Cantor Fitzgerald, where Obama will be paid for speaking, lost 658 employees in the 2001 WTC attack.

[pnwmom]

Last edited Sat Apr 29, 2017, 03:18 AM - Edit history (8)

68% of its employees -- more than any other employer at the Center or among police and security forces. And Cantor Fitzgerald kept its promises to share profits with and pay healthcare expenses for the families of the employees it lost.

This is the Wall Street firm where Obama will be giving his $400K healthcare speech.

In case anyone has misunderstood, Cantor Fitzgerald is NOT Goldman Sachs.

ON EDIT: musette_sf has posted a very important letter at # 5 below. Please read!
https://www.democraticunderground.com/10028993065#post5

ON EDIT: an important piece about the head of Cantor Fitzgerald, who lost his brother in the attack.
http://www.businessinsider.com/cantor-fitzgerald-9-11-story-howard-lutnick-2011-9

http://www.cnbc.com/2017/04/26/obama-to-be-paid-400000-for-cantor-fitzgerald-speech.html

Obama to be paid $400,000 for Cantor Fitzgerald speech

On Tuesday a person familiar with the arrangement confirmed that Mr Obama had agreed to appear as the keynote speaker at Cantor's annual healthcare conference in September.


https://en.wikipedia.org/wiki/Cantor_Fitzgerald

Cantor Fitzgerald's corporate headquarters and New York City office,[6][7] on the 101st–105th floors of One World Trade Center in Lower Manhattan (2–6 floors above the impact zone of a hijacked airliner), were destroyed during the September 11, 2001 attacks. At 8:46:46 A.M., six seconds after Cantor's tower was struck by the plane, a Goldman Sachs server issued an alert saying that its trading system had gone offline because it wasn't able to connect with a Cantor server.[8][9][10] Cantor Fitzgerald lost sixty-eight percent of its workforce, considerably more than any of the other World Trade Center tenants or the New York City Police Department, the Port Authority of New York and New Jersey Police Department, the New York City Fire Department, and the United States Department of Defense. CEO and chairman Howard Lutnick, whose brother was among those killed, vowed to keep the company alive, and the company was able to bring its trading markets back online within a week. On September 19, Cantor Fitzgerald made a pledge to distribute 25 percent of the firm's profits for the next five years, and committed to paying for ten years of health care, for the benefit of the families of its 658 former Cantor Fitzgerald, eSpeed, and TradeSpark employees (profits which would otherwise have been distributed to the Cantor Fitzgerald partners).[11] In 2006, the company completed its promise, having paid a total of $180 million (and an additional $17 million from a relief fund run by Lutnick's sister, Edie).

[bettyellen]

1. It's interesting that people were saying Goldman Sachs- I guess it's like oligarch...

Almost a sign of Tourette's at this point.

[sheshe2]

11. Hmmmm....

Yup!

[NurseJackie]

33. Yes ... "Tourette's" ... that's it exactly. Automatic, uncontrollable, without-thinking, impulsive.

[NastyRiffraff]

62. Tourette's, yes

or, Pavlovian conditioned response. It's like they can't help it. And they look like idiots.

[Docreed2003]

2. Thanks pnwmom for point out these facts!

[tapermaker]

55. dont thank him , i posted the same thing yesterday with only one comment (first to bring it up)

I don't post often but when I do its important, but ignored for some reason .

[Docreed2003]

64. ? Sorry...I didn't see it...it wasn't an intentional oversight....

And "him" is a "her"

[pnwmom]

109. People notice subject lines first. What was yours?

And did you post all the links that I did?

I didn't see it either. Sorry!

[tapermaker]

121. My subject line read wall street firm Obamas speaking to is a little different .

I posted no links just the facts you mentioned in my own words .

[Cha]

3. The knee jerkers owe President Obama an apology..and that

includes Sen Warren.. Thank you, pnwmom..

Why Obama SHOULD Make That Speech - And Take The Paycheck For It Too

snip//

Cantor Fitzgerald survived both losing the largest single number of employees (658) of any company with offices in the World Trade Center on 9/11 and they also survived the financial crisis because they were NOT engaging in the same reckless behavior as the other financial firms (like Lehman, AIG, et al).

Moreover, Cantor Fitzgerald has done a great deal of philanthropic work in honor of their lost employees. Along with keeping a promise to use 25% of ALL profits they earned for the next 5 years to provide money to each of the original 658 families, they also promised to cover the health insurance costs for those families for 10 years. On top of this, they have continued the legacy of those lost employees, by making charitable donations to help the victims of Hurricane Sandy and of a huge tornado, as well as other acts of kindness.

So Obama, now a PRIVATE CITIZEN, is giving a speech to a firm that survived a horrible tragedy that has impacted life in America in uncountable ways ever since, and who turned their pain into positive action by not only taking care of their own, but helping others as well. They have also recovered as a company, avoided the worst behaviors that led to the 2008 financial crisis (actually profiting in a year when so many larger investment firms folded — and hiring when thousands were being laid off), and continue to invest in smart ways (one current project involves connecting people with their own local “mom & pop” shops).

Basically, Obama is being paid to give a speech to the ONE company on Wall Street that no one should be criticizing. Oh, and by the way — he’s giving this speech at their annual healthcare conference… a subject that Obama cares deeply about — and will forever be associated with since his signature healthcare legislation has been dubbed “Obamacare”. It’s also an issue that Cantor Fitzgerald championed even while still reeling from the losses they suffered on 9/11, by promising to cover the health care of the families of their lost employees for 10 years!!

More..
http://www.dailykos.com/story/2017/4/28/1657222/-Why-Obama-SHOULD-Make-That-Speech-And-Take-The-Paycheck-For-It-Too

Link to tweet

Link to tweet

[pnwmom]

4. ***I hope everyone reads this post, too!***

Thanks, Cha!

[Cha]

7. You're Welcome.. and passing on this found on FB..

I will share it.. Thank you~

FB from writer and publicist Leslie Hermelin:

You guys do remember why we all know the name Cantor Fitzgerald right? (They're the "corrupt" Wall Street folks who paid Obama to speak to this week). I do. I remember. As an American living in NYC when the towers came down I made a promise to Never Forget. I remember Cantor Fitzgerald was the firm that took the most losses of all Trade Center tenants 9/11 - the plane literally crashed into their floor.

I remember the heartbreaking interviews with their CEO that followed in the aftermath. He was late that day and one of the only ones who survived. He was late AND HE LIVED bc he was taking his son to his first day of kindergarten. Did you know he gave the victims families 25% of all profits for 5 years and covered their health insurance for 10? Did you know he still has nightmares. Yeah what a corporate asshole.

Seriously if you're mad Obama spoke to this team then fuck you forever. You're the asshole.

I don't just remember the name Cantor Fitzgerald bc they're in the news this week due to a bunch of faux progressives who can't think more complex thoughts than "WALL STREET BAD MUST KILL WALL STREET".

I remember their name because in the aftermath of these events as a nascent NYC resident (I moved here Aug 2000) this man speaking about his pain and the loss suffered in news interviews following is seared into my soul. I love that he paid Obama to bring his wisdom to the people who work for him. I love that he lived.

If you think this guy and Obama are the enemy and you define yourself as a liberal progressive you're a liar and a sham.

This post is public. Share it.

http://www.businessinsider.com/cantor-fitzgerald-9-11-story-howard-lutnick-2011-9

President Obama is speaking @ Cantor Fitzgerald in Sepember, though.. I can see why anyone would think he had already spoken.. with all the faux outrage about it.

I do remember Cantor-Fitzgerald.. I was living in upper state NY at the time.

https://www.democraticunderground.com/?com=view_post&forum=1002&pid=8993122

[pnwmom]

9. Thanks, again!

[Me.]

52. But...But

BS, judge and arbiter of all things Dem, said it was a no no.

[Cha]

106. In the nastiest way possible..

Link to tweet

[Me.]

110. Pololei ʻoe

And for Haoles such as me, that can be translated as you are right/correct as always Cha.

[Cha]

112. And, Haoles such as me.. Mahalo, Me.

Last edited Sun Apr 30, 2017, 12:18 AM - Edit history (1)

Not always! lol

BS lost the Rude Pundit on this, too.. I'd post his tweet but you know Rude.. he might not go over so well in this case.

[Me.]

113. I Think This Was A Step Too Far/Final Straw For Some

Some people just don't know to stop when they're winning. Poor strategy on BS part....could really have been a hero and ego is causing him to blow it big time.

[Cha]

116. Really.. I could have

predicted it, though.

[sheshe2]

12. ...

[Cha]

13. Aloha back@cha, she

That poster is hanging in my studio.

[nolabear]

37. Thank you! We need to start thinking and stop merely reacting!

Thanks for helping with that!

[Cha]

105. You're Welcome, nolabear!

[musette_sf]

5. K to the R

As soon as I saw "Cantor" and "September" in the same sentence, I knew why they engaged Pres Obama for this speech - they needed someone with enormous empathy, compassion and gravitas to speak from the heart on what will be a solemn occasion.

A FB post from writer and publicist Leslie Hermelin:

You guys do remember why we all know the name Cantor Fitzgerald right? (They're the "corrupt" Wall Street folks who paid Obama to speak to this week). I do. I remember. As an American living in NYC when the towers came down I made a promise to Never Forget. I remember Cantor Fitzgerald was the firm that took the most losses of all Trade Center tenants 9/11 - the plane literally crashed into their floor.

I remember the heartbreaking interviews with their CEO that followed in the aftermath. He was late that day and one of the only ones who survived. He was late AND HE LIVED bc he was taking his son to his first day of kindergarten. Did you know he gave the victims families 25% of all profits for 5 years and covered their health insurance for 10? Did you know he still has nightmares. Yeah what a corporate asshole.

Seriously if you're mad Obama spoke to this team then fuck you forever. You're the asshole.

I don't just remember the name Cantor Fitzgerald bc they're in the news this week due to a bunch of faux progressives who can't think more complex thoughts than "WALL STREET BAD MUST KILL WALL STREET".

I remember their name because in the aftermath of these events as a nascent NYC resident (I moved here Aug 2000) this man speaking about his pain and the loss suffered in news interviews following is seared into my soul. I love that he paid Obama to bring his wisdom to the people who work for him. I love that he lived.

If you think this guy and Obama are the enemy and you define yourself as a liberal progressive you're a liar and a sham.

This post is public. Share it.

[pnwmom]

6. PLEASE EVERYONE READ MUSETTE'S POST #5.

[SunSeeker]

16. Great post. Thank you.

[nolabear]

39. Thank you so much.

[DinahMoeHum]

82. +1000s

n/t

[sheshe2]

8. No clue. Just Diss.

Philanthropy[edit]

Edie Lutnick is the author of An Unbroken Bond: The Untold Story of How the 658 Cantor Fitzgerald Families Faced the Tragedy of 9/11 and Beyond. All the proceeds from the sale of the book benefit the Cantor Fitzgerald Relief Fund and the charities it assists.[18]

The Cantor Fitzgerald Relief Fund provided $10 million to families affected by Hurricane Sandy. Howard Lutnick and the Relief Fund "adopted" 19 elementary schools in impacted areas, distributing $1,000 prepaid debit cards to each family from the schools.[19] In total $10 million in funds were given to families affected by the storm.[20]

Two days after the 2013 Moore tornado struck Moore, Oklahoma, killing 24 people and injuring hundreds, Howard Lutnick pledged to donate $2 million to families affected by the tornado. The donation was given out in the form of $1,000 debit cards given out to area families.[21][22]

Each year, on September 11, Cantor Fitzgerald and its affiliate BGC Partners donate 100% of their revenue to charitable causes on their annual Charity Day which was originally established to raise money to assist the families of Cantor employees who died in the World Trade Center attacks.[23] Since its inception, Charity Day has raised $110 million for charities globally.

https://en.wikipedia.org/wiki/Cantor_Fitzgerald

Cantor bad. Obama bad.

No fricking clue!

KNR!

[canetoad]

10. Thank you so much

For posting this. K&R

[wishstar]

14. Thanks for posting- criticisms of Pres. Obama are shortsighted and not helpful

I am disturbed that liberal leaders jumped in so quickly to criticize Pres. Obama's decision when they should realize how careful and thoughtful our Pres has always been in his decisions and do a little more research as to why he thought this was appropriate for his first speech. Surprised that people do not remember CantorFitzgerald's history connected to Sept 11 2001 and would be so quick to judge Pres. Obama, not bothering to check facts about the merits of this company and that his speech is for their health care conference in September.

[pnwmom]

15. Just lazy thinking on the part of some. They hear "Wall Street" and their brains stop working.

But others should have known better.

[SunSeeker]

17. Sanders and Warren owe Obama an apology. nt

[pnwmom]

18. I agree. n/t

[musette_sf]

53. + 1

[That Guy 888]

19. Noun-verb-9/11... I don't see how this is relevent. Money is speech, but doesn't influence politics

Financial investment firms never trade speaker's fees for access nor for special favors.

Cantor Fitzgerald is NOT a benevolent charity. It's primary concern is making money, no matter who gets hurt or screwed over along the way.

[pnwmom]

20. Cantor Fitzgerald wasn't involved with the mortgage bundling and home loans that helped bring about

the 2008 recession, so it's unfair that so many are lumping them in with Goldman Sachs. The reason the name is familiar to many people is because of the 9/11 attacks.

However, it's silly to say that money doesn't influence politics. It won't in Obama's case because he is retired. But there's a good reason that sitting members of Congress aren't allowed to give paid speeches.

[PaintedSkies]

88. Cantor Fitzgerald traders were indicted

A former Cantor Fitzgerald & Co. trader was charged with defrauding customers by lying about prices of mortgage-backed securities, becoming the latest target of a U.S. crackdown on deceptive practices in the bond market.

David Demos, 35, of Westport, Connecticut, is accused of falsifying prices at which his firm bought residential mortgage-backed bonds to get customers to pay more, and misrepresenting transaction prices to induce clients to sell the bonds for less, prosecutors said.

The case is at least the sixth in three years in which bond traders faced criminal charges over sales practices. The crackdown, which has led to the departure of more than 20 traders from banks, began with the arrest of former Jefferies & Co. managing director Jesse Litvak in January 2013. Litvak, who argued his misrepresentations weren’t material to customers because they believed the bond prices were fair, was found guilty of fraud in March 2014. His conviction was thrown out on appeal and his retrial is scheduled to start next month.
https://www.bloomberg.com/news/articles/2016-12-09/former-cantor-fitzgerald-bond-trader-charged-by-u-s-with-fraud-iwi1rbzi

[pnwmom]

95. He only worked at the firm from till 2011-13. CF didn't offer those securities in 2008,

when the financial crisis occurred. (The other 2 traders worked somewhere else, which is also stated in the article.)

Dodd Frank was passed in 2010.

[SunSeeker]

21. No, Cantor Fitzgerald is not a charity, nor is it Goldman Sachs.

As noted over at Dailykos:

— Cantor Fitzgerald survived losing the largest single number of employees (658) of any company with offices in the World Trade Center on 9/11.  Also, they survived the financial crisis because they were NOT engaging in the same reckless behavior as the other financial firms (like Lehman, AIG, et al).  Moreover, they have done a great deal of philanthropic work in honor of their lost employees.  Along with keeping a promise to provide money to each of the original 658 families for 10 years, they have also helped the victims of Hurricane Sandy and of a huge tornado, among other charitable activities.  

So Obama, now a PRIVATE CITIZEN, is giving a speech to a firm that survived a horrible tragedy that has impacted life in America in uncountable ways ever since, and who turned their pain into positive action by not only taking care of their own, but helping others as well.  They have also recovered as a company, avoided the worst behaviors that led to the 2008 financial crisis (actually profiting in a year when so many larger investment firms folded — and hiring when thousands were being laid off), and continue to invest in smart ways (one current project involves connecting people with their own local “mom & pop” shops).

Basically, Obama is being paid to give a speech to the ONE company on Wall Street that no one should be criticizing.   Oh, and by the way — he’s giving this speech at their annual health care conference… a subject that Obama cares deeply about — and will forever be associated with since his signature health care legislation has been dubbed “Obamacare”.  It’s also an issue that Cantor Fitzgerald championed even while still reeling from the losses they suffered on 9/11, by promising to cover the health care of the families of their lost employees for 10 years!!

So what the hell is there to complain about?

[melman]

22. Of course it's not relevant

Not even the slightest bit.

[emulatorloo]

31. Bernie didn't research Ossoff before he stuck his foot in his mouth.

Seems something similar happened here.

Love Bernie, he's human so I give him a break.

[That Guy 888]

85. What does Bernie Sanders have to do with the OP, 9/11, or Obama's speaking fees...

from a financial powerhouse?

I like Obama, but his favoritism towards the finance "industry" really hurt us. He could have bailed out main street or Wall Street. When they (the financial industry) were bailed out, did they bail out their customers? No, they foreclosed on those properties (many backed with fraudulent mortgages ) and then turned their non-loss into a gain. They retained all of those properties, becoming some of the largest landlords in the US. They keep home ownership out of the hands of new home owners. If the Democratic Party actually wants to start winning again in 2018 and beyond, the speech was a bad move( for the party).


As far as Ossoff, when I saw him on cable news, he seemed to be extremely cautious about appearing liberal at all. He was speaking about foreign policy in a manner that wasn't that different from other moderate politicians of both parties. That made me think he wasn't that interested in Sanders public support. Surely he would have it by now if he wanted it, unless having a NYC liberal socialist say he wasn't liberal is exactly the support he wanted.

[pnwmom]

97. Bernie has been criticizing Obama for taking the speaking fee from Cantor Fitzgerald.

Obama did everything he could for main street, but Ted Kennedy died soon after Obama's term began, and that meant he lost the 60 votes in the Senate needed to overcome a filibuster. Even so, he got an economic stimulus passed, and help for the auto industry and the clean energy industry, and Obamacare, which as written extended Medicaid in all 50 states. It wasn't Obama's fault that some Republican governors rejected it.

I don't think Obama gets enough credit for what he did accomplish, despite almost constant filibustering, and the loss even of a simple majority after 2 years.

[Voltaire2]

30. It is literally waving the bloody shirt.

A well tested rhetorical tactic.

[emulatorloo]

32. Nobody is "literally" waving a bloody shirt.

Do you have video or a photograph of some one on DU waving a bloody shirt? No.

FWIW no one here is figuratively waving a bloody shirt either.

[Voltaire2]

34. Ok you might have a point.

However I am not referring to the figurative act of shirt waving, but the well established rhetorical tactic known as "waving the bloody shirt". So in this particular case the poster is literally using this well known tactic that figuratively waves a bloody shirt to evoke an emotional response.

Here; https://en.m.wikipedia.org/wiki/Waving_the_bloody_shirt

But it's complicated and your point is a good one.

[emulatorloo]

42. Thanks for the link!

[pnwmom]

69. You should learn what literally means.

And you're wrong. That's not even what it means figuratively.

The reason most people have heard of Cantor Fitzgerald isn't because of being associated with Goldman Sachs. It's because of what happened on 9/11.

And CF wasn't one of the companies that helped cause the financial crisis -- they weren't involved in home loans and mortgage bundling. All the firms on Wall Street aren't equivalent.

[Voltaire2]

81. See up thread.

It is an excellent rhetorical technique. One can pretty much immunize anything by evoking the blood of martyrs. I am not too sure about the implications though.

[7962]

35. Of COURSE their primary concern is making money; thats how you STAY in business,

and PAY your employees. And making it legally. But there is a wide range of what businesses DO with their profits; from good to bad. Many companies do a lot of good with much of their profits.
I remember watching Larry O'Donnell on his come back show after his horrible accident. Her referred to the Koch brothers & how the first thing he noticed when he came back to NYC was he was going for treatment at the David Koch Center for "something". Aoparently the whole center was created with 10s of millions from them. he said while he opposed much of what they stood for, he certainly appreciated the GOOD that was being done with some of that money.

[bettyellen]

48. This is how far around the bend we have gone. As A NYer who contributes taxes for all

Sorts of fly over state pork I'm fucking sick of this. Yeah we have actual finance companies in NYC. And lots of other kinds too. Their employees are largely average joes making a living. They are overwhelmingly liberal and vote that way. We'd be better off if the rest of the country followed suit.

[7962]

83. You know because you live there. So many just hear "Wall St" & shudder.

Little do they know that some or most of their pensions are right there too!

[That Guy 888]

86. "...Many companies do a lot of good with their profits" OMFG

You know it's my understanding that John Dillinger gave some of his money to the poor the Gotti Crime Family had tremendous fireworks shows on the 4th and Pablo Escobar also contributed to the poor where he grew up.

And making it legally.

But not ethically. Which is the reason they have to pay politicians hundreds of thousands of dollars to have access. To change laws designed to stop your plunder. Then at the end of the day, you can say "Hey, it's legal."

[7962]

118. hey! Lets try it the way venezuela is doing it. THAT oughta work!

Since you use the ridiculous comparisons of Gotti & Escobar, why not try ltting the govt run the businesses like VZ?
Because it would be a freaking train wreck thats why.
Sure, things could be better, but your "they all suck" attitude is ridiculous. Because they dont.

[That Guy 888]

120. I'm not the one that said that if a company does horrible things it's ok

...as long as they drop some crumbs to the public. Why do they do that? Mostly for tax breaks, sometimes in the sleaziest ways, endowing a foundation to hide income and reduce tax liability and receive some of that income back as pay/perks for running the foundation. In the case of hospitals, it's often so that they have a hospital that (a.) has the equipment and staff for treatment they might need and (b.) have a hospital where they can jump to the head of the line when it comes to treatment. One of the biggest benefits that corporations receive from doing "charitable acts" is good will generated by good publicity - like your Lawrence O'Donnell quote.

but your "they all suck" attitude is ridiculous.

Your words, not mine - publicly traded companies have a legal responsibility to return maximum value to the shareholders. That's regardless of ethics, humanity, common decency and in many cases the law. Why do you think that companies routinely violate environmental and other government regulations? It's because the penalties and fines do not cut into the profit they make by violating the law in the first place(and as stated previously, they are legally required to return maximum value to shareholders). Breaking the law looks bad though, so corporations try to change laws that interfere with their profits (like environmental regulations, or keeping investment banks from also being retail banks). They do that by flying politicians in private jets, funding public ceremonies like Presidential inaugurations, or as in the OP paying enormous fees for speeches. They primarily want access to politicians to "work the refs" of our society.

As far as Venezuela goes, I guess you would prefer Chile under Pinochet, guided by the compassion and wisdom of Milton Freidman and the Chicago School. You might have to torture a few union leaders and run some death squads to make it function, but it's good for business.

[bettyellen]

49. As a lifelong NYer, screw this glib response. I know you think Giuliani give you the right to

Be an ass and make a joke of it- but just stop it.

[Blue_Roses]

23. I vividly remember this guy

sobbing uncontrollably, while trying to give an interview after 9-11. I remember him talking about taking his son to school, otherwise he would have been dead too. He had lost the majority of his employees and it just broke my heart to see how devastated he was.

So, it makes me smile to see how far he and his company have come since that horrific day. AND I'm glad to see President Obama speaking to them.

[pnwmom]

24. He lost 68% of his employees -- including his brother, who helped found the company with him.

Yes, it was devastating. But they had rebuilt by the time of the 2008 crisis -- and they weren't involved in the home loans and mortgage bundling that was key to the crisis -- so they actually could hire some of the people who lost their jobs at other firms.

I'm also glad that President Obama is speaking to them.

[Blue_Roses]

25. I didn't know

this. Thank-you for the update!

I was so impressed with him in that interview, because you could tell he really cared. I can't remember if it was 20/20, Diane Sawyer or who it was interviewing him, but it was only a few days after 9-11 happened and the emotions were heart- breakingly raw. I sobbed too...

I'm so glad to hear how well things are going now. What an inspiring story.

[SunSeeker]

73. I am guessing Sanders and Warren didn't know either, and/or forgot.

What is disheartening is that they did not give Obama the benefit of the doubt. They immediately pounced without looking into it.

[Blue_Roses]

119. I'm not sure what that is all about

but it mostly sounds like a little jealousy on their part. But, true, knowing more information would have probably allowed them to see things in a different light.

[VigilantG]

26. Yes, I remember CE that day.

If only the 1%ers did more of this with their wealth rather than corrupting society (as Trump's backers do), what a wonderful world we could have.

This link it to an interview with the sister of the head of Cantor Fitzgerald.

[HopeAgain]

27. What does one have to do with the other?

Just asking...

[pnwmom]

29. That Cantor Fitzgerald wasn't involved with the home loans and mortgage bundling

that brought the financial crisis in 2008. After losing 68% of its employees in 2001, it was returning to full strength by the time of the financial crisis. When other companies -- the ones who had engaged in the mortgage bundling -- were crashing, Cantor Fitzgerald was strong enough to hire people from the closed firms. It's not a Goldman Sachs clone, despite what some people have been implying. Not every Wall Street firm is the same.

The only reason most people know about the company is that it was the one company that lost the most people in 9/11. And they have been involved in charitable causes ever since, and having been holding annual healthcare conferences. That's what Obama will be speaking at.

[7962]

36. Its easier for many to paint EVERYONE with the same brush regardless of facts. nt

[Madam45for2923]

28. Thanks for this thread!

[QC]

38. Did you ever read about Cantor Fitzgerald's lawsuit against American Airlines

and how they handled the settlement?

Fascinating story.

[m-lekktor]

41. I just read about it. The settlement money was given to the shareholders and not the families.

Sickening.

[Hassin Bin Sober]

43. Yeah, that was sickening beyond belief.

They sued for loss of employees, settled and then pocketed the settlement.

The families were not happy about it.

You've heard of dead peasant insurance? This was a dead peasant settlement.

I love how people are defending CF. In this thread. Classic.

[tammywammy]

44. The settlement was not about loss of employees.

It was a settlement only about the disruption of business due to the physical loss of the building/office - not the employees.

They had originally included the loss of employees in the initial $900M lawsuit. It that was thrown out by the judge.

[Hassin Bin Sober]

45. And the families didn't see a dime.

Those poor shareholders. Doesn't anyone think of the shareholders?

[QC]

46. Apparently the partners got about $25,000,000 each. n/t

[pnwmom]

66. The partners had shared more than that out of their profits with the victims' families

in the years after the attack -- $187 million vs. $135 million.

[tammywammy]

47. Your other post is wrong.

The settlement didn't include loss of employees nor did it have to do with "dead peasants" insurance. But you're correct the families did not receive any of the settlement money for the business interruption.

[brush]

54. You must not have read the rest of the post. That company gave 25% of its profits for 5 years to ...

Last edited Sat Apr 29, 2017, 01:03 PM - Edit history (2)

the lost employees families and paid for health care for 10 years.

God! Some people try anything to make Obama look bad.

What is this, a right wing site?

I know of two senators who spoke too soon and owe Obama apologies. Warren usually doesn't blast other Dems off the cuff like that, it's par for the course for the other one though.

[musette_sf]

57. I'm with you, and as a lifelong Dem

I'm getting fed up with followers of a non-Democrat and his tone-deaf, scurrilous slams of late against (1) President Obama and (2) the sacred and non-negotiable civil, human and Constitutional rights of HALF OF AMERICA.

[treestar]

117. Families would have had their own cases

They would not need this case. Damage to a company is not what they suffered. Wrongful death was their damages

[bettyellen]

50. Not true. Sickening to see the trutch distorted for political points

[Hassin Bin Sober]

75. Take it up with the families.

You are the one siding with Cantor fucking Fitzgerald. Speaking of political points...

[bettyellen]

87. I'm not under the delusion that every finance company is inherently evil....

The judge that out that portion of the suit. They took amazing care of the families- I know a few people there that died. Nice people. For fucks sake you make no sense, the company itself is evil.... but you have sooo much care and compassion for the many employees that died? Baloney. It's obvious you haven't thought that through

[Hassin Bin Sober]

90. Then why were the filies pissed off the CEO pocketed ...

... the settlement?

Yeah, they gave money to the families then sued/settled on the sly and told the families so sad too bad.

Im not the one waiving the bloody shirt over this company. They're no worse or better than any other wall street bookie who skims off the top.

It's a pretty low bar. Take it ip with OP who is holding CF out to be some paragon of virtue.

[bettyellen]

93. Oh please. Some were perhaps as confused as posters here- it happens.

But this fake concern for those who died- coupled with complete and utter distain for the survivors who still work there is bullshit. Complete and utter bullshit. You know it is.

[pnwmom]

65. They did NOT sue "for loss of employees." That's false. And they did not sue

on behalf of the families. They sued on behalf of the business losses they incurred.

The families were covered by the seven billion dollar victim compensation fund, as well as by the $187 million that Cantor Fitzgerald gave to them out of their profits in the five years after the attack. And individuals who chose not to accept compensation from the victim's fund sued individually on their own behalf, and those cases were settled before the AA case was finally settled in 2013.

[Hassin Bin Sober]

76. Yes they did. They initially sued for wrongful death - of their employees

Their name has been mudd for ten plus years. The employee families know it. I know it. Everybody knows it. It's just comical to see people now bending over backward to defend them.

[pnwmom]

78. And that was tossed out. If they had received money for wrongful death,

they should have shared it. But they did NOT. They only received money for business losses.

And they paid out much more voluntarily to the victim's families than they received in the AA lawsuit for business losses years later.

[HoneyBadger]

79. Cantor is not Goldman, Cantor wants to be Goldman

https://www.bloomberg.com/news/articles/2014-08-18/cantor-hires-two-from-goldman-sachs-for-currency-group

For some reason they have the highest turnover on Wall Street.

[QC]

80. Why must you be so cruel to the suffering investment bankers?

Is your heart really so hard?

[bettyellen]

98. Do the families hate them for the ten years of insurance they paid for - or other money they gave?

Had always heard they were deeply generous. But apparently you didn't want them to recoup any of their own losses- and if they did they should ALSO give that to the families. Okay then. LOL.

[Hassin Bin Sober]

100. That poor CEO had to pay himself $25 million out of that settlement.

He was finally able to put new tires on his car.

[bettyellen]

102. So yeah, after enormous losses and great generosity they should give more....

Even though they are one of the most giving firms in NYC. It's never enough. But writing books and shilling them on the clock as a senator- that's okay. Gotcha.

[pnwmom]

103. It is his business. He experienced businesses losses as a result of the attack,

and was entitled to his share of the settlement based on his ownership interest.

[pnwmom]

61. Yes. And I have no problem with how they handled it. They didn't

bring the lawsuit on behalf of the victims -- they brought it on behalf of the business, which also experienced losses.

The business wasn't covered by the Victim's Compensation fund that paid benefits to the families. And the business wasn't covered by any of the individual lawsuits that people filed.

And the amount that they won in the AA lawsuit was less than the amount in profits they had voluntarily shared with the families in the five years after the event -- even though the attack, of course, wasn't their fault.

[nolabear]

40. Best thread I've seen in a long time. Thank you!

This is what keeps me tolerating the little wars around here, real information I can think about and pass on. You rock. 😍

[hughee99]

51. Are you suggesting it would be somehow wrong if he was giving the speech to Goldman Sachs? n/t

[pnwmom]

59. No. But the people who are so outraged about that should shut up. n/t

[hughee99]

70. I agree, but I'm not sure this argument will persuade them.

The sort of people who don't think Dems should be taking any Wall Street money don't seem to make any distinction between the worst offenders, and other Wall Street firms.

[GeorgeGist]

56. Given all that, I'm surprised Obama demanded so much.

[pnwmom]

58. Yeah, Obama's wrong no matter what he does.

[brush]

63. Can you believe some of these people? Sanders and Warren both owe Obama an apology

And so many on this site of all places, rushed to jump on the Sanders "slam-a-Dem" bandwagon without any thought or research or hesitance.

Obama has shown over the years that he is a thoughtful, reasoned man who deserves more trust than what was shown by many about his decision to speech at CF for a good cause — healthcare.

And for all we know he may donate the fee to a charity or foundation, but whatever he does with it is none of our business as he's now a private citizen.

[7962]

84. Do we know if he "demanded" it or was that the "offer"?

Or does anyone know

[kimbutgar]

60. I lost a good friend that day who worked at Cantor

For someone being in the stock trading part of Cantor he was honorable and trustworthy. When you did a trade with him he never tried to screw you over like the guys at Morgan Stanley and Goldman Sachs.

He left a wife and two daughters. Rip Timmy.

[pnwmom]

67. Many people did, kimbutgar. Thanks for speaking up! n/t

[brush]

68. My wife's first cousin was lost there too. I worked in Manhattan then at 25th and Park and for ...

weeks we watched battered fire trucks and other vehicles being hauled up away from ground zero.

It smoked for months after the attack.

There were makeshift bulletin boards on building walls filled with missing person pleas and photos of lost ones. They were also set up in Grand Central and Penn Station.

It was the saddest time.

[pnwmom]

71. Thank you, brush. I know many people in NYC, and saw how devastating

it was for them.

[Vinca]

72. And your point is what exactly?

Apparently, they have been very successful in the ensuing years to offer Obama $400,000 to speak. If Obama isn't paid the $400,000 where will it go? Into someone's yacht? Private plane? Mansion? 9/11 was horrible, but I don't understand what it has to do with speaking fees.

[pnwmom]

74. They have been accused here of being part of the cause for the financial crisis of 2008.

They weren't. They weren't involved in reckless practices or home loans or mortgage bundling. They are not Goldman Sachs.

The only reason most people here have ever heard of them is because of 9/11 when they acted with integrity.

[SunSeeker]

77. The point is Obama speaking at Canter Fitgerald is not the equivalent of Trump appointing Mnuchin.

Sanders implied that Obama speaking at Canter Fitzgerald was "unfortunate" and akin to Trump appointing Goldman Sachs CEOs.

[melman]

91. There is no point at all

It's complete nonsense.

[Cha]

111. That means it makes all the sense in the world.

[BainsBane]

94. The point is something is seriously F ed up

about the contempt for that particular company because of its location in the economic center of the nation, while the very same people have bent over backwards to make excuses for industries that profit from killing: gun corporations, whose profits people here insisted had to be protected from lawsuits by lowly citizens, while so-called progressives justified billions going to Lockheed-Martin for the F-35, just because you happen to like the politician that voted to protect their blood-drenched profits. But any company in Manhattan is evil. That goes beyond hypocritical to something far worse.

Meanwhile, undermining abortion rights and increasing poverty for women and children, that must be defended.

No. I'ts not working. The masks have fallen, and we can see clear what we are dealing with.

[pnwmom]

96. +1. nt

[Hekate]

89. Extremely informative thread from many of my favorite people. Thank you, mahalo, gracias...

[BainsBane]

92. The only time I've heard of Cantor Fitzgerald is in regard to 9/11

But some people feel compelled to indict anyone or any company in NY. We've seen endless excuses made for efforts to ensured the unfettered profits of gun companies, profligate defense spending for boondoggles like the F-35. Those industries that profit from KILLING are defended, while they attack anyone who works at a bank, even as a teller. Fuck that hypocrisy. Fuck the bourgeois envy, selectively applied. I have no patience for that bullshit, not after seeing them rush to defend the undermining of women's rights.

We know what Obama's financial connections are because he has released many, many years of tax returns. The same cannot be said about the self-righteous pillorying him.

Link to tweet

[alarimer]

99. The boss is scum- took money intended for the families

Of the employees they lost. Instead of either being distributed to the families or to the companies coffers (from a lawsuit of American Airlines), he kept it for himself and the partners.

In any case, just another scummy Wall Street firm.

[pnwmom]

101. That's false. The judge specifically disallowed any award for the families,

reducing the original $900 million requested to $135 million -- all for business losses to Cantor Fitzgerald.

This was because the families all benefited from the seven billion dollar Victims Compensation fund, or from individual lawsuits against AA. Cantor Fitzgerald also shared five years of profits with the families, amounting to $180 million, and paid for their healthcare costs for 10 years.

[SunSeeker]

104. Got a link for your claim he misappropriated money? Or are you just making that up? nt

[mr_lebowski]

107. Speaking at Cantor in general ... I got no problem with that ... at all ...

His sucking it up (one time) and doing it either for free, or at least for a nominal fee ($20-50K, that kinda thing), at this early stage of his post-presidential career ... that would've most definitely shown much better 'optics', shall we say ...

Not criticizing the man, nor do I think it's fair to hold him to a 'standard' others don't have to adhere to, but it may've been a smart move in the long run to not have one of his first post-POTUS speeches be one to Cantor Fitz ... wherein he makes a speaking fee that's on the order of what average Americans make in 10 years of work.

Just sayin' ...

[pnwmom]

108. Why? The topic is healthcare, a subject he's intensely interested in,

and why shouldn't he make as much money as he can? He's never going to be running for office again. And he'll be paying almost 40% in taxes, unlike most business people who have loopholes the ordinary income earner doesn't have.

[IronLionZion]

114. DUers are welcome to never vote for Obama ever again

A former 2 term president cares what jealous people think of his speaking engagements the way a fish cares about bicycles.

[pnwmom]

115. True enough! But I'd rather people here not disparage good Democrats

like President Obama -- especially, as you note, out of jealousy.