Published On: Tue, Feb 17th, 2015

NY AG Schneiderman Pushes for Payback for World Trade Center Name

The World Trade Center's Name was sold for a mere $10 in 1986

World Trade Center

What’s in a name? A great deal, if it happens to be tied closely with the downtown New York skyline of yesteryear that was altered forever on that terrible day when two planes crashed into the Twin Towers. The name of the World Trade Center always had a resonance, but prior to 9-11, few could have predicted what kind of resonance.

How much more shocking to find out that in 1986, the World Trade Center name was sold for a mere $10. New York Attorney General has fought for compensation for the literal cheapening of the World Trade Center’s name. “We found that the Port Authority sold this association its rights to the ‘World Trade Center’ name for pennies on the dollar, “according to USA Today. The settlement of $184, 000, paid by the World Trade Center’s Association, will go toward the September 11 Memorial Foundation. In addition, the firm will pay up to $300, 000 for the next 20 years from revenue of the use of the World Trade Center name.

Port Authority Chairman John Degnan said he was concerned that there may have been ethical lapses in the dealings between former Port Authority officials and the World Trade Center Association. However, Schneiderman’s investigations showed no unlawful conduct in the dealings between the two firms.

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