9/11 twenty years on: David Buik remembers colleagues who died

Veteran City Commentator David Buik

David Buik, a veteran of the UK stock market and now a market commentator at Aquis Exchange was working for Cantor Fitzgerald when the September 11 attacks hit.

The firm had offices in the World Trade Center and lost many of its staff in the attacks here 20 years on from 9/11, David recalls how the terrible day unfolded and remembers those who died.

It was Tuesday 11th September 2001. London looked at a picture on a warm sunny day. I was lunching at the Connaught Hotel with Nick Cheyne, the Racing Director at Ascot, Mike Dillon, of Ladbrokes and my colleague and much-missed friend Graham Cowdrey.

We were discussing Cantor Index’s and Ladbrokes’ joint sponsorship of the Ascot Christmas race meeting. Graham had left early for another meeting.

To my embarrassment, my mobile went off at the table at 1.55pm. It was Graham, telling me to return to America Square without delay. He relayed to me that an American Airlines Boeing had ploughed into the middle of the North Tower of the World Trade Center. This had happened at 8.46am EST, when New York was starting a new day.

My heart sank a thousand feet – Cantor Fitzgerald’s offices were on floors 101 to 105. It took several minutes for the magnitude of this human tragedy to sink in.

Then a United Airlines crashed into the South Tower at 9.03am EST and then another into the Pentagon.

Who instigated these atrocities?

I left the Connaught with haste and headed back to 1, America Square! I was numb with apprehension and fear. The realms of the unknown seemed a terrifying prospect.

I thought of the desolation that my 300 colleagues must have been subjected to, knowing that many of them had personal relationships with their counterparts in New York. Money broking is a peoples’ business. Relationships are a prerequisite to deliver a successful operation.

Everyone was horrified at the magnitude of the attack, repeatedly watching on TV these jumbo jets ploughing into the World Trade Center, like a child knocking over his tower of toy bricks.

The feeling of deprivation from this brutality and inhumanity emanating from this act of war, will be with me for the rest of my natural days. This act of barbarism had huge political connotations, but for me, my friends, and colleagues at Cantor Fitzgerald, it was personal.

658 employees of Cantor Fitzgerald out of 2,977 total casualties, perished in the rubble of the North Tower. 63 members of staff were English and a memorial for them was erected in 2002 in Grosvenor Square. Eurobrokers, an associate company, lost 62 employees.

Cantor’s CEO Howard Lutnick, was taking his son to school for the first time, so avoided the tragedy. Howard and his sister, Edie set up trusts for the bereaved families and Cantor Fitzgerald donated 25 percent of their profits to the families of their employees who died on ‘9/11’ for five years and paid for their healthcare for another ten. The families also benefitted from donations from the initial annual charity days through the generosity of the staff and its clients, the banking fraternity.

My arrival back at America Square coincided with everyone filing out of the office, for security reasons, many weeping in sorrow. Most knew at least ten people from the New York office. I must pay tribute to Howard Lutnick, Lee Amaitis, the CEO in London, Shaun Lynn and all the staff who rallied together so powerfully, driven by anger, stoicism, fortitude as well as fond memories, in putting the company back on its feet.

Cantors had the vision to duplicate all its accounts and systems in London. This was a vital call, especially as it provided protection to Cantor’s dominance in the Treasury market. It also bought breathing space to enable brokers to be hired. 

Fortunately, Wall Street had lightened up many key traders and brokers, due to adverse trading conditions, which complimented Cantor’s requirements. London’s role during this time was pivotal for the resurgence of the global operations of both Cantor and BGC Partners.

It was understandable that Cantor Fitzgerald attracted huge media attention for several days. We were all shell-shocked and haunted. Focusing on work was tough, while constantly thinking how devastated the bereaved families must be.

The Prince of Wales visited us the following day. This act of commiseration was very much appreciated, as was the work put in by the much-missed Dame Tessa Jowell in dealing with crestfallen families in the UK.

Markets were not new to volatility, with the 1987 crash, the Russian credit crisis of 1993, and the Greenspan ‘irrational exuberance’ sell-off still fresh in most mature market protagonists’ minds.

However, 9/11 was uncharted waters and in the realms of the unknown. Was the World Trade Center massacre just the catalyst for greater hostilities? Initially $1.4 billion was wiped off equity values. Markets were closed on Wednesday and by the end of the week the S&P 500 had shed 11.6% in value and the DOW 14%, with gold rallying 6% to $287 an ounce!

The FTSE 100 fell by 5.7 per cent. Within a month, markets had all but regained their poise. Stock markets losses were but a mere bagatelle in comparison to the cost to the US of running sustained campaigns in Iraq and Afghanistan.

We will always remember you! – RIP

This post first appeared on Dailymail.co.uk