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Judge orders government to begin refunding more than $130B in tariffs
431–440 of 843 posts
Re: Judge orders government to begin refunding more than $130B in tariffs
#432At least our president made a lot of lawyers happier.
Re: Judge orders government to begin refunding more than $130B in tariffs
#433Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
If there was any justice at all left in this country, a class action lawsuit with the entire US population as the class would arrange for the tariff refunds to go to individuals, not companies.
That'd neatly address this particular instance of insider trading, and probably many other similar schemes that didn't make it into the press.
Re: Judge orders government to begin refunding more than $130B in tariffs
#434Side topic, but this number puts into how crazy it was for trump[0] to go on tariff war against enemies and friends alike. All the propaganda and extortionist language about how all countries will pay up to USA. Astronomical tariffs in some cases, trade wars and dramas, alienate all allies and from all of this they got only $130B ? $7T of spending, $1.77T in deficit[1] and they planned to fix this hole with $100B?! M…
Maybe I don't understand as I'm an outsider, but as per my recent comment on this topic [0], I fail to see the logic of how "other countries" pay the US when the tariffs are paid by the importer and not the other country which is exporting.
I do acknowledge that import taxes can in theory help local industries, especially if the other countries are subsidizing exported goods.
Re: Judge orders government to begin refunding more than $130B in tariffs
#435Earlier quoted context omitted.
I'm serious. The Trump/MAGA view of foreign policy is that the US sits at the top, we owe friendship to no one. We engage with other nations transactionally, zero sum, with the US always getting more.
Don't antropomorfize countries. Countries can't have friends. There are only common interests. Or opposite.
How about people?
Re: Judge orders government to begin refunding more than $130B in tariffs
#436Earlier quoted context omitted.
This is wrong. It's not insider trading. Lutnick didn't have inside information. His son just had a brain. Anyone who read the case knew which way the court was going, it was the least surprising decision ever. Perhaps the only surprising thing is that the court ever heard it.
Could this open Cantor Fitzgerald up to class action law suits from consumers who ultimately paid the refunded tariffs?
I'd imagine it'd open the federal government to such a suit.
It stole money from consumers in the form of illegal tariffs, then refunded the money to people with no obvious relationship to the victims.
Re: Judge orders government to begin refunding more than $130B in tariffs
#437Earlier quoted context omitted.
I'm serious. The Trump/MAGA view of foreign policy is that the US sits at the top, we owe friendship to no one. We engage with other nations transactionally, zero sum, with the US always getting more.
Don't antropomorfize countries. Countries can't have friends. There are only common interests. Or opposite.
I said "Trump/MAGA", which is the person and controlling faction in US politics
Re: Judge orders government to begin refunding more than $130B in tariffs
#438Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
This is wrong. It's not insider trading. Lutnick didn't have inside information. His son just had a brain. Anyone who read the case knew which way the court was going, it was the least surprising decision ever. Perhaps the only surprising thing is that the court ever heard it.
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Re: Judge orders government to begin refunding more than $130B in tariffs
#439Earlier quoted context omitted.
Don't antropomorfize countries. Countries can't have friends. There are only common interests. Or opposite.
How about people?
I think it's legitimately hard to say. Most Americans know very little about international affairs, and care even less. I think interpreting broad opinion surveys can be fraught.
So, who do you count? everyone? only the informed? only people with strong views? Or do you assume people support the views and actions of the people they voted for?
Re: Judge orders government to begin refunding more than $130B in tariffs
#440Cantor Fitzgerald, formerly led by Commerce Secretary Howard Lutnick and is now run by his son, went to various companies that were affected by tariffs and bought the rights to their potential tariff refunds for 20% of the value on the expectation that it'd be struck down by the courts. Now they stand to make huge returns of 3 to 5x for being correct on that bet, while, of course, consumers get nothing. Now if this i…
This is wrong. It's not insider trading. Lutnick didn't have inside information. His son just had a brain. Anyone who read the case knew which way the court was going, it was the least surprising decision ever. Perhaps the only surprising thing is that the court ever heard it.
No chance you’d make this trade unless you had some unique insight to even consider setting it up in the first place.