Howard Lutnick News
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BGC Partners Inc. jumped the most since its initial public offering after the interdealer broker part-owned by Cantor Fitzgerald LP said it would sell its eSpeed bond unit.
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Nasdaq OMX Group Inc. shares declined the most since November 2008 after the acquisition of eSpeed, an electronic platform for trading U.S. Treasury bonds, raised concern about its credit rating.
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For Nasdaq OMX Group Inc., the benefits of expanding into electronic bond trading justify the risk of a lower credit rating.
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Nasdaq OMX Group Inc. will buy eSpeed, the electronic trading system for U.S. Treasuries, from BGC Partners Inc. for about $750 million in cash, giving the second-largest U.S. stock market a foothold in fixed income.
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The news that Cantor Fitzgerald LP’s nonprofit arm would hand out $10 million in $1,000 debit cards to Hurricane Sandy victims sparked relief and skepticism.
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Steven Kantor, then head of investment banking for Cantor Fitzgerald LP, gathered his staff about a year ago for a holiday party in his 82nd-floor apartment in Trump World Tower overlooking the United Nations.
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In his ground-level office on a back street of Las Vegas, Lee Amaitis is worlds away from the 15- story building in London where he served as the second in command at Cantor Fitzgerald LP until 2008. Rather than looking at the Tower of London on the River Thames from his office, he now has a view of men entering and leaving Sheri’s Cabaret, featuring “Hot Fully Nude Girls.’’
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Howard Lutnick , chairman of Cantor Fitzgerald LP, said that its U.K. carbon credits brokerage was a money-losing failure, with business projections based on dreams.
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Cantor Fitzgerald LP, the U.S. brokerage led by Howard Lutnick, agreed to buy parts of Seymour Pierce Ltd., a 168-year-old British stockbroker, out of administration.
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Howard Lutnick, chairman and chief executive officer of BGC Partners Inc., said the Dodd-Frank financial overhaul act may be “violently beneficial” for the New York-based firm.
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