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Posts Tagged ‘History’

How I Stopped Worrying and Learned to Love the OWS Protests

That’s the headline to Matt Taibbi’s article in the current issue of ROLLING STONE MAGAZINE. Last week’s post was from a conservative columnist who writes for FORTUNE MAGAZINE. It’s only fair for a progressive view–and there’s few as good as Matt Taibbi. He alone is well worth subscribing to one of my favorite magazines ROLLING STONE. Herein are excerpts:

“I have a confession to make. At first I misunderstood Occupy Wall Street. The first few time I went down to Zuccotti Park, I came away with mixed feelings. I loved the energy and was amazed by the obvious organic appeal of the movement, the way it was growing on its own. But my initial impression was that it would not be taken very seriously by the Citibanks and Goldman Sachs of the world. You could put 50,000 angry protestors on Wall Street, 100,000 even, and Lloyd Blankfein is probably not going to break a sweat. He knows he’s not going to wake up tomorrow and see Cornel West or Richard Trumka running the Federal Reserve. He knows modern finance is a giant mechanical parasite that only an expert surgeon can remove. Yell and scream all you want but he and his fellow Franksteins are the only ones who know how to turn the machine off.

That’s what I was thinking during the first few weeks of the protests. But I’m beginning to see another angle. Occupy Wall Street was always about something much bigger than a movement against big banks and modern finance. It’s about providing a forum for people to show how tired they are not just of Wall Street but EVERYTHING. This is a visceral, impassioned, deep-seated rejection of the entire direction of our society, a refusal to take even one more step forward into the shallow commercial abyss of phoniness, short-term calculation, withered idealism and intellectual bankruptcy that American mass society has become. If there is such a thing as going on strike from one’s own culture, this is it. And by being so broad in scope and so elemental in its motivation, it‘s flown over the heads of many on both the right and the left.

The right-wing media wasted no time in cannon-blasting the movement with its usual idiotic clichés, casting Occupy Wall Street as a bunch of dirty hippies who should get a job and stop chewing up Mike Bloomberg’s police overtime budget with their urban sleepovers. Just like they did a half-century ago, when the debate over the Vietnam War somehow stopped being about why we were brutally murdering millions of innocent Indochinese civilians and instead became a referendum on bralessness and long hair and flower-child rhetoric, the depraved flacks of the right-wing media have breezily blown off a generation of fraud and corruption and market-perverting bailouts, making the whole debate about the protestors themselves—their hygiene, their ‘envy’ of the rich, their ‘hypocrisy’.

The protestors, chirped Supreme Reichskank Ann Coulter, ‘needed three thing: showers, jobs and a point’. Her colleague Charles Krauthammer went so far as to label the protestors hypocrites for having iPhones. ‘OWS’, he said is Starbucks-sipping, Levi’s- clad, iPhone clutching protestors (denouncing) corporate America even as they weep for Steve Jobs, corporate titan, billionaire eight times over’. Apparently because Goldman and Citibank are corporations, no protestors can ever consume a corporate product—not jeans, not cellphones and definitely not coffee’—if he also wants to complain about tax money going to pay off some billionaire banker’s bets against his own crappy mortgages.

Meanwhile on the other side of the political spectrum, there were scads of progressive pundits like me who wrung our hands with worry that OWS was playing right into the hands of assholes like Krauthammer. DON’T GIVE THEM ANY AMMUNITION! we counseled. STAY ON MESSAGE! BE SPECIFIC!. We were all playing the Rorschach-test game with OWS trying to squint at it and see what we wanted to see in the movement. Viewed through the prism of our desire to make near-term, within the system changes, it was hard to see how skirmishing with cops in New York would help foreclosed-upon middle-class families in Jacksonville and San Diego.

What both sides missed is that OWS is tired of all this. They don’t care what we think they’re about, or should be about. They just want something different.

We’re all born wanting the freedom to imagine a better and more beautiful future. But modern America has become a place so drearily confining and predictable that it chokes the life out of that built-in desire. Everything from our pop culture to our economy to our politics feels oppressive and unresponsive. People want to go someplace for at least five minutes where no one is trying to bleed you or sell you something.

I think I understand now that that’s what the Occupy movement is all about. It’s about dropping out if only for a moment, and trying something new. It doesn’t need to tell the world what it wants. It is successful for now, just by being something different.”

These are only excerpts from Matt’s excellent article in the November 22nd issue of ROLLING STONE MAGAZINE. To read it in its entirety, pickup a copy or better yet become a subscriber. I’ve been hooked on their political reporting for 25 years and with age, year after year, it only gets better.

What Really Has The 99% Up In Peaceful “Constitutionally Protected” Protest

If you are like most of us then you are one of the 99%. If you happen to be one of the 1%, then lucky you. Just skip this week’s blog because you won’t be the least bit interested in what I have to say. This opinion piece ran in the Nov., 7, 2011 issue of FORTUNE MAGAZINE. It was written by Geof Colvin.

“The most important fact to realize about the rash of popular protests around the world— OCCUPY WALL STREET in the U.S., demonstrations in Greece, Spain, London and elsewhere in Europe, really aren’t about money or inequality. If they were, they’d be easier to deal with. They’re about perceived injustice. which reflects a deeper, fiercer problem.

The spark of the U.S. movement may soon be obscured as it’s taken over by career protesters, labor unions, and others who enjoy any chance to torment corporate managers. But the spark is where we find what’s new and meaningful, and it seems to have emanated from a feeling by the protestors that they aren’t getting a fair shot at prosperity. They believe that big companies, specifically major banks, have rigged the system to their own benefit and to ignore the suffering of ordinary people.

That perceived injustice is the real root of today’s rage. Yes, many Wall Street executives make tons of money, but plenty of hedge fund managers, for example, make far, far more, yet no one is camping outside their suburban Connecticut offices. For that matter, America loves Warren Buffett, just as they loved Sam Walton when he was the country’s richest man. Fellow citizens making billions do not by themselves get many people riled.

Even economic inequality isn’t enough to send mobs into the streets. Inequality in the U.S. has been increasing for over 30 years. During most of that period the rich were getting richer, and the poor were getting richer. But the rich were getting richer faster. Though the gap was widening, the lid stayed on discontent as long as everyone was moving ahead.

Inequality actually diminished in the recent recession, as it usually does in tough times. If inequality were the problem, people would be less upset today than they were in 2007. What’s new is that those with medium and lower incomes have not been getting richer for several years, while those with high incomes have been, and the unprecedented slowness of post-recession job growth has left many feeling deprived of their rightful opportunity to improve their lot. More broadly, they feel they’re being punished even though they did nothing wrong, while those whom they blame for the whole mess—the bankers—got bailed out and were raking it in. INFURIATING INJUSTICE.

The elements are the same in protests worldwide, whether the specific grievance is blatant corruption, as in China and the Middle East, or violation of the social compact as in Europe. The innocent are punished while the guilty are rewarded. That combination is intolerable.

In the U.S. this narrative is flawed and in some ways plain wrong. Most of the Occupy Wall Street protestors probably don’t know that they as taxpayers, actually made money from the bank bailout. They may be forgetting that millions of Americans are being foreclosed on because they willingly, even eagerly, took out mortgages they couldn’t afford. Some protestors are simply clueless, like one who responded to a question from the New York Times by saying ‘he never heard of Warren Buffett’, or one who complained to NPR ‘that we’re paying for the bailout’, or one who told the Times that ‘the airline Virgin America is a good company because it’s working on solar planes.’

IT DOESN’T MATTER. WHAT PEOPLE KNOW OR DON’T KNOW ISN’T IMPORTANT. ALL THAT COUNTS IS WHAT THEY FEEL.

At a private meeting of movers and shakers a few years ago, a CEO presented the facts on long-term diverging fortunes of the wealthy and the middle class in the U.S. Henry Kissinger, who was chairing the meeting, observed ‘that the situation held the makings of a social and political cataclysm’. It seemed an overly dramatic pronouncement, but he was right. Only a feeling of powerful injustice was missing, AND NOW IT’S HERE!

Even if Occupy Wall Street should evaporate, the fuel that’s feeding it will not. Think of it as a warning. Cataclysm is a long way off and it certainly isn’t inevitable. But we’re a little bit closer.

Big Fish or Little Fish – It’s Still About Getting Your Customer to Act

The topic for this weeks blog is all about ADVERTISING and since my book HOW TO BECOME A MAIL ORDER MILLIONAIRE is a guide on how to become wealthy by starting your own business it is extremely important to learn how to market your new business effectively and the best way to do that is to ADVERTISE.

Allow me to introduce you to John Boggs. He is first and foremost a sales guy. This is the rock upon which his distinguished career was built and why his advice contained within his new book ADvice By John Boggs: Common Sense Stories of Local Advertising and Sales is well worth heeding. No advertising glitz here, just battle tested and market-proven sales and advertising wisdom for those wanting to improve their sales batting average. John’s zest for life and passion for sales/advertising will put a tear in your eye and a spring in your step.

He starts his book with a quote from Stephen Grellet

“I expect to pass through this world but once. Any good therefore that I can do or any kindness that I can show to my fellow creature, let me do it now. Let me not defer or neglect it, for I shall not pass this way again.”

The following are excerpts from his first chapter

“As I was growing up, I had grandiose plans for my life and career. I wanted to be a scientist, an astronaut and a doctor. I envisioned myself as being world famous. My grandfather was a wise man and enjoyed asking me what I was going to be when I grew up. More often than not, I would begin with the phrase ‘the top, the number one, or world famous.’

Each time I shared my dream of which I would become, my perceptive grandfather would say ‘It is better to be a big fish in a small pond rather than a small fish in a big pond’. He would explain to me that if I was important in a small domain, I would have more opportunity for achievement as well as create the possibility to move to bigger domains. Still, he didn’t stifle my dreams.

As I grew and experienced the world, his words became more of a guide for me than I would have ever expected. I found myself attracted more to smaller companies where I assumed leadership roles and quickly made a difference. I was attracted to becoming a big fish in a small pond. As my achievements grew, bigger ponds (companies and opportunities) presented themselves. And so the cycle repeated.

What does this have to do with advertising? Everything! All advertisers, especially those smaller than Coca Cola and General Motors, should heed my grandfathers. It is much better to be a big fish in a small pond rather than a small fish in a big pond.

How do you do this? Focus your advertising to a limited number of media options. Dominate the media options you choose and only expand to additional options after you become (and can maintain) being a big fish in that pond. How do you dominate? You grow and increase your ad size and even the number of ads per issue. Once you are the largest advertiser in your category, you dominate that medium.

Even the smallest circulation magazine has more readers than the average advertiser can accommodate. How many businesses could handle an influx of 30,000 or even just 10,000 new orders? Not many. It would truly be a case of too much of a good thing. Yet most advertisers focus on reaching as many people as possible with their sales message Very few advertisers write excellent sales copy, so only a few of the millions reached actually respond. How distressing would it be if every reader in every magazine or every viewer of every television program decided they wanted to take advantage of your offer? No business could hire staff fast enough to fulfill orders promptly and still maintain good customer service.

Fortunately for all of us, advertising does not work that way. Consumers (including you) go through a very rigid decision process before making a purchase. AIDA, no I’m not going to slip in a reference to an opera at this point. AIDA is an acronym for this process. Awareness/ Interest/ Desire/ and Action are the steps each consumer needs to go through before buying any product.

Many of today’s advertising salespeople are not schooled in how advertising works. Most do not know what it takes to be successful. Those who do often do have the courage to tell an advertiser the price of success. That price involves steering the potential customer through AIDA: making them Aware of your product, cultivating their Interest, creating an intense Desire to own the product, and giving them a strong incentive to Act. As you can imagine, a ¼ page ad run twice will not in most cases take the consumer as far as you need them to go.

A competent advertising salesperson can tell you the truth about how much you should spend and what your expectations should be.

Unfortunately, far too many will tell you what you want to hear, that you can get something for nothing.

There is so much more to effective advertising than the number of people you reach. Advertising is more of an art than a science. But if you apply basic scientific principles toward your advertising plan, as well as use common sense, much of the mystery dissolves.

John Boggs concludes the first chapter of his most useful book by quoting his grand father’s wisdom, once again. “It is better to be a big fish in a small pond rather than to be a small fish in a big pond”.

In my book HOW TO BECOME A MAIL ORDER MILLIONAIRE I show you how the AIDA principle can help you succeed in the mail order business and by the way it also contradicts a lot of what John says about advertising but only because John Boggs was talking about advertising to reach consumers to make a purchase at retail. There are different rules for direct response (mail order) advertising that make it very easy to grow a business quickly and with much less up front advertising expenditures, where every dollar you spend on advertising will allow you to make at least two dollars back, and even more.

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Thank you Steve Jobs

Apple - Steve Jobs - Hong Kong design student Jonathan Mak, possible a homage to a Raid71 design.

Thanks, Steve
We’ve all been lucky to live in a world where there was a person with such an imagination

The above and what follows is from an editorial written by Stanley Bing who contributes his wisdom and writing skills to every issue of FORTUNE. It alone is worth the price of a subscription.

“I WANTED TO TAKE THIS OPPORTUNITY before time and our common mortality rob me of the chance to do so, to thank you, Steve Jobs, for all that you have done for me. No, I never had the privilege of meeting you, or had a chance to get yelled at by you in a business meeting, or even watch your charisma transform an audience into acolytes. But I feel as if I know you well enough to express, as you ascend to your new role as chairman, the sadness I feel and my gratitude for so many of the good things that you have brought to my life. It‘s not business, it’s personal.

I want to thank you for my graphical interface. There were computers, of course, before you made that first Mac. They could run only one program at a time. They had no graphics. You knew that was lame. You imagined the alternative—multiple programs, launched by clicks, running concurrently in a windowed field. Last night I I watched a movie, printed photos, harvested e-mail, and bought a bunch of business socks, all at the same time. So thanks for my GUI.

I want to thank you for my mouse. Can you imagine a world without mousses? I can’t. Before you bred them for commercial use, a person needed a host of keyboard commands to get anything done, and a lot programming code to produce words and numbers on paper. I read somewhere that you got the vision after you visited Xerox’s PARC. They showed you what they were up to, but they sort of didn’t know what they had. You ran with it. Because that’s the way you did everything. All in. Feet first.

I want to thank you for all Macs, great and small. I went to your Apple store the other day and saw a tidy row of new machines, from the slender new Airs to the massive towers of power. I wanted every one. They’re pretty and shiny, unlike my big old black rubberized clunker the corporation gave me, and the last time I got a virus was just before I put my Windows PC into the closet. That was when I sent the phrase “I love you” to 22,000 fellow employees and the CEO “I love you, too, but let’s not let anybody know,” he-mailed back.

I want to thank you for my Airport Extreme, the small white box through which I get my Internet. Before it, I used to have to plug it in and configure this horrible router. It never worked. I often ended up screaming and crying and throwing hardware at the wall. This thing? You just plug it in and use it. Sometimes as I fall asleep I watch the little fellow, with its round eye glowing green in the darkness, a beacon of easy functionality.

Thanks for my iPod, which pretty much defined how I listen to music now. And for iTunes, which you made too easy not to understand. And for my iPad, too which despite all is really nothing more than an Angry Birds machine. No, you can’t work on it. So what? Work isn’t everything.

And thanks for my new iPhone, which channels a million apps and does everything well except the phone part. A pompous Silicon Valley dude I know used to say, with a weary grin, “every year is the year for mobile.” Until you decided it was, Steve. And so I never have to generate a single unaided thought for the rest of my life. What a relief!

And oh,yeah. Thanks for TOY STORY too. And UP. Really loved UP.

Its been your world, Steve. And we’ve been lucky enough to run along behind you, picking up goodies as you dropped them in our path. It’s a little scary to think that one day you’ll go off to your famous mountaintop and not return with the next big thing. But at least we can all say we lived in a time when there was a person with such an imagination and offer thanks in whatever digital or analog format we choose, wherever on earth we may be. We can do that now.”

A quote from this addresses says it all.

“Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose You are already naked. There is no reason not to follow your heart”

The only addition I care to add to this tribute to this great man is that Steve Jobs real legacy is APPLE itself. Without fanfare he quietly made sure his beloved company was built to last.

If At First You Don’t Succeed… The Wright Way To Go

Like flight pioneers Orville and Wilbur Wright, you’ll never get off the ground if you don’t try.

This weeks blog is inspired from an article in the October issue of THE RED BULLETIN written by Jeff Wise, a journalist and the author of “Extreme Fear: The Science of Your Mind in Danger

Jeff writes, “On the 100th anniversary of the Wright brothers’ first flight, 35,000 people gathered at Kitty Hawk, North Carolina, to watch a replica of the famous first plane take to the air. Nothing had been left to chance: the $1.2 million reproduction was exact in every detail, right down to the thread count in the muslin that covered the wing struts.

However, the weather was failing to cooperate. When the hallowed moment came, it was raining—and worse, almost completely windless. At last the drizzle subsided. With the help of some of Orville and Wilbur Wright’s descendents, the craft was maneuvered onto its launching rail. The pilot throttled the engine up to its maximum 12 horsepower, and the replica Flyer set off down the 200-foot track.

It didn’t get very far. Rearing up, it climbed about 6 inches off the ground and then finally slumped ignominiously into a puddle. As 35,000 people witnessed first hand that day, the Wright’s “first airplane was such a poor flyer that it barely qualified to be called an airplane at all. It only managed to get off the ground back in December 1903 because there happened to be a strong wind that day.

In retrospect, we now understand that the Wright brothers made many wrong guesses in configuring their design. The propellers were in the back, instead of the front; the elevator (this controls the movement of an aircraft’s tail) was in the front, instead of the back; the wings angled downward, instead of upward. The plane was barely controllable.

Does that mean that the brothers’ first flight – a 12-second hop was a historical irrelevance? Not at all. The Wright’s did accomplish something epochal that day. Until that moment of quasi-flight, no one really knew whether a heavier-than-air flying machine lay within the realm of possibility. After Kitty Hawk, they did. The Wright brothers may not have had all the details worked out, but they had one foot through the doorway.

A similar dynamic holds true for us as individuals. We each live a life bounded by a sense of what we know to be possible for ourselves. Everything else lies beyond, in the realm of Things That We Might Not Be Able To Do. And then, one day, we cross over the line, and our personal domain is forever enlarged.

Is this the day you decide to become an entrepreneur, perhaps start your own mail order business. If you don’t give it a shot, you’ll never have the opportunity to cross over the line. “Before Edmund Hillary climbed Everest, no one knew the human body could endure such punishing conditions. Before Roger Bannister broke the four minute mile in 1954 it was a goal that lay in the far fringes of possibility. When reports of the Wrights’ achievement leaked out, they electrified a group of European engineers and inventors who had been working for years to solve the problem of flight. They had no details about how the Flyer worked-the Wright brothers were legendarily secretive-but knowing what they were tackling was definitely possible, they redoubled their efforts. Then on October 23, 1906, a Brazilian-born inventor named Alberto Santos-Dumont took to the air in a craft he called “14 bis“. The world as these pioneers knew it was forever changed.

Opportunity is all around if you are willing to get up and cross that line. Here’s one that could change your life.

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IKE’S Warning Revisited

He cautioned against the undue influence of the military-industrial complex. His advice resonates today.

This year marks the 50th anniversary of Dwight D Eisenhower’s farewell address, a Presidential speech considered one of the most noteworthy-and prophetic ever given. Often compared with John F Kennedy’s historic inaugural three days later.

This week’s blog is condensed from an article written by Ike’s grandson, David and ran in the September 5-11 issue of Bloomberg Business Week. Like Kennedy, Ike spoke about the responsibilities and challenges confronting popular government including his famous call to “guard against the unwarranted acquisition of influence, whether sought or unsought, by the military-industrial complex”.

We tend to remember the Fifties nostalgically as peaceful and prosperous. Ike’s words conveyed a more complicated reality. Fear was a powerful current in national politics—fear of war, of Communism, The A-bomb and of a second great depression.

As the Supreme Allied Commander in World War II, he witnessed what can happen when a totalitarian movement succeeds in reducing citizenship to spectatorship. Eisenhower believed active and effective citizens were the best antidote to fear. Taking office a mere eight years after the war and at the height of the Cold War, he worked tirelessly to defuse international tensions and to restore normalcy in national affairs, believing that prosperity and freedom could not survive a state of perpetual crisis. Among other things this meant downsizing the military establishment, without relaxing the guard against the Soviets.

He succeeded in cutting government spending, especially defense spending. Budgets were balanced and the share of economic output consumed by the defense industry fell from more than 40 percent of gross domestic product in 1945 to roughly 10 percent in 1961, even though defense issues—and scares—predominated in his second term. He likened the defense industry to other pressure groups in Washington as a “complex” serving a vital role but positioned to corrupt national policy by capitalizing on public anxiety and credulity. This warning coming from a conservative military man authenticated the earnestness of his words.

Ike prized hard work and self reliance. To friends and family his advice always stressed education, dedication to job and lively interest in public affairs. His farewell message conveyed his deeply held values, his dedication to America’s “adventure” in free government and our “charted course toward permanent peace and human betterment” In the years to come Eisenhower’s specific warnings were often cited and sometimes even heeded. Over the years defense spending fell, then rose, according to need, but never again approached levels reached during World War 11. Yet today Pentagon budgets remain large, and the U.S. military operates globally in a way not remotely foreseen 50 years ago.

While the military-industrial complex today lacks the power to control American thinking and politics, it retains significant influence, and defense issues are complicated by the arcane nature of high-tech warfare. Because of burgeoning deficits and the estimated trillion dollars spent annually on all aspects of national security, Eisenhower’s warnings about prudence and economy resonate today. His general reflections on the challenges facing democracy will pertain as long as Americans value democratic self-government.

Were he leaving office today, Ike might well speak of globalization and the social, political and, and economic implications of the trillions of dollars managed by four or five New York financial institutions, a concentration of power as potentially dangerous as the military-industrial complex of his day.

He was not the first to identify that complex, nor the first to warn of the self-interested and self-perpetuating nature of large corporate-public “complexes.” But he memorably spoke of these things as a President while freshly affirming a basic truth valid then and valid today: that America’s freedoms and our quality of life ultimately depend on tens of millions of active citizens, a sense of confidence in the future, and mutual respect.

David Eisenhower, grandson of President Dwight D. Eisenhower, is director of the Institute for Public Service at the University of Pennsylvania’s Annenberg Public Policy Center.

Howard Lutnick – The Survivor Who Saw The Future

I’m writing this weeks blog on Sept., 5, less than a week away from the 10th anniversary of 9/11. It is excerpted from the NY Times article written by Susanne Craig and it tells the story of someone you should know. His name is Howard Lutnick and he is one of the survivors and an unlikely hero, in his way, of the tragedy. The complete article ran in the September 4, 2011 issue of the New York Times.

THE SURVIVOR WHO SAW THE FUTURE

Ten years ago Howard W. Lutnick was a prince of Wall Street. Forty years old, and already the head of a powerful financial house, he could peer down on rivals from his office on the 105th floor of One World Trade Center.

Then—you know the rest…

American Airlines Flight 11 struck Tower One. Three out of every four people who worked in New York City for Mr. Lutnick at the brokerage fim Cantor Fitzgerald died that September morning—658 in all. Among the dead was his younger brother, Gary. That Howard Lutnick survived was, he concedes, blind luck. Some people died because they happened to be at the World Trade Center on Sept. 11, 2001. Mr. Lutnick lived because he happened to be taking his son, Kyle to his first day of kindergarten.

And so Mr. Lutnick, who ran Cantor Fitzgerald then and, remarkably, still runs it today, became an unusual, and unusually public, 9/11 survivor.

HIS FIRST POST 9/11 DECISION HORRIFIED VICTIMS FAMILIES

He knew that for Cantor Fitzgerald to survive he would have to make some hard-nosed—some said hardhearted business decisions days after the attack, before anyone even knew just how many had died. Mr Lutnick’s first decision was to not send any more  paychecks to the families of his employees. One widow, whose husband had worked at a Cantor subsidiary told televison anchor Connie Chung “I was disgusted.”. Andyet, since those dark days, Mr. Lutnick has defied those who said he and Cantor Fitzgerald were finished. He has rebuilt his firm and then some. And many of those who criticized him at the time—notably, spouses and parents of Cantor employees who had died—now say he did the right thing. Mr. Lutnick said he did the only thing he could to save the firm.

Among those victims from Cantor Fitzgerald were their brokers, the very people who brought money into the firm on a daily basis. Until they could be replaced, Cantor-Fitzgerald had no money and no way to make any. But  he did have was a plan, one that would become one of the most expensive corporate efforts of its kind. Cantor, he promised, would give the families 25 percent of its profits over the next five years. And it would provide health insurance coverage to all the families for 10 years.

PLAN MET WITH SKEPTICISM

Mr. Lutnick’s plan was met with a wall of skepticism. Cantor, after all, was effectively out of business and had no money to pay anyone anything.  Angry families jeered that 25 percent of nothing was nothing, but he knew to survive Cantor Fitzgerald would have to change the way it did business and it would have to replace those brokers who had died. His new business plan was immediately successful and when those first bonus checks totaling $45 million were mailed to survivor families the skepticism and the criticisim stopped. Cantor Fitzgerald under Mr. Lutnick kept all its promises.

While the payments to the families ended five years ago, the Cantor Fitzgerald Relief Fund, started By Mr. Lutnick shortly after 9/11 and run by his sister, Edie Lutnick is still a full time effort to aid families in many ways….the fund helps families hold charitable events, or more recently, to help find hotel rooms for the ones coming to New York for 9/11-related events.

Ms Lutnick and Cantor became an important voice in building the memorial. Each year, Cantor has a service in Central Park for families of its workers who died. This year a larger one was held at ground zero, where the National September 11 Memorial and Museum was dedicated.

Mr. Lutnick says he will never get over Sept. 11. But he has found some peace. He says that for years he had recurring nightmares that spiders were spinning webs on his face, sufficating him. Sleepwalking, he would drag his wife into the closet. Today the bad dreams are gone but the memories of all who died on September 11, 2001 will never be forgotten.

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