Christie's wife worked for JP Morgan and Cantor Fitzgerald – Did she or her friends structure the Twin Towers cat bond?

"New Jersey Gov. Chris Christie recalled the tense hours of September 11, 2001, when his wife was missing in New York City.

Christie explained that Mary Pat was working just a few blocks from the World Trade Center when the attacks occurred.

On the day before the attack, Christie said he received a call from President Bush, who notified him that he'd be named U.S. Attorney for New Jersey.

In light of that news, he decided to take a day off and bring his children - ages 8, 5, and 1 at the time - to school.

When the planes hit the towers, Christie said he spoke to his wife, who told him that the workers would be evacuated to the basement. That began a frightening five-hour stretch where he could not reach his wife. During that time period, both towers had collapsed.

"I was thinking what was I going to do if i had to raise three children on my own, what would I say to them about their mother? It was incredibly frightening. Five minutes before the kids were going to come off the school bus, she called me from a pay phone in Midtown, Manhattan, where she had walked with a group of coworkers, when they eventually decided to leave the building," said Christie. He said his wife then took a ferry from Manhattan to the Jersey shore, where he picked her up.

Christie said Mary Pat was soaking wet and wrapped in a blanket when she came off the boat. People in lower Manhattan were covered with dust and ash after the buildings collapsed and many had to be hosed down.

"That was the first sight of my wife after having left her that morning. I just grabbed her, hugged her, got her in the car and got her home," he said.""

"Mary Pat and Chris married in 1986. Mary Pat earned an MBA from Seton Hall University and rocketed to success in bond trading. Amid rumors her husband was mounting a presidential run, she announced a hiatus from her job as managing director at the specialty investment firm Angelo, Gordon & Co in April. Before working at Angelo, Gordon & Co., Christie previously had stints at JPMorgan Chase, Fleet Securities, Cantor Fitzgerald, and Mendham Capital Management, a firm she co-founded, reported Bloomberg."

"NJ Gov Christie endorses Donald Trump for president 
Everett Rosenfeld | @Ev_Rosenfeld  2 Hours Ago
Breaking News New Jersey Gov. Chris Christie endorsed GOP presidential front-runner Donald Trump on Friday, the latest sign that Republicans are beginning to accept the idea that the real estate magnate may win the party's nomination.

"I am proud to be here to endorse Donald Trump for president of the United States," Christie said at a news conference alongside the businessman, explaining that he has been friends with Trump for over a decade. "I absolutely appreciate him as a person and as a friend."

"Perhaps the only reason Cantor Fitzgerald's chief executive Howard W. Lutnick didn't perish during the September 11th terrorist attacks on the World Trade Center is thanks to his young son.

That Tuesday morning happened to be the day his five-year-old son Kyle started kindergarten. He and his wife both wanted to take him to his first day at Horace Mann School.

Lutnick was in his son's classroom when he first heard news of the attacks that would forever change his life and his firm. Cantor Fitzgerald occupied the 101st to the 105th floors of One World Trade Center -- just above the impact zone of the hijacked plane. Cantor Fitzgerald suffered the greatest loss of life of any company. The firm lost 658 of its 960 employees, almost two-thirds of its workforce.”

"David Cameron [White's Club death-pool gambler] : wife Samantha was missing in New York on 9/11 
Samantha Cameron was in New York on the day of the 9/11 terror attacks and could not be contacted by her family for five hours, the Prime Minister disclosed. 
By Rosa Prince, Political Correspondent 
4:09PM BST 25 May 2011 Comments 18 Comments
Underlining his appreciation of the impact the atrocity had on America, David Cameron spoke for the first time at his joint press conference with President Barack Obama about his own anxious wait for news of his missing wife.

Mrs Cameron, then 30, was pregnant with their first child, Ivan, when she flew into New York the day before the 9/11 terrorist attacks to open the Manhattan branch of Smythson, the upmarket stationery firm she still works as a consultant for.

She was in the store, a few miles away from Ground Zero on 61st Street and Madison Avenue, when the planes flew into the Towers. With phone connections down across Manhattan, Mr Cameron, who had been elected as an MP a few months earlier, was unable to reach his wife. Meanwhile, Mrs Cameron was caught up in "chaotic" scenes as, without a television in the shop, she was forced to ask passers-by what was happening downtown."

"Two World Trade Center SECOND AMENDED AND RESTATED AGREEMENT OF LEASE 
 DATED AS OF JULY 16, 2001 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY AND 2 WORLD TRADE CENTER LLC
PROPERTY: 2 World Trade Center
New York, New York …..

24.8.2 the Lessee (or Transferor) places into escrow, with a Depository mutually acceptable to the Port Authority and the Lessee (or Transferor), an amount equal to the disputed amount to be held in escrow by the Depository until the Security Release Date and thereupon the Depository shall disburse the escrowed amount in accordance with the joint direction of the parties or the direction of the arbitrator as described in Section 24.7.2 above, or, as security on the payment of the disputed amount, delivers to the Port Authority (and maintains or renews in successive one (I) year periods, in a manmer satisfactory to the Port Authority, until no earlier than the date which is thirty (30) days after the Security Release Date) an irrevocable, unconditional letter of credit in form and substance reasonably satisfactory to the Port Authority in an amount equal to the sum of (a) the disputed amount and (b) interest thereon (at the Prime Rate) for an initial period of one (I) year, payable to the Port Authority and issued by [Serco shareholders] Bank of America, N.A., JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of New York/Mellon, HSBC Bank, Citibank, N.A., or any successor in interest to any of the foregoing, or a bank which is a member of the New York Clearing House Association or is a non-member bank reasonably acceptable to the Port Authority, is domiciled in the United States, has an office in New York City at which a letter of credit issued by such bank may be presented for payment, whose most recent issue of long term debt is rated AA or better by Standard & Poor's NY 73085178v4 Corporation (or any successor thereto) or rated Aa2 or better by Moody's Investors Service, Inc. (or any successor thereto), or if neither of such Persons nor their Successors is then in the business of rating such debt, a comparable rating from any other rating organization reasonably satisfactory to the Port Authority, and otherwise satisfies the requirements of an Institutional Investor. Any interest earned on funds escrowed by the Lessee or Transferor shall be allocated between the Port Authority and the Lessee or Transferor in the same proportion as the ultimate payment and/or reimbursement (as the case may be) to the Port Authority or the Lessee (or Transferor) of the escrowed amount (but no such interest paid to the Port Authority shall constitute a Transaction Payment)"

"Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.

Catastrophe bonds emerged from a need by insurance companies to alleviate some of the risks they would face if a major catastrophe occurred, which would incur damages that they could not cover by the premiums, and returns from investments using the premiums, that they received.[citation needed] An insurance company issues bonds through an investment bank, which are then sold to investors. These bonds are inherently risky, generally BB,[1] and usually have maturities less than 3 years. If no catastrophe occurred, the insurance company would pay a coupon to the investors, who made a healthy return. On the contrary, if a catastrophe did occur, then the principal would be forgiven and the insurance company would use this money to pay their claim-holders. Investors include hedge funds, catastrophe-oriented funds, and asset managers. They are often structured as floating-rate bonds whose principal is lost if specified trigger conditions are met. If triggered the principal is paid to the sponsor. The triggers are linked to major natural catastrophes. Catastrophe bonds are typically used by insurers as an alternative to traditional catastrophe reinsurance.

For example, if an insurer has built up a portfolio of risks by insuring properties in Florida, then it might wish to pass some of this risk on so that it can remain solvent after a large hurricane. It could simply purchase traditional catastrophe reinsurance, which would pass the risk on to reinsurers. Or it could sponsor a cat bond, which would pass the risk on to investors. In consultation with an investment bank, it would create a special purpose entity that would issue the cat bond. Investors would buy the bond, which might pay them a coupon of LIBOR plus a spread, generally (but not always) between 3 and 20%. If no hurricane hit Florida, then the investors would make a healthy return on their investment. But if a hurricane were to hit Florida and trigger the cat bond, then the principal initially contributed by the investors would be transferred to the sponsor to pay its claims to policyholders. The bond would technically be in default and be a loss to investors.[2]

Michael Moriarty, Deputy Superintendent of the New York State Insurance Department, has been at the forefront of state regulatory efforts to have U.S. regulators encourage the development of insurance securitizations through cat bonds in the United States instead of off-shore, through encouraging two different methods—protected cells and special purpose reinsurance vehicles.[3] In August 2007 Michael Lewis, the author of Liar's Poker and Moneyball, wrote an article about catastrophe bonds that appeared in The New York Times Magazine, entitled "In Nature's Casino."[4]"