WALL STREET FIRM PAYING OBAMA $400,000 FACED INTERNAL CONTROVERSY AFTER POCKETING HUGE 9/11 SETTLEMENT
Jon Schwarz
April 27 2017, 4:16 p.m.
BARACK OBAMA will deliver a speech this September at a swanky healthcare conference for investors run by Cantor Fitzgerald. As Fox Business News first reported on Monday, the firm is paying him $400,000.
The ensuing criticism of Obama for cashing in on his presidency has been thunderous – but has overlooked exactly whose money he is taking.
Cantor Fitzgerald, a major Wall Street brokerage house, lost 658 of its 960 employees when the World Trade Center was destroyed in the September 11, 2001 terror attacks. But when it settled a long-running lawsuit against American Airlines for $135 million in 2013, the proceeds didn’t go to the families of the dead.
At the time of the settlement, Cantor’s CEO Howard Lutnick issued a statement: “For the insurance companies, this was just another case, just another settlement, but not for us. We could never, and will never, consider it ordinary. For us, there is no way to describe this compromise with inapt words like ordinary, fair or reasonable.”
But Lutnick and his fellow Cantor partners reportedly kept some of the money for the firm and distributed the rest to themselves, in proportion to their ownership stake. Lutnick, the firm’s biggest partner, may have received as much as $25 million.
And according to Liz O’Brien and Marilyn Rocha-Carmo, widows of two of the Cantor employees killed on 9/11, the firm never informed them of the settlement — nor even that the company had filed the lawsuit in the first place.
https://theintercept.com/2017/04/27/...11-settlement/
Jon Schwarz
April 27 2017, 4:16 p.m.
BARACK OBAMA will deliver a speech this September at a swanky healthcare conference for investors run by Cantor Fitzgerald. As Fox Business News first reported on Monday, the firm is paying him $400,000.
The ensuing criticism of Obama for cashing in on his presidency has been thunderous – but has overlooked exactly whose money he is taking.
Cantor Fitzgerald, a major Wall Street brokerage house, lost 658 of its 960 employees when the World Trade Center was destroyed in the September 11, 2001 terror attacks. But when it settled a long-running lawsuit against American Airlines for $135 million in 2013, the proceeds didn’t go to the families of the dead.
At the time of the settlement, Cantor’s CEO Howard Lutnick issued a statement: “For the insurance companies, this was just another case, just another settlement, but not for us. We could never, and will never, consider it ordinary. For us, there is no way to describe this compromise with inapt words like ordinary, fair or reasonable.”
But Lutnick and his fellow Cantor partners reportedly kept some of the money for the firm and distributed the rest to themselves, in proportion to their ownership stake. Lutnick, the firm’s biggest partner, may have received as much as $25 million.
And according to Liz O’Brien and Marilyn Rocha-Carmo, widows of two of the Cantor employees killed on 9/11, the firm never informed them of the settlement — nor even that the company had filed the lawsuit in the first place.
https://theintercept.com/2017/04/27/...11-settlement/
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