General Discussion
In reply to the discussion: Howard Lutnick stole most of the 9/11 insurance settlement money for himself and the other senior executives [View all]chowder66
(12,042 posts)"All of the money for the business interruption recovery relating to the American Airlines case went either to strengthen and support the overall business, or to the over 600 Cantor Partners, precisely proportionate with the exact stake in the company, Mr. Lutnick included, the spokeswoman said. For five years, Cantors Partners provided 25% of the firms profits to the 9/11 families, a total of at least $180 million, in addition to ten years of health benefits."
A senior executive at Cantor said the manner in which the settlement was distributed, including the chunk of money Lutnick received, is entirely appropriate since Cantor never promised family victims a portion of the money in the first place. The executive described the case against American Airlines as a business interruption lawsuit since Cantors offices were destroyed in the attack, meaning it was appropriate for the company to keep the money.
Cantor, this person said, has donated millions of dollars to charities to support the victims of 9-11, and the families of its own employees.
.......
Cantors opaque partnership structure makes it difficult to determine how much Lutnick could receive from the settlement. Lutnick is also chief executive of BGC Partners(NASDAQ:BCGP), a publicly traded brokerage firm, and he runs other businesses related to Cantor.
This is the link to the original article posted in the meme....
https://www.foxbusiness.com/features/9-11-settlement-distribution-stirs-ire-among-cantor-insiders
Cantor probably hated this and I bet it was devised from partners and/or board members.