991, including through the tragic loss of 658 employees during the September 11 attacks. Recently, he has surfaced as Trump’s key connection to Wall Street, gathering millions for his reelection campaign and garnering the support of fellow financiers.
“There’s nobody more loyal and capable than Howard, which is why my father picked him to help put together the greatest collection of talent to ever serve in the United States government," Donald Trump Jr. told PMG. "The great thing about having someone as trustworthy as Howard is we can totally focus on winning and know that things will be ready when the time comes."
Lutnick’s longstanding relationship with Trump, which the former president reaffirmed during the campaign recently, has led the individual close to Lutnick to doubt that he could be pushed aside.
While the specifics of Lutnick’s discussions in Washington remain unclear, his lobbying activities underscore the range of business relationships that could complicate his leadership of the Trump transition and a potential position in a new administration.
These relationships include Cantor Fitzgerald's connection with Tether, one of the most controversial cryptocurrency companies globally, known for issuing a digital token linked to the U.S. dollar. Despite being embroiled in various scandals concerning illicit finance, Lutnick has defended the company and indicated that Cantor Fitzgerald manages its assets. Tether did not respond to a request for comment.
With Trump promising to establish the U.S. as the "crypto capital of the planet" and his allies in Congress seeking legislative reforms for crypto regulation, Lutnick might provide Tether with a significant ally in the former president’s sphere.
“To have a guy who is in the crypto industry picking financial regulators, I think, is an invitation for trouble,” said Richard W. Painter, former White House ethics lawyer under George W. Bush and now a Trump critic.
Additionally, Lutnick's chief D.C. lobbyist, Jeff Miller, a close ally of former Speaker Kevin McCarthy, has been working on behalf of a Cantor Fitzgerald subsidiary on a vital cryptocurrency bill since December, which raises further questions about potential conflicts between transition-related business and his work.
Miller denied any involvement in transition matters while focusing exclusively on Lutnick's business interests. One person who attended a transition meeting involving Lutnick confirmed that Miller was not present.
Lutnick’s blending of business and transition activities is viewed by ethics watchdogs as creating an appearance of conflict, even if it might not break any laws.
“It looks and smells bad, even if it’s not outright illegal,” said Aaron Scherb, senior director of legislative affairs at Common Cause, a government watchdog organization.
Beyond Cantor Fitzgerald, Lutnick is also linked to FMX, a financial exchange currently facing scrutiny over its proposal to manage some U.S. government debt trades through London. Its main competitor, the CME Group in Chicago, has urged regulators to assess Lutnick’s plans, which could create friction with the Commodity Futures Trading Commission and Treasury Department.
Virginia Canter, chief ethics counsel at Citizens for Responsibility and Ethics in Washington, which monitors Trump’s ethics history, warned that Lutnick's conduct may foreshadow the operational style of a second administration.
“If the head of the transition doesn’t have a handle on these issues, I think it forebodes what is to come,” she stated.
Lutnick’s supporters contend that the conflict-of-interest claims are merely a distraction from ongoing tensions within the Trump transition regarding the exclusion of some former officials associated with Project 2025 from a potential new administration.
For this reason, Lutnick feels no remorse, according to a close associate. He believes Trump has implemented a directive against hiring such individuals and has labeled them as "radioactive" in past interviews.
“Their beef is not with Lutnick, it’s with DJT,” the individual asserted.
Nonetheless, critics argue that Lutnick has gone too far in enforcing this mandate, sidelining individuals whose names appear in certain documents without significant involvement in the Heritage-led initiative. Some have voiced their grievances directly to Trump, who has advised them to disregard the transition team, stating he will ultimately determine who fills roles in his administration.
“Howard has gotten out way over his fucking skis on this,” remarked a senior Republican official.
Declan Harty contributed to this report.
Max Fischer for TROIB News
Concerns among Trump loyalists have intensified due to the perception that Lutnick is attempting to exclude numerous aides and advisers from the first Trump administration, aiming to populate the second administration with individuals who could be personally advantageous to him.
These concerns have reportedly reached Trump himself, leading to speculation that Lutnick may face a demotion or be required to report to another loyalist regarding transition matters.
Lutnick and his supporters deny any wrongdoing, suggesting that the allegations stem from disgruntled former Trump officials associated with Project 2025 — a defunct initiative from the Heritage Foundation that has become a liability for Trump — who are frustrated by Lutnick’s refusal to consider them for important roles.
"The entire transition team is solely focused on ensuring President Trump is victorious and that he is ready to start building out his historic second administration immediately with dedicated individuals who will advance his America First agenda," Lutnick stated.
The most significant allegations claim that Lutnick conducted meetings on Capitol Hill in his capacity as transition co-chair, allegedly using these opportunities to discuss issues affecting his investment firm, Cantor Fitzgerald, including critical regulatory concerns related to its cryptocurrency operations.
“You cannot do that on behalf of President Trump,” remarked a senior Trump ally, who requested anonymity to express internal concerns.
Another senior Republican official described it as “totally sketchy” for Lutnick to appear to be operating in dual, potentially conflicting roles: “The onus is on him not to use the power in an abusive manner, and that has not been the case.”
A source close to Lutnick acknowledged that he has scheduled both transition-related and business meetings on the same day but insisted that he maintains a clear separation between the two. According to this person, transition staff do not attend his business meetings, and vice versa.
At 63, Lutnick has been a personal friend of Trump for years and has led Cantor Fitzgerald since 1991, including through the tragic loss of 658 employees during the September 11 attacks. Recently, he has surfaced as Trump’s key connection to Wall Street, gathering millions for his reelection campaign and garnering the support of fellow financiers.
“There’s nobody more loyal and capable than Howard, which is why my father picked him to help put together the greatest collection of talent to ever serve in the United States government," Donald Trump Jr. told PMG. "The great thing about having someone as trustworthy as Howard is we can totally focus on winning and know that things will be ready when the time comes."
Lutnick’s longstanding relationship with Trump, which the former president reaffirmed during the campaign recently, has led the individual close to Lutnick to doubt that he could be pushed aside.
While the specifics of Lutnick’s discussions in Washington remain unclear, his lobbying activities underscore the range of business relationships that could complicate his leadership of the Trump transition and a potential position in a new administration.
These relationships include Cantor Fitzgerald's connection with Tether, one of the most controversial cryptocurrency companies globally, known for issuing a digital token linked to the U.S. dollar. Despite being embroiled in various scandals concerning illicit finance, Lutnick has defended the company and indicated that Cantor Fitzgerald manages its assets. Tether did not respond to a request for comment.
With Trump promising to establish the U.S. as the "crypto capital of the planet" and his allies in Congress seeking legislative reforms for crypto regulation, Lutnick might provide Tether with a significant ally in the former president’s sphere.
“To have a guy who is in the crypto industry picking financial regulators, I think, is an invitation for trouble,” said Richard W. Painter, former White House ethics lawyer under George W. Bush and now a Trump critic.
Additionally, Lutnick's chief D.C. lobbyist, Jeff Miller, a close ally of former Speaker Kevin McCarthy, has been working on behalf of a Cantor Fitzgerald subsidiary on a vital cryptocurrency bill since December, which raises further questions about potential conflicts between transition-related business and his work.
Miller denied any involvement in transition matters while focusing exclusively on Lutnick's business interests. One person who attended a transition meeting involving Lutnick confirmed that Miller was not present.
Lutnick’s blending of business and transition activities is viewed by ethics watchdogs as creating an appearance of conflict, even if it might not break any laws.
“It looks and smells bad, even if it’s not outright illegal,” said Aaron Scherb, senior director of legislative affairs at Common Cause, a government watchdog organization.
Beyond Cantor Fitzgerald, Lutnick is also linked to FMX, a financial exchange currently facing scrutiny over its proposal to manage some U.S. government debt trades through London. Its main competitor, the CME Group in Chicago, has urged regulators to assess Lutnick’s plans, which could create friction with the Commodity Futures Trading Commission and Treasury Department.
Virginia Canter, chief ethics counsel at Citizens for Responsibility and Ethics in Washington, which monitors Trump’s ethics history, warned that Lutnick's conduct may foreshadow the operational style of a second administration.
“If the head of the transition doesn’t have a handle on these issues, I think it forebodes what is to come,” she stated.
Lutnick’s supporters contend that the conflict-of-interest claims are merely a distraction from ongoing tensions within the Trump transition regarding the exclusion of some former officials associated with Project 2025 from a potential new administration.
For this reason, Lutnick feels no remorse, according to a close associate. He believes Trump has implemented a directive against hiring such individuals and has labeled them as "radioactive" in past interviews.
“Their beef is not with Lutnick, it’s with DJT,” the individual asserted.
Nonetheless, critics argue that Lutnick has gone too far in enforcing this mandate, sidelining individuals whose names appear in certain documents without significant involvement in the Heritage-led initiative. Some have voiced their grievances directly to Trump, who has advised them to disregard the transition team, stating he will ultimately determine who fills roles in his administration.
“Howard has gotten out way over his fucking skis on this,” remarked a senior Republican official.
Declan Harty contributed to this report.
Max Fischer for TROIB News
