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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 USA Rare Earth Inc., the company getting these public and private funds, actually produce the critical minerals and magnets the government needs to break China’s chokehold on global supplies?

For a closer look, we speak with Joe Deaux, Bloomberg News Senior Reporter for Corporate & Economic Statecraft.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF
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 USA Rare Earth Inc., the company getting these public and private funds, actually produce the critical minerals and magnets the government needs to break China&rsquo;s chokehold on global supplies?
For a closer look, we speak with Joe Deaux, Bloomberg News Senior Reporter for Corporate &amp; Economic Statecraft.

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology.&nbsp;You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET:&nbsp;<a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

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Bloomberg Businessweek

The Tiny Magnet Maker That Attracted $1.6 Billion From Lutnick

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f583f701-aac0-4c60-8911-b4d0016a6ff0/transcript