Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (182848)	7/24/2002 7:14:31 AM
From: Jumper	Read Replies (1) \| Respond to of 436258

NY1 Exclusive: Cantor Fitzgerald Demands More Money To Stay Downtown ny1.com JULY 23RD, 2002 Since the Trade Center attacks, the city has focused on keeping businesses in Manhattan. But Cantor Fitzgerald, which lost 658 employees -- about a quarter of all the deaths in the twin towers -- is playing hardball. Sources familiar with the negotiations told NY1 that the city and state are prepared to give Cantor Fitzgerald $12 million to keep about 500 employees Downtown -- about four times as much per employee as the $25 million American Express received in April to keep its 4,000 employees in Battery Park City. But sources said Cantor Fitzgerald's CEO Howard Lutnick is demanding more. Even before September 11, Lutnick was known to have mixed relations with government officials because of past dealings with the city and state. Lutnick wouldn't talk to NY1, but a Cantor spokeswoman provided this statement: “In the wake of the tremendous loss of life and the loss of our headquarters at the World Trade Center, Cantor Fitzgerald is working hard to rebuild its business. And, with the help of the city and state of New York, we hope to rebuild and remain here in New York.” Government officials also wouldn't discuss the negotiations on camera, but off camera, Deputy Mayor for Economic Development Dan Doctoroff said: “It's fair to say that there's a difference of opinion between what Cantor Fitzgerald wants from the city and state and what the city and state have been prepared to offer. But we are sensitive to Cantor Fitzgerald's particular needs." City and state officials have been negotiating with dozens of companies to stay Downtown in exchange for cash grants, typically offering between $3,500 and $5,000 per employee. Sources said the city and state will give Cantor substantially more because of the firm's unique loss on September 11. But so far, the government hasn't been willing to match the bond firm's demands. --Davidson Goldin