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Cantor's Commitment Cantor’s Commitment An Interview with Howard W. Lutnick, Chairman and Chief Executive Offi cer, Cantor Fitzgerald, L.P. EDITORS’ NOTE In addition to made deposits into this shadow bank- played a key role in getting confi dence back in the his current post, Howard Lutnick ing system, and banks, acting as agents, mutual fund industry and money market industry, is Chairman and Chief Executive traditionally held the collateral in the and in making sure there were no runs on Wall Offi cer of leading inter-dealer bro- form of safe, solid, and secure U.S. Street fi rms while the credit markets worked to ker, BGC Partners, Inc. He also Treasuries, agency securities, and AAA- open up again. The markets relied on government served as Chairman, President, rated mortgages. intervention until banks began to build up their and CEO of eSpeed, Inc., which Then, over time, as other types of capital. but while our gargantuan government can merged with BGC in 2008. Lutnick securities surfaced, the defi nition of an be helpful, it cannot be nimble or effi cient. So for guided the rebuilding and growth AAA rating became more complex than the economy to operate as it should, it needs to be of Cantor Fitzgerald following the it had been or should have been. entirely on the shoulders of market participants, fi rm’s tragic losses in the 9/11World As the summer progressed, trad- those who produce supply and those who stim- Trade Center attacks. He graduated ers became concerned about the vary- ulate demand. While the government was very from Haverford College in 1983 with Howard W. Lutnick ing types and characteristics of collateral. helpful in stopping a progression to the depths a degree in economics and joined They began to ask, “What is it, and if it’s of the abyss, created demand and created supply Cantor Fitzgerald. He was named President possible that someone chooses not to fi nance it, by the government won’t lead to long-term eco- and CEO in 1991 and Chairman in 1996. He then where does it go?” That led to the liquidity nomic health. Government’s role was very much is a member of the boards of Haverford College, crisis on Wall Street and in the entire global fi nan- like that of a parent. The banks are the children of the Zachary and Elizabeth M. Fisher Center cial marketplace. once you have a deep liquidity the Fed and the banks also are the parents of the for Alzheimer’s Disease Research at Rockefeller crisis for fi nance in general, then you’re no longer economy. big government can teach the banks University, Intrepid Museum Foundation, securitizing fi nancial instruments. Auto loans, for a lesson, but it has to let them go back to being National September 11 Memorial & Museum, and example, can’t be made if the loans can’t be re- banks to avoid greater dysfunction of the system. the Solomon Guggenheim Museum Foundation. packaged and sold. There’s no market for an auto Are you happy with the results Cantor He has received the Department of the Navy’s loan unless the prospective buyer of the loan can Fitzgerald has been able to achieve, and is Distinguished Public Service Award. fi nance an auto loan package, and if no one is go- the business where it should be today? ing to take auto loan packages as good collateral, We were extraordinarily well-positioned to COMPANY BRIEF Cantor Fitzgerald off we go. Money market funds buy this collateral, build our business, capitalizing on the opportu- (www.cantor.com), which began in 1945 as an but once they start worrying about buying it, they nity presented by this crisis. We were not bur- investment banking and brokerage business, be- won’t buy the securitized auto loan packages. one dened with legacy assets. Therefore, we could came known for its innovation in computer-based set of events triggered another. They then stopped immediately go to our clients and ask what they bond brokerage and as the market’s premier buying commercial paper as well, and without would like to buy and how we could help meet dealer of government securities. Recognized today commercial paper, how can anybody operate? their objectives. We didn’t have anything mis- for its leadership in institutional equity and fi xed You could see where it was headed, which priced that we were trying to sell and, therefore, income sales and trading, Cantor is a preeminent was to a very bad place, so the severity of the were able to focus exclusively on servicing our capital markets investment bank serving more impact did not surprise us. I spent a lot of time clients’ needs. We were able to dramatically grow than 5,000 institutional clients around the world. with my management team talking about what the company by maintaining an unwavering fo- Cantor Fitzgerald also has embraced opportunities could happen in the market. by the end of July cus on client service throughout this period. in new marketplaces through CantorCO2e, Cantor 2007, Cantor Fitzgerald had an edict that we We also hired spectacular salesmen from Gaming, Cantor Index, Cantor LifeMarkets, Cantor would hold no inventory, which was a radical bear Stearns, Merrill Lynch, bank of America, Exchange, and other businesses and ventures. undertaking in the marketplace at the time. For Lehman and others. These are seasoned pro- Together with its affi liates, Cantor operates trad- some fi rms, there was simply nothing they could fessionals with extremely solid relationships in ing desks in every major fi nancial center, with of- do, and those with substantial legacy mortgage the market. We’ve added so much talent that fi ces in 50 locations around the world and a team securities on their books were severely affected. our business was up more than 75 percent in of more than 3,700 employees. because we recognized that the worsening credit the past year. because we weren’t saddled with situation could go very deep given the market’s legacy assets, we made money in each quarter, Were you surprised by the severity and interconnectedness and natural progression of with very strong and consistent profi ts, while speed of the economic crisis, and do you events, we reacted and were able to avoid it. other fi rms lost substantial amounts. now see us on the road to recovery? There are many who suggest that we our business is not a betting business – The world started to change in visible ways needed the stimulus, but that real recovery we’re not going to move back and forth between in the summer of 2007. If you recognized and has to come by way of the private sector big profi ts and losses. We are a service for our cli- addressed it, you could see the transformation through entrepreneurship and innovation. ents’ business. our distribution model is aimed at would be severe and very deep. A liquidity crisis Do you agree, and is the right discussion on helping a client fi nd what it wants to buy or sell, in the repo market, which had become America’s recovery taking place? fi nd the other client who wants to do the transac- shadow banking system, signaled a crisis in the I agree the private sector is the driver of eco- tion and match them up, and use our money if value of collateral. Trading institutions in effect nomic growth and prosperity. The government needed to help them complete the transaction. voLUME 33, NUMbER 2 Copyright © 2010 Magazine. Reprinted with Permission APRIL, MAY, JUNE 2010 We were the sixth largest investment bank pri- special needs, injured veterans, medical organiza- only reap the seeds that one had sown. We had mary dealer in America. There were 12 banks and tions, and other worthy causes is our way of com- a rule at the fi rm that we only wanted to work six investment banks doing business with the U.S. memorating those we lost by turning a tragic day with people we liked, so hiring your friends was government. Following the closings and mergers into something positive and uplifting. The reason encouraged. We lost 20 sets of brothers and a resulting from the fi nancial crisis, Cantor Fitzgerald we’re here as a company is that we made that com- pair of sisters. My brother and I worked together became the number-one investment bank primary mitment to our families and we survived because but I lived and he died. I can’t say Cantor was dealer in America. So we’re in a superb spot with of the commitment by and to our employees. our just one big happy family, but it was certainly a exceptional market opportunity. When a fi nan- clients, who also loved Cantor’s employees who series of business units that were so tightly wo- cial institution becomes extremely big, the effort were lost that day, continued to do business with ven together that the survivors were not going to to move the needle is gigantic. We, on the other us when we weren’t perfect and as we struggled let it fail. I was able to articulate how they all felt hand, can move the needle with fi rst-class clients to rebuild. We reached the level of excellence and create a path that they wanted to go down. I who are able to do great transactions but who are where we are now because our clients stuck with couldn’t go out and lead; all I could do was take not the biggest in the world.
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