I have done preliminary research into the occupations of the world trade center victims. The victims came from all walks of life their was no discrimination in this tragedy. Every profession and walk of life suffered tragic hits. There was a catering company that suffered enormous hits, the New York Port Authority, the Janitorial staff, and these are just a few of the non financial businesses and entities operating in the World Trade Center. I suppose one of the more shocking facts of this tragedy are the number of fire men that gave their lives to try to protect the World Trade Center. These were really individuals who lived to serve it is truly tragic that so many individuals willing to solely serve humanity were wiped out.
However, therewere financial firms in the building that suffered devastating hits, one company Cantor and Fitzgerald and other related companies suffered a caasulty rate of 658 employees. Their website states the following:
“On September 11, 2001, the attacks on the World Trade Center claimed the lives of 658 Cantor Fitzgerald, eSpeed and Tradespark employees. Within one week, eSpeed and Cantor brought markets back online, thanks to the dedication and commitment of employees and clients around the world. At that time, Cantor pledged to distribute 25% of the firm’s profits for five years to the families of former employees, as well as additional support through healthcare benefits. Through September 2006, Cantor distributed more than $180 million to the families of employees who were lost in the attacks. “
In order for us to ascertain the financial impact on the U.S. economy of any of these firms and there were several that sustained huge losses, one must have an underatnding of what exactly was happening in these firms and what they did. For this reason before I can even examine my theory that the U.S. economy has sustained a hit becuase of the loss of intellectual capital I have to for myself know the lexicon of the industry therefore creating a glossary of terms, after that I really need to examine the reputation of the respective firms and the scope of their reach on the U.S. market as well as World Markets. This is just the beginning and I can honestly say I may not finish but I will try to start something others may want to finish.
Equity Capital Markets – 1. The Stock Market 2. The market for buying and selling stocks.
I am still on the website for Cantor and I will add other firms as I visit them, though they have exapanded to Debt Capital Markets the business they were in in 2001 and have been in since 1965 is equity markets. Cantor Says the following about their reputation in Equity Markets.
” Ranked first among the top fifty U.S. securities brokers for execution and cross-ratios for the past five years running, our team brings unparalleled expertise and superior service to a client base of more than 5000 major institutional investors and corporations worldwide. ”
This is an indication that in 2001 Cantor would have had well respected professionals on their team in this area. I will have to talk to experts in the field to ascertain what all of this means and it’s impact on the U.S. economy. As I write this blog I will develop a list of questions to be answered at the end of this series of posts.
Bond Broker – comamerica.com defines a bond broker as the following: A bond broker acts as your agent, calling around to different bond dealers to find the best prices for the bonds you want
Currency Broker – Currency Brokers trade one currencies for another as well as process trades in various currencies.
TO BE Continued I Hope !