(SEPT. 20, 2001) STATEMENT FROM HOWARD W. LUTNICK, CHAIRMAN & CEO OF ESPEED, INC.
CANTOR FITZGERALD RELIEF FUND ANNOUNCES FUNDRAISING AUCTION AT SOTHEBY’S AND WEBSITE FOR PRE-BIDDING AT WWW.CANTORRELIEF.ORG
More Than 250 Items Available for Bidding With All Proceeds Benefiting 800 Victims’ Families
Unique Items Include Walk-On Role on Friends, 16-Carat Diamond Ring and Exotic Travel Package to the South of France
New York (May 21, 2002) -- The Cantor Fitzgerald Relief Fund announced today that it will host a live and silent fundraising auction at Sotheby's on June 3 in an effort to raise money for the 800 families of September 11 victims who receive support from the Relief Fund. Beginning May 21, individuals can pre-bid on nearly 250 auction items at www.cantorrelief.org through May 31. Sealed bids will be sent to Sotheby’s for inclusion in the final bidding on June 3.
The Cantor Fitzgerald Relief Fund was established on September 14, 2001 as a result of the World Trade Center tragedy. The mission of the Relief Fund is to provide direct assistance to the families of 658 Cantor Fitzgerald victims as well as nearly 150 families of victims from Cantor-related subcontractors and non-Cantor related independent contractors who performed work in the World Trade Center. One hundred percent of donations to the Relief Fund is disbursed directly to the families. Through April 2002, the Relief Fund has raised and disbursed approximately $18 million.
"Since September 14, the Cantor Fitzgerald Relief Fund has been working diligently to provide financial assistance to the 800 families we support and, through this auction, we hope to raise even more money for their benefit," said Edith Lutnick, Executive Director, The Cantor Fitzgerald Relief Fund. "We are extremely grateful to the hundreds of generous donors who are supporting the Relief Fund through a contribution to the auction."
The auction will feature more than 250 exclusive items from a variety of categories, including art, jewelry, travel, entertainment, fashion, sports, home furnishings, fine wine and dining. Unique items up for bid in the live auction include: a walk-on role on Friends; an exquisite diamond ring -- with a total diamond weight of 16.5 carats -- from the renowned Graff Jewelers; a dinner for eight prepared in the bidder’s home by Eric Ripert, the celebrated chef from four-star New York City restaurant, Le Bernardin; and a French travel package, including a cruise along the coast of the French Riviera on a luxurious 163-foot yacht and a four-night stay in deluxe accommodations at Paris’ five-star Four Seasons George V.
Several one-of-a-kind items in the silent auction include:
- a telephone greeting from Larry King to an individual chosen by the bidder for a special occasion and a pair of suspenders autographed by King;
- a regency mahogany caned library armchair with tufted leather and square back, circa 1825, valued at $18,000; and
- sapphire and diamond earrings valued at $39,000.
Unique New York City dining packages include dinner for eight prepared in the bidder’s home by executive chef and owner David Waltuck of the renowned restaurant, Chanterelle, and dinner for eight prepared in the bidder’s home by chef Annie O’Hare of Lenox.
Among the entertainment items are tickets to:
- The Late Show with David Letterman
- The Tonight Show with Jay Leno
- Live with Regis and Kelly
- The View
- MTV Video Music Awards and
- Saturday Night Live.
Exotic travel packages include a two-night stay at Dornoch Castle in Scotland, three nights at the Amanjiwo resort and three nights at the Amandari in Indonesia, and a weeklong stay at a 4,000 square-foot villa in St. Thomas.
All money donated to the Relief Fund is used to provide emergency short-term financial assistance and emotional and mental health support to families, as well as ongoing assistance for housing and living expenses in the months and years ahead, including childcare and college tuition. All operating costs of the Relief Fund are underwritten by Cantor Fitzgerald CEO Howard Lutnick and the Cantor Fitzgerald partners, and the Fund is staffed by unpaid volunteers, ensuring that every dollar raised directly benefits victims' families.
The Cantor Fitzgerald Relief Fund auction takes place on June 3 at Sotheby’s in New York, with the silent auction beginning at 6 p.m. and the live auction starting at 7:30 p.m. For information call 212-596-9920.
CANTOR FITZGERALD CEO HOWARD LUTNICK AND CANTOR PARTNERS ANNOUNCE NEW $5 MILLION MATCHING FUND FOR CANTOR FITZGERALD RELIEF FUND
FUND HAS DISTRIBUTED NEARLY 100% OF DONATED MONEY TO DATE WITH $8.5 MILLION OF $8.7 MILLION DISTRIBUTED TO FAMILIES
New York (December 2, 2001) -- Cantor Fitzgerald CEO Howard Lutnick and the Cantor Fitzgerald partners have announced today a new matching donation program for the Cantor Fitzgerald Relief Fund. At a holiday function held here today for children of the affected families, sponsored by the Relief Fund, Mr. Lutnick said the Cantor partners will match all donations to the Fund up to a total of $5 million from now until the end of the year.
This announcement follows the near 100% dispersal of monies received by the Fund to date. Since the creation of the Cantor Fitzgerald Relief on September 14th, it has received $8.7 million (as of November 20, 2001) and has subsequently distributed $8.5 million to the families of victims lost in the September 11th tragedy.
The Relief Fund was established with a $1 million donation by Mr. Lutnick. Since that time, it has received more than 20,000 donations from Americans in all 50 states and concerned residents of Canada, France and England. The Fund is administered by Edie Lutnick, Mr. Lutnick’s sister, and all administration and operation costs are covered by Cantor Fitzgerald.
"Since we have successfully distributed to the families nearly all the money raised by the Relief Fund, we have established a new goal: to match all contributions up to a total of $5 million between now and the end of the year," Mr. Lutnick said. "It is our hope that, through this match, we can raise another $10 million for the fund. As before, the Cantor Fitzgerald Relief Fund will distribute 100% of what we receive directly to the families of those lost in the tragic events of September 11th."
The Cantor Fitzgerald Relief Fund has disbursed money to the families as follows:
- The first payments of $5,000 each went to families with children under the age of one and to widows who are/were pregnant. This distribution began on October 4.
- The next series of $5,000 payments was distributed to all other affected families, including: families with children above 1 year old; spouses without children; longtime life partners of victims; fiancée’s; and parents who lost a child.
- The Relief Fund then sent additional checks of $1,500 per child to families with dependent children.
- Most recently, the Fund sent $5,000 checks to all families as a "Holiday Emergency Fund."
In addition to sending relief funds to families of lost employees directly employed by Cantor Fitzgerald, eSpeed or TradeSpark, the Fund has sent checks to the families of those lost who worked for Forte Foods (who provided food services), Eurobrokers, Forest Electric and other subcontractors, and to non-Cantor related independent contractors such as Citibank, GDI Infotech and others who perished in the terrorist attack.
Edie Lutnick estimates that nearly 1300 children of the above groups were affected by this terrible tragedy. "Through the hard work and commitment of the many volunteers at the Fund and the pro bono work of our law firms, we have been able to react quickly to help the hundreds of families so severely hurt by the tragedy. Our mission is clear: we are committed and focused on taking care of these families and will not rest until we distribute every penny we receive."
This pledge is in addition to the Company’s previous commitment to distribute to the Cantor, eSpeed and TradeSpark families an amount equal to 25% of the partnership's profits, that otherwise would have been distributed to the remaining partners, for the next five years. This distribution will cover 10 years of health insurance costs for all families and provide each of those families with an additional minimum payment of $100,000 each.
Contributions to the Cantor Fitzgerald Relief Fund can be made in three ways:
- Send checks made out to "Cantor Fitzgerald Relief Fund" to:
Cantor Fitzgerald Relief Fund
101 Park Avenue, 45th Floor
New York, NY 10178
Attn: Ms. Edie Lutnick
- Telephone by credit card: call 1-800-446-0500
- Online by credit card: www.cantorrelief.org
CANTOR FITZGERALD LP SUBMITS PUBLIC COMMENT TO U.S. DEPARTMENT OF JUSTICE REGARDING THE SEPTEMBER 11TH VICTIM COMPENSATION FUND OF 2001
New York, November 27, 2001 -- Cantor Fitzgerald L.P., together with its affiliates, eSpeed, Inc. and TradeSpark L.P., have submitted a series of recommendations to the U.S. Department of Justice regarding the rules and regulations for administering the September 11th Victim Compensation Fund of 2001.
Congress established the September 11th Victim Compensation Fund to compensate victims for their losses in the terrorist attacks of September 11. The Fund is designed to be a way for victims to receive compensation without resorting to lawsuits.
The U.S. Department of Justice (DOJ) is currently developing rules and regulations that will govern the way the Fund is administered. Cantor Fitzgerald has been working with the DOJ to advocate policies that it believes will help the families get all the compensation they deserve as soon as possible. Cantor Fitzgerald has had on-going discussions with the Department and today submitted a Public Comment as well.
In its Public Comment, Cantor Fitzgerald is making the following principal recommendations to the DOJ:
- Victims’ estates should not have their compensation from the Fund reduced by the amount of contributions they have received from employers, charities or private individuals or entities. These voluntary payments include Cantor Fitzgerald L.P.’s decision to distribute for the benefit of the families an amount equal to 25% of the partnership's profits that otherwise would have been distributed to the remaining partners for the next 5 years, as well as charitable monies distributed by the Cantor Fitzgerald Relief Fund.
- The Department of Justice should finalize the rules as quickly as possible so that victims can have the information they need to decide whether to file a claim.
- There should be a chart with specified dollar amounts so that a victim’s estate could choose to file a simple "EZ" form and receive the amount listed on the chart very quickly. Claimants who want to file more extensive proof of their damages should not be bound by the numbers on the chart, and should be allowed to prove all of their damages within the timeframe the statute allows.
- To ensure that a victim’s estate’s compensation is consistent with what would be recovered through trial, awards should not be artificially capped based on the class or status of the victim.
Commenting on the submission, Howard Lutnick, Chairman and CEO of Cantor Fitzgerald said, "We continue to be committed to helping our families in any way we can and we have worked hard, on their behalf, to pro-actively submit these recommendations to the DOJ. The tireless efforts of our outside legal counsel, Skadden, Arps and Morgan, Lewis, have enabled us to complete this task. Their commitment exemplifies our business partners’ desire to help us take care of our Cantor families."
The full public comment submitted by Cantor Fitzgerald is available at Cantorusa.com.
CANTOR FITZGERALD, ESPEED AND TRADESPARK DISTRIBUTING MORE THAN $45 MILLION IN BONUS PAYMENTS TO FAMILIES OF EMPLOYEES LOST IN TRAGEDY
New York, October 25, 2001 -- More than $45 million in bonus payments to the families of Cantor Fitzgerald, eSpeed and TradeSpark employees lost in the World Trade Center tragedy has begun, according to Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. and eSpeed.
According to Lutnick, the minimum bonus distributed will be $5,000. This includes employees that never reached that bonus plateau in the past, and even those employees who started with the firm as recently as Monday, September 10th. All monies in the bonus pool have been calculated and distributed with the assistance of Deloitte & Touche, Cantor Fitzgerald and eSpeed’s independent accounting firm.
Discretionary bonuses are now being distributed to the estates of those employees in administrative, support and other non-revenue-producing/non-commission/non-sales divisions.
These estates are eligible to receive payments equal to 100% of the discretionary cash bonus paid for the full year in 2000 plus accrued 2001 vacation pay with a minimum payment of $5,000.
Estates of those employees in revenue-producing/commission-based and sales divisions will be eligible to receive production-related bonus and commission payments no later than November 22nd. These payments will be based on the restored records of transactions. All accrued amounts will be distributed.
Those employees who survived the WTC tragedy, along with their colleagues around the world, will be eligible to receive year-end bonuses and commissions in December, in accordance with company policy.
"The staff has worked around the clock to meet these self-imposed deadlines," said Lutnick. "We are committed to helping the families of our lost friends and co-workers. We still have challenges ahead, but we have taken extraordinary steps to rebuild our businesses following the unthinkable terrorist attacks on September 11th."
In addition to the more than $45 million in bonus payments, the company provided the following information regarding benefits and assistance previously announced:
Cantor Fitzgerald has pledged to benefit the families of lost Cantor, eSpeed and TradeSpark employees in an amount equal to 25% of the profits, for the next five years that would otherwise be distributed to partners. The funds will be used in part to pay for 10 years of health care for the families of lost employees. The balance of the funds will be equally distributed to all families, until the families receive at least $100,000 in cash.
All non-supplemental life insurance policies are currently being paid, at a rate of twice employees’ salary, tax-free, up to the maximum value of $100,000 per employee. Payment has already been made on approximately 85% of claims received.
Cantor Fitzgerald has arranged for the American Red Cross to co-ordinate all immediate assistance relief efforts on behalf of the Cantor Fitzgerald families in need. They have assigned a caseworker to every family and are able to provide three months of financial assistance and support. The Red Cross is currently contacting all families directly to assess needs.
The firm set up the Cantor Fitzgerald Relief Fund, the initial focus of which has been to assist families with small children and educational needs. The Fund has already given $5,000 to each family with dependent children. More information of the Fund can be found at cantorrelief.org.
A detailed letter explaining the bonus collection process has been sent to the families of lost Cantor Fitzgerald, eSpeed and TradeSpark employees. Respective phone hot line numbers are outlined in that letter for any family members with questions.
More detailed information regarding the company's benefits is available on the company's crisis website, www.cantorusa.com.
CANTOR FITZGERALD AND ESPEED TO EXPEDITE BONUS DISTRIBUTIONS FOR FAMILIES OF EMPLOYEES LOST IN THE WORLD TRADE CENTER TRAGEDY
Bonuses to be paid beginning week of October 22nd
New York, October 10, 2001 -- Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. and eSpeed, Inc. announced at a support group meeting for New Jersey families, that the companies have expedited the distribution of year-end bonus and commission payments to the families of their lost employees.
"We are pleased to say that we have been able to restore our business records in order to expedite payment of bonuses and commissions, keeping with our previous statement to do so as quickly as possible," Howard Lutnick, told a group of about 35 families in Redbank, NJ. "We only hope that these payments offer some comfort to our families in this very difficult time."
Ordinarily, bonus and commission payments for employees of Cantor Fitzgerald and eSpeed are distributed in December. After the September 11th attack, the firms stated their intention to pay bonuses/commissions to all families of lost employees by January 1st, 2002. Cantor Fitzgerald and eSpeed are now in a position to expedite these bonus payments and payments will be made as follows:
- Estates of those employees in administrative, support and other non-revenue-producing/non-commission/non-sales divisions are eligible to receive payments equal to 100% of the cash bonus paid for the full year, a year ago, where applicable. As always, situations such as new hires or previous year partial payments will be addressed on a case by case basis. All discretionary bonus payments will include and be deemed to include all accrued, unused 2001 vacation pay. These distributions will be available during the week of October 22nd.
- Estates of those employees in revenue-producing/commission-based and sales divisions will be eligible to receive production related bonus and commission payments no later than November 22nd (Thanksgiving). These payments will be based on records of client transactions, which have been restored. All accrued amounts will be distributed.
Those employees who survived the WTC tragedy, along with their colleagues around the world, will receive year-end bonuses and commissions in December, in accordance with company policy.
"While nothing can replace the loss of a loved one, we want to do everything we can to help ease the short-term financial burden on the families of our lost employees," said Lutnick. "It is because of the commitment and exceptional efforts of our surviving staff, working around the clock to rebuild our businesses, that we are in the position to make our previous statements a reality."
In addition, the company provided the following information regarding benefits and assistance previously announced:
- Cantor Fitzgerald has pledged to share profits with the families of lost Cantor, eSpeed and TradeSpark employees. An amount equal to 25% of the profits, for the next five years will be used to support families. This is money that would otherwise be distributed to partners. The funds will be used in part to pay for 10 years of health care for the families of lost employees. The balance of the funds will be equally distributed to all families, until each family receives at least $100,000.
- All non-supplemental life insurance policies are currently being paid, on 2X employees salary, tax-free up to the maximum value of $100,000 per employee. Payment has already been made on approximately 85% of claims received.
- Cantor Fitzgerald has arranged for the American Red Cross to co-ordinate all immediate assistance relief efforts on behalf of the Cantor Fitzgerald families in need. They have assigned a caseworker to every family and are able to provide 3-month financial assistance and support. The Red Cross is currently contacting all families directly to assess needs.
- The firm set up the Cantor Fitzgerald Relief Fund to assist families with small children and education needs. More information of the Fund can be found at cantorrelief.org.
Families of lost Cantor Fitzgerald, eSpeed and TradeSpark employees will receive information detailing all of the Cantor Fitzgerald benefits by mail this week. Families are encouraged to contact the benefits hotline at 212-379-8369 with questions. More detailed information regarding the company's benefits is available on the company's crisis website, www.cantorusa.com.
Press Inquiries: (212) 981-5281
CANTOR FITZGERALD L.P. ANNOUNCES DETAILS OF SUPPORT FOR FAMILIES OF EMPLOYEES LOST IN THE WORLD TRADE CENTER ATTACK
Company pledges share of profits to benefit families
Company to pay 10 years of Health Care Coverage
New York, October 10, 2001 -- Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. announced at a support group meeting of New Jersey families, that Cantor Fitzgerald will contribute to the families of lost Cantor, eSpeed and TradeSpark employees, an amount equal to 25% of the partnership's profits that would otherwise be distributed to the partners, for the next five years. This contribution is intended to support the needs of families of its employees who were lost in the World Trade Center Attack. Cantor Fitzgerald L.P.'s first use of these funds will be to pay for ten years of health care, which will cost an estimated $70 million.
"We want to be able to care for these families over the long-term, and we believe providing health care coverage for families of our lost friends and colleagues is a big part of that," said Lutnick. "Ten years of health care will provide greater peace of mind to these families."
The balance of the funds will be equally distributed to benefit all families of lost employees. The company will continue these distributions beyond five years if necessary, until each family has received at least $100,000 in cash.
"Our surviving employees and the support of our clients are what made this announcement possible," Lutnick continued. "Every Cantor Fitzgerald, eSpeed and TradeSpark employee is committed to keeping our Cantor family together. They are working around the clock to honor the memory of their lost friends and colleagues and I am convinced that this is only the beginning of what the people at this firm are capable of accomplishing together."
CANTOR FITZGERALD TO HOLD MEMORIAL SERVICE
Closes Equities Business for One Day to Honor Colleagues
New York -- September 25, 2001 -- Cantor Fitzgerald L.P. announced today that its U.S. equities business will be closed on Monday, October 1 so that employees and clients can attend a memorial service honoring colleagues missing or departed as a result of the World Trade Center tragedy.
"We will never forget the tremendous contributions made by our departed loved ones, friends and colleagues," said Phil Marber, President of Institutional Equities. "It's imperative that we take time out and honor those who were taken far too soon."
For all family members of those lost, as well as employees of Cantor Fitzgerald, eSpeed, or TradeSpark traveling from outside the tri-state area, please contact glambert1@bloomberg.net for information regarding hotel rooms that have been donated for the night of September 30th.
Press Inquiries: (212) 981-5281
STATEMENT FROM HOWARD W. LUTNICK, CHAIRMAN & CEO OF ESPEED, INC.
New York, NY -- September 20, 2001 -- eSpeed (NASDAQ:ESPD) today issued the following statement by Howard W. Lutnick, Chairman & CEO regarding the members of the company's senior management team who were lost in the World Trade Center disaster.
"eSpeed has always been more than a team, or a vision, or even a company. At its heart eSpeed is a family. As a family, we mourn the losses of our siblings, our best friends -- our partners. We cannot imagine work or life without them nor their vast array of qualities and characteristics that enhanced our lives."
"It is with great sadness that I write of some of the lost eSpeed senior management family."
- Frederick T. Varacchi, President & Chief Operating Officer, Director. Fred was my friend and an extraordinary businessman, technologist and leader. His energy, vision and enthusiasm created eSpeed and brought the company to preeminent status. His wife Eileen and their three children can always be proud of their father's accomplishments. eSpeed was Fred's company and will always stand as a tribute to his amazing drive and charisma.
- Douglas B. Gardner, Vice Chairman, Director. Throughout my life few people have been closer to me than Doug Gardner. His steady hand and guidance were an integral part of every decision I made as CEO. Moreover, our shared vision was acknowledgment of our mutual respect and admiration for one another as well as the strategic direction of eSpeed. Together, we felt there was nothing we could not accomplish. His wife Jennifer and their two children should be proud of the company he built and led. Life will not be the same at eSpeed without him.
- Jeffrey G. Goldflam, Senior Vice President & Chief Financial Officer. Jeff's presence and the way he conducted himself always had a way of making people smile, particularly me. His facility with numbers and figures made each quarter a pleasure, as we were always able to focus on the business and vision of the company, because we knew Jeff was commanding and protecting the finances. His wife Risa and their two children can always look to eSpeed as a symbol of their husband and father's caring ways.
- Jonathan Uman, Head of Corporate Development. Jonathan joined eSpeed during our initial public offering road show. His vibrant energy and deal making sense kept all the executives highly motivated and the company moving forward. He could always be trusted to bring his impressive intellect to bear on any situation. Jonathan's wife, Julie, and their two children should be extremely proud of their Dad -- he was an integral part of eSpeed's success.
- Glenn Kirwin, Head of Product Development. I have known Glenn for years and he was by far one of the brightest, most analytical executives in the industry. It was a pleasure to observe his thought process, the manner in which he analyzed issues and his ability to problem solve. Glenn was truly a creative force in the eSpeed family. His understanding of the business and attention to detail was virtually unparalleled. The systems he designed and the businesses he created are something his wife Joan and their two children can always look at with great pride.
- David Bauer, Head of Sales. Big Dave created and built our entire sales infrastructure. His experience and customer relationships helped eSpeed establish the world's most successful electronic trading platform. More importantly, Dave had a personality and sense of humor that made the workplace a more enjoyable environment for everyone. He was one of those people executives looked at and said, 'I wish he was on our team.' His wife Ginny and their three children should know that Dave was a man everyone liked to be around.
- Joseph Shea, Executive Managing Director Cantor Fitzgerald, Director. Joe's leadership of Cantor Fitzgerald's US brokerage operations and his position on the Board of Directors of eSpeed had an enormous impact on me personally and eSpeed. Joe was a close personal friend whose support and direction guided my thinking, decision-making and leadership. He was an invaluable member of the eSpeed family and his wife Nancy and their four children can always be proud of his contributions because, 'Cantor was Joe.'
"We are dedicated to the more than 730 members of the eSpeed/Cantor Fitzgerald/TradeSpark family that were lost in the World Trade Center tragedy. All of our survivors are now bound together in a manner never seen before in business. We are a large family that has lost its brothers and sisters. There is no adversity our survivors cannot overcome. Our survivors reopened this company 47 hours after the attack. I cannot be more proud to be associated with this group of people. Godspeed to eSpeed -- I love you."
Howard W. Lutnick
Chairman & CEO
eSpeed, Inc.