Ikea Makes Better Cabinets: Howard Lutnick
That’s not a high bar, as Ikea’s cabinets are pretty flimsy. Nevertheless this slogan—popular at the Portland April 5 protest march— remains apt. Today I’ll focus on Commerce Secretary Howard Lutnick.
As Commerce Secretary, Lutnick’s main responsibilities include assessing trade agreements , enforcing trade laws, and promoting American businesses abroad. As such he has been a major promoter of Trump’s disastrous tariff policies. But he’s made himself especially infamous with two tone deaf pronouncements:
As regards disruption in the SSA that may cause Social Security recipients to miss one or more of their payments:
“Let’s say Social Security didn’t send out their checks this month, my mother-in-law—who’s 94—she wouldn’t call and complain. She’d just think something messed up and she’d get it next month. A fraudster always makes the loudest noise, screaming, yelling, and and complaining.”
In support of Trump’s tariffs:
“I mean, the European Union won’t take chicken from America! They won’d take lobsters from America. They hate our beef because our beef is beautiful and theirs is weak. It’s unbelievable!”
Who is this guy?
Lutnick, born in Jericho NY in 1961, was the CEO of investment bank Cantor Fitzgerald, a position now held by his son. He still retains 60% of the ownership of the company, as well as having an ownership stake in hundreds of other companies, many limited liability companies or limited partnerships. His net worth is estimated by Forbes magazine at 3.2 billion. He owns a penthouse in Manhattan and a 15 million dollar mansion on 40 acres in Bridgehampton. Upon his appointment as Commerce Secretary, he purchased a home in Washington DC for 25 million dollars, setting records for the most expensive house in the city.
So if Lutnick’s mother-in-law missed a Social Security payment I’m sure sonny boy could help out! She is not exactly in the same position as the more than 7 million Americans over 65 who derive at least 90% of their income from their monthly SSA checks.
As for his idiotic comments regarding food, doesn’t he realize that the European prohibitions are based on health considerations, not financial? Europeans do not import USA beef because conventionally raised American beef is treated with growth hormones. (so the cows will grow faster, of course, along with the rancher’s bank account). The growth hormones cause health problems in cows, such as mastitis, foot problems, and reproductive disorders. They aren’t so good for humans either. While the precise relationship with illness remain unclear, there does seem to be a link between blood levels of IFGI (an insulin like hormone produced in the liver in response to growth hormone stimulation) and the development of prostate, breast, colorectal and other cancers. As an endocrine disruptor, excess growth hormone can lead to reproductive difficulties and early puberty. All of these health problems are on the rise.
As for the chicken, the EU forbids imports, because conventional US poultry producers wash their chicken parts in chlorine. While the danger of the chlorine itself is negligible, this process allows companies to slack off on hygiene during feeding growing, and slaughtering, then make up for lapses with disinfectant. It’s impossible to detect bacteria in the lab on chlorine-washed chicken, giving the false impression that the chicken is bacteria free when it’s not. Thus, its easier for pathogens like salmonella to make their way into the market.
The EU does not forbid lobster imports. Sweden tried to push through a ban in 2016, claiming that Maine lobster was an “invasive species”, but they were unsuccessful. However, European, or blue lobster, is a very tasty, prevalent, fresher variety so they are not desperately in need of ours.
Health considerations aside, you’d think a billionaire like Lutnick would have visited Europe and realized their meat tastes a lot better than our “beautiful” (Trump has destroyed this adjective) bland, fatty, hormone enchanced beef. Has he ever eaten bresaola, or Florentine steak, or “black pork” raised on acorns? I don’t normally eat red meat, but I confess that I can’t resist these items.
Europeans don’t want our food, Mr. Lutnick.
Lutnick’s single minded, blatant greed is especially perplexing given that his life has been so deeply touched by the hands of fate. Anyone over the age of 30 will recall that 658 employees of Cantor Fitzgerald (2/3 of the firm) were killed on September 11, 2001 when a hijacked plane crashed directly into their offices. Lutnick, taking his son to his first day of kindergarten, was late to work, thus survived. Those killed included Lutnick’s brother, Gary.
Initial sympathy for Lutnick dissipated when, only a few days after the tragedy, he terminated the salaries of all his employees missing and presumed dead. He later partially mitigated this offense by providing the families with 25% of the company’s profits over the next five years, and paying their health care for 10 years.
Some people, after such an experience of both great tragedy and great luck, might take it as a second chance in their lives, a gift. They might realize that there are things more important than the blind pursuit of money. Not Lutnick, evidently.
The fact that both Lutnick’s parents died young of cancer and that Lutnick himself was diagnosed with lymphoma (currently in remission) might make him more concerned about the dangers of America’s “beautiful beef”. But apparently not.
Lastly, whatever one might think of Lutnick’s moral compass or his lack of empathy, he rebuilt a destroyed company into a Wall Street powerhouse. He is obviously a highly intelligent man. Why then, is he acting as an apologist for the idiot-in-chief Donald Trump?
Who knows.