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Harold Lutnick, head of Cantor Fitzgerald, describes how he viewed business and life differently after the terrorist attack that struck while he was away on his son’s first day of kindergarten. He spoke with business correspondent Terry Keenan about the impact on his firm and the families impacted.
Lutnick explains that Cantor Fitzgerald is focused on ensuring the 700 families who lost a member are cared for. He says he spent the day talking with their insurance company, CNA, which told their people that they would treat the deaths as accidental, and would double the policy for all of the victims upstairs and for everyone connected to the firm. This added $35,000,000 to the group upstairs. He notes, however, that while $35,000,000 sounds like a lot, dividing it by 700 people yields only about $50,000 per family, which he says is not enough and underscores the need to work on their foundation.
Lutnick mentions that Cantor Fitzgerald has established the Cantor Fitzgerald Foundation to raise money for the victims and to ease their lives. He says the foundation will go to take care of and try to help the victims of the tragedy, with aims such as paying for health insurance long-term, providing additional financial support when possible, and making lives easier in various ways. He emphasizes that the foundation is intended to help the victims and their families, and he invites donations from anyone who can contribute.
When asked about the needs of the young families, Lutnick details the demographics: the average employee is around 33 years old, most are newly married, with about a dozen women pregnant with babies who just lost their husbands. He notes there are more than a thousand, possibly 1,500, children who have now lost a parent and the breadwinner. He reiterates the commitment to raising money for the foundation to support these families and relieve some burdens related to health insurance and living expenses.
Lutnick reflects on how he felt during the events: he did not arrive early enough to be inside the building, stood outside at the door helping people evacuate, and tried to locate higher-floor survivors. He describes standing under the building as the second collapse occurred, feeling incredibly lucky to be alive, and expresses gratitude for that survival. He says he feels a responsibility to do his best for the 700 families and that his brother and sister are part of his family who were lost. He acknowledges his own survival, saying he is thankful, and emphasizes that he must work to support the group and that Cantor Fitzgerald’s traders, as well as his colleagues at East Speed and TradeSmart, are doing their best to support the victims. He closes by calling his employees heroes, along with the victims’ families, and repeating that he is one of them.