The brokerage firm lost 658 employees on Sept. 11, 2001. It will donate $10 million because 'the best way to take care of a family is to put money in the hands of the parents and let them decide what to do,'
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Sea water floods caused by Superstorm Sandy on Oct. 29 pour into the World Trade Center construction site in New York.
Cantor Fitzgerald, its relief fund and its affiliate BGC Partners will donate a total of $10 million to the families in Brooklyn, Queens, Staten Island, Long Island and New Jersey.
Cantor Fitzgerald CEO Howard Lutnick said each family will receive a debit card with $1,000 on it.
Lutnick said he learned after Cantor’s devastating loss of so many employees with young children that help should come with no strings attached.
“The best way to take care of a family is to put money in the hands of the parents and let them decide what to do,” he said. “Maybe they need a couch and maybe they need to go to Toys R Us and buy their kids a present.”
Cantor Fitzgerald’s headquarters on the 101st through 105th floors of One World Trade Center were destroyed when terrorists struck the tower, and the company lost two-thirds of its New York work force. Lutnick was not in the office but his brother Gary was killed. The company’s death toll was by far the largest of any single employer.
The Cantor Fitzgerald Relief Fund run by Lutnick’s sister Edie was established to aid the families of Cantor employees lost on Sept. 11 but its scope has since expanded to include scores of charities around the world.
Each year on Sept. 11 the company donates the day’s revenues to charity and employees donate their day’s pay. The effort raised $12 million last September.
“We wanted to have a way that we could memorialize those that we lost in a way that was positive, and to do good things,” Edie Lutnick said.