Key facts
- Howard Lutnick stated the 9/11 attacks transformed Cantor Fitzgerald from a family business to a community-focused organization.
- Cantor Fitzgerald promised and delivered at least $100,000 to the families of each of the 658 employees lost on 9/11, totaling $180 million over five years.
- Lutnick adopted a more proactive dealmaking strategy after 9/11, prioritizing speed in taking care of victims' families.
- Lutnick believes his focus on time and outcomes, shaped by 9/11, aligns with his work in the Trump administration.
- The company operated out of improvised locations and hired rapidly in the aftermath of the attacks.
Howard Lutnick, CEO of Cantor Fitzgerald, reflected on how the September 11th attacks fundamentally reshaped his business philosophy and personal approach to dealmaking. He described the company's pre-9/11 culture as a "family business" focused on hiring friends, but after the attacks, it transformed into a community prioritizing the welfare of victims' families.
In the aftermath of losing 658 employees, Cantor Fitzgerald committed to supporting the families, promising a minimum of $100,000 to each and ultimately providing $180 million over five years. This commitment, Lutnick explained, necessitated a more aggressive and time-sensitive dealmaking strategy. He stated, "I was willing to be partners with anybody if I thought it would be quicker to help the families." This shift, he noted, changed his frame of reference to prioritize both outcomes and the time taken to achieve them.
Lutnick also drew parallels between his post-9/11 approach and his role in the Trump administration, stating that the urgency to achieve goals within a limited timeframe serves him well. He described President Trump as a "dealmaker-in-chief" and emphasized his own drive to "get things done in a short amount of time." The company operated out of improvised locations and hired rapidly in the immediate aftermath of the attacks, underscoring the critical importance of time and swift action.
Reflecting on the broader implications of 9/11, Lutnick asserted that the attack targeted the "American way of life, life, liberty, and the pursuit of happiness, freedom, American values, capitalism." He expressed disgust at the idea that anyone deserved such an attack, calling those who suggest otherwise "horrible people" who "hate America."