Tuesday, September 17, 2002

According to this article in today's New York Times, "Officials with Cantor Fitzgerald, which lost more people than any other company in the World Trade Center attack, have concluded that the federal fund meant to compensate survivors of victims is unfair, violates several laws and threatens to shortchange the families of its 658 slain employees by hundreds of millions of dollars."

For example, "Under [government] projections, the family of a 30-year-old broker at the firm who was earning roughly $110,000 on average over the last three years would be entitled to an award of roughly $3 million. Under the firm's formula, which uses gross income and a more bullish estimation of future earnings, the family should receive an award closer to $5 million. The award itself would not be taxed in either case."

"'As the victims' families, we have no choice but to wait until someone steps forward and challenge what we're stuck with," said David Chirls, whose wife, Catherine, was a banker at eSpeed, a division of Cantor. "So this is wonderful to hear that Cantor has done this.'

"Stuck with." I like that. A $3 million dollar award is somehow a screwing on a historical scale. I guess it is, in a sense, considering the government didn't pony up near that amount for the middle class employees disintegrated in the Murrah building. The articles notes that around 10% of the victims at Cantor were in the 98th income percentile nationally. My heart fucking bleeds.

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