Kindergarten drop-off saved Cantor Fitzgerald CEO from 9/11 attacks
TL/DR –
Howard Lutnick, the CEO of Cantor Fitzgerald who lost 658 employees in the 9/11 attacks, was selected by President Donald Trump as his nominee for Secretary of Commerce. He attracted criticism when he stopped issuing paychecks after the attack, but eventually paid families 25% of the firm’s profits over five years, totaling $180 million. If his nomination is confirmed, Lutnick will step away from the firm he has led for over three decades to focus on Trump’s plans to increase tariffs.
On the morning of September 11, Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, was absent from his office in the World Trade Center’s north tower due to his son’s first day of kindergarten. He spoke about this fateful day in a 2016 NY1 interview, stating “That’s why I’m here with you today…we took a picture right outside the school at 8:46.”
What You Need To Know
- CEO Howard Lutnick of Cantor Fitzgerald, who is also Trump’s choice for commerce secretary, lost 658 employees during the 9/11 attacks.
- Despite initial sympathy, public opinion turned after families reported that Lutnick halted paychecks abruptly.
- Nevertheless, Lutnick fulfilled his pledge to give 25% of the company’s profits, nearly $180 million, to the victims’ families over the next five years.
Lutnick faced criticism after he stopped paychecks abruptly, which he explained on a CNN interview, saying, “I can’t pay their salaries…I don’t have any money to pay their salaries.” However, he redeemed himself by fulfilling his promise to give 25% of the company’s profits over five years to the families, which totalled about $180 million.
The Cantor Fitzgerald Relief Fund, a charity set up by Lutnick, holds an annual celebrity fundraiser on the 9/11 anniversary. In 2013, Lutnick also provided $1,000 debit cards to Hurricane Sandy victims.
Lutnick, who is now a staunch supporter of Donald Trump, invoked 9/11 during a rally at Madison Square Garden. He was later appointed co-chair of Trump’s transition team, and raised eyebrows after a meeting with Robert F. Kennedy Jr., a vaccine skeptic. He commented to CNN’s Kaitlan Collins, “Why do you think vaccines are safe? There’s no product liability anymore. They’re not proven.”
Recently, Lutnick was named Trump’s nominee for secretary of commerce. If confirmed, he will lead Trump’s plans to increase tariffs and will step away from Cantor Fitzgerald, the firm he has led for over 30 years.
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