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October 12, 2001
Cantor Fitzgerald Promises to Make Good
Pub
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lic sympathy for Cantor Fitzgerald, the bond broker that lost about 700 employees in the World Trade Center attack, was marred this week by complaints from some families that the company wasn't delivering on the benefits it had promised.

But the company announced Thursday that victims' families will receive health insurance for 10 years and a share of profits for five years, according to Bloomberg News.

''We want to be able to care for these families over the long term,'' Cantor chief executive Howard Lutnick, 40, said in a statement. ''Providing health care coverage for families of our lost friends and colleagues is a big part of that.''

Twenty-five percent of the money that would have been distributed to partners will instead be given to families of employees killed in the attacks, over five years or until they receive $100,000 each.

Each will get a life insurance payment of double the victim's salary up to a maximum $100,000, excluding any supplemental policies. The 700 employees killed were the parents of about 1,500 children.

Cantor Fitizgerald, which handled about a quarter of trades in the $3 trillion government bond market before the attack, stopped paying the salaries of missing employees on Sept. 15. Soon after that, Lutnick said he would pay a quarter of future profits to the families, without outlining the details.

To view the Bloomberg News article in the Boston Globe, click here.


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