Friday, July 9, 2010

CANTOR FITZGERALD CHIEF: Five agonizing years

September 11, 2006, 'Where are they now?' Associated Press,

CANTOR FITZGERALD CHIEF: Five agonizing years

Howard Lutnick encouraged nepotism at Cantor Fitzgerald Securities. Hiring friends and relatives was OK at the high-powered bond brokerage, as long as they were the best.

When 658 of the company's 960 New York employees were killed in the north tower, Cantor lost 50 sets of siblings, dozens of best friends. Lutnick, 44, lost his younger brother, Gary; his best friend, Doug Gardner; and his will to work.

Lutnick survived because he was taking his son, Kyle, to his first day of kindergarten.

The company this year ends a five-year promise to deliver 25 percent of its annual profits to 658 Cantor families -- a total of $180 million, plus $17 million from a relief fund run by Lutnick's sister, Edie.

This Sept. 11 happened to be the first day of kindergarten for his daughter, Casey.

"That's definitely where I'll be," he said. "It's very lucky for me."

No comments: