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Speaker 1: And we welcome now our Bloomberg television and radio audiences

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Speaker 1: because joining us now is Howard Lutnik, who is the

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Speaker 1: chairman and CEO of Cancer Fitzgerald and BGC Group. Canter

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Speaker 1: Fitzgerald lost six hundred and fifty eight employees in the

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Speaker 1: nine eleven attack and another sixty one people at an

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Speaker 1: affiliate euro Brokers. Howard lost his brother Gary in the

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Speaker 1: North Tower. Gary was only thirty six years old. He

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Speaker 1: also lost his best friend Doug at thirty nine. This

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Speaker 1: is a heavy day for you, Howard, twenty three years later.

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Speaker 1: How do you honor them today?

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Speaker 2: So today.

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Speaker 3: All of our employees, all of our employees waive their

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Speaker 3: days pay, and we ask our clients to do as

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Speaker 3: much business as they possibly can.

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Speaker 2: And this is our charity day.

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Speaker 3: So all around you, everywhere around me, are people donating

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Speaker 3: every penny they make today to charities.

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Speaker 2: We're going to raise about.

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Speaker 3: Twelve million dollars and we're going to give it to

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Speaker 3: one hundred and fifty different charities around the world because

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Speaker 3: with these five thousand people helping me, we're going to

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Speaker 3: turn something horrible into something beautiful.

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Speaker 2: Today I want to talk.

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Speaker 1: More about the legacy here because one of Cantor's lawyers

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Speaker 1: published and op ed in the Wall Street Journal overnight

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Speaker 1: about how retirements at Cantor Fitzgerald are rare, given the

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Speaker 1: firm had lost so many employees, and it's there are

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Speaker 1: just so many employees now entering the workforce as well, Howard,

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Speaker 1: who were not even born at the time of nine

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Speaker 1: to eleven. How in some ways are you still building

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Speaker 1: Cantor forward with that memory of nine to eleven as

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Speaker 1: such a big part of that Cantor story.

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Speaker 3: So, you know, they these families are part of us,

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Speaker 3: and they stay a part of us. So we have

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Speaker 3: a job offer out to all of the children of

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Speaker 3: the people we lost. So just this week, we have

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Speaker 3: a young lady joining us who worked for you know,

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Speaker 3: who was born you know, basically our mother was pregnant

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Speaker 3: right at nine to eleven.

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Speaker 2: How she's graduate in college and she's joining us.

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Speaker 3: So we have about thirty six children who work for

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Speaker 3: us now, but we've had hundreds come and you know,

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Speaker 3: it's been twenty three years. So they move on with

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Speaker 3: their careers they do, We.

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Speaker 2: Train them and we help them flourish in life.

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Speaker 3: So these families are a part of us, and they

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Speaker 3: are part of our DNA and it's amazing and uplifting today.

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Speaker 3: So at four point thirty today we'll have a memorial

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Speaker 3: and we'll get together with all our families and we'll

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Speaker 3: read their names, put their pictures up. But we are

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Speaker 3: together with these families, and the firm is together with

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Speaker 3: them and all these people. Remember, we raised one hundred

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Speaker 3: and eighty million dollars to take care of the families.

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Speaker 3: And the way we did that is our employees weigh

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Speaker 3: twenty five percent of their compensation and gave it to

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Speaker 3: these families. So you know who has the best employees

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Speaker 3: I have at BGC, GFI and Cana Fitzgerald I have,

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Speaker 3: I have the best employees.

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Speaker 4: Well, it's certainly an important moment in history and American

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Speaker 4: history for you and for Canter personally, so we appreciate

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Speaker 4: you being here.

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Speaker 2: But of course it's also.

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Speaker 4: A big moment for the country in our political history

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Speaker 4: as well. And of course you're in Lower Manhattan and

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Speaker 4: you're recently surrounded by former presidents, the current president, and

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Speaker 4: of course some presidential hopefuls there. So Howard, I'll ask you,

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Speaker 4: what did you make of the debate last night between

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Speaker 4: Donald Trump and Kamala.

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Speaker 3: Harris well, before you know, this morning, I went to

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Speaker 3: the memorial for the reading of the names, and it

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Speaker 3: was the most actually the most respectful thing.

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Speaker 2: You had, Kamala Harris. You had President jo Biden.

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Speaker 3: Yeah, then you had Mike Bloombergen in the middle, and

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Speaker 3: then you had Donald Trump and Jadie Vance all there

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Speaker 3: showing tremendous respect to the events of September eleventh. You've

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Speaker 3: got to understand that we've got to take out terrorism,

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Speaker 3: and we've got to take out jihad. It has to end.

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Speaker 3: It's got to be important to these people. And you know,

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Speaker 3: I like that Donald Trump says he's going to return

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Speaker 3: the hostages and take it to Amas. I would like

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Speaker 3: to hear Kamala Harris say the same thing. We've got

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Speaker 3: to get the hostages out. We've got to rush Jamas,

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Speaker 3: and we've got across Jihod.

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Speaker 2: We know, giod we lost six.

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Speaker 3: Hundred and fifty eight people from Cantor, we lost sixty

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Speaker 3: one people from your brokers. We've got to end Gihod.

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Speaker 3: Everyone in the United States knows it. Today's the day

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Speaker 3: we remember it. It's got to end. We've got to

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Speaker 3: end it on the earth.

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Speaker 5: I'll take then this opportunity to ask you, Howard, how

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Speaker 5: you thought President Trump did in the debate last night.

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Speaker 5: Of course, you have been named as one of the

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Speaker 5: co chairs of his transition team. Were he to win,

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Speaker 5: what did you think of his performance against Kamala Harris.

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Speaker 3: Well, look, I think Kamala Harris had outperformed her expectations.

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Speaker 3: I think she did a nice job. But Donald Trump,

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Speaker 3: he hit every point. I mean he hit every point.

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Speaker 3: He stayed on immigration, which is unbelievable. I mean, why

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Speaker 3: is the southern border open? He had it close. Why

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Speaker 3: on the first day did Joe Biden with an executive.

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Speaker 2: Order open back up the border. I just don't understand

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Speaker 2: why they would let all these people in. Right.

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Speaker 3: Inflation is huge and an incredible high, you know, so

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Speaker 3: that first question.

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Speaker 2: Which is our Americans better off?

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Speaker 3: You know, Kamala Harris told us a story about her

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Speaker 3: upbringing because she didn't want to talk about the fact

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Speaker 3: that prices for your groceries are out fifty percent, gases

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Speaker 3: up one hundred percent. You know, the Inflation Reduction Act

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Speaker 3: was really the Inflation Explosion Act. And so I think

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Speaker 3: there were a lot of points to make. You can't

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Speaker 3: make them all. I think he made a lot of them,

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Speaker 3: and this is an incredible race.

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Speaker 2: It's important for America.

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Speaker 3: And I thought the debate was really important. If they

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Speaker 3: have another one, I think that will be really important too.

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Speaker 3: It'd be nice if the moderators didn't, like get involved

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Speaker 3: in the debate and make comments only against Donald Trump.

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Speaker 3: That would have been better. But look, can't you can't

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Speaker 3: help it. It is what it is. But I think

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Speaker 3: it's great. It's great when they talk. I wish Kamala

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Speaker 3: Harris would give press conferences and answer questions and show

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Speaker 3: the country who she is. That would be really helpful

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Speaker 3: and really important for the country.

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Speaker 1: Howard, you came out of the debate yesterday and had

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Speaker 1: betting markets swaying very much in Kamala Harris's favor, and

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Speaker 1: then on the other hand, you had Trump say that

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Speaker 1: he's not inclined to head into another debate with Harris. Now, you,

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Speaker 1: of course are very close to Trump, have been a

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Speaker 1: very prominent fundraiser. Do you think he should be leaning

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Speaker 1: into a round two for a debate?

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Speaker 3: Well, you know the thing about Donald Trump is he

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Speaker 3: he knows his deb Like if you think about me,

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Speaker 3: I have maybe one hundred thousand followers and he has

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Speaker 3: one hundred million followers, So I think I go with

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Speaker 3: what I go with what he thinks. But look, I

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Speaker 3: thought it's important for people to hear what she has

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Speaker 3: to say, so say, hear her out and to have

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Speaker 3: her be out there and stop hiding in the basement

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Speaker 3: and sort of get out there and talk.

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Speaker 2: I think Donald Trump's got a lot to say.

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Speaker 3: He's got a big plan, he's got a program, and

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Speaker 3: he's got his record of three percent growth, three percent wage,

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Speaker 3: three percent GDP growth, three percent wage growth, and under

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Speaker 3: two percent inflation. So I mean, he had a great

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Speaker 3: record as president.

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Speaker 2: But as I said, I'd like.

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Speaker 3: To hear her get press conferences. I'd like to hear

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Speaker 3: her just answer questions in an open form. How can

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Speaker 3: you run and be president United States without answering questions

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Speaker 3: in an open form. It just doesn't make sense to me.

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Speaker 3: But I think it's an amazing race. I think we

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Speaker 3: have now. You know, it's exciting, and we all watched

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Speaker 3: the debate last night. We all have our opinions. But

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Speaker 3: obviously I'd love when Donald Trump debates. I'd be happy

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Speaker 3: if he did it again. But he knows better and

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Speaker 3: he understands, and you know, I'm on his.

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Speaker 1: Side, Howard, because you've been on his side, especially as

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Speaker 1: a prominent donor as well. What does fundraising look like

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Speaker 1: from here? It's really interesting to see the way that

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Speaker 1: both Corporate America and Wall Street has been shaping up

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Speaker 1: against these two candidates. You have the Walton family members

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Speaker 1: throwing a fundraiser for Harris in the near future.

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Speaker 2: How do you counter that?

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Speaker 3: Well, I think, look, we Donald Trump is fundraising, Kamala

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Speaker 3: Harris is fundraising.

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Speaker 2: I think you know, the.

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Speaker 3: Televison airwaves are going to be incredibly crowded with advertising

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Speaker 3: from both sides, and I think we're not. I don't

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Speaker 3: think Donald Trump is having any trouble raising money. I

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Speaker 3: don't think Kamala Harris is having any trouble raising money.

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Speaker 3: So we can look forward to an enormous season of

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Speaker 3: ads on television. But I think it's important to hear

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Speaker 3: what the candidates have to say. The more they speak

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Speaker 3: in their own voice, the better it is for America.

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Speaker 2: As I said, Donald Trump is fearless.

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Speaker 3: He went on ABC, which obviously was going to be

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Speaker 3: against him because he's.

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Speaker 2: A fearless leader.

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Speaker 3: I would like to see Kamala Harris show fearless strength

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Speaker 3: and backbone and get out there and talk. I think

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Speaker 3: if she got out there and talked, I think would

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Speaker 3: be great for America to hear her talking. How do

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Speaker 3: you run for president and not get out there and talk.

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Speaker 3: So I think the world should encourage her to get

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Speaker 3: out there and talk because I know Donald Trump is

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Speaker 3: willing to take all takers, answer all questions, and get.

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Speaker 2: Out there and I think that's just basic.

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Speaker 4: And Howard, I'd love to talk about you a little

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Speaker 4: bit actually, and your role in of course the campaign campaign,

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Speaker 4: because last month you were named as co chair of

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Speaker 4: Donald Trump's transition team should he win a second term,

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Speaker 4: co chair alongside Linda McMahon. How is that going? What

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Speaker 4: are you focusing on right now?

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Speaker 3: Well, sort of the way transition works is if he

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Speaker 3: doesn't win, then you know, it's not much. So what

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Speaker 3: the campaign is focused on is winning, and I'll be

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Speaker 3: focused on helping make sure that if he wins, there's

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Speaker 3: an extraordinary administration around him. The scale of people who

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Speaker 3: want to serve and are willing to serve far far

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Speaker 3: exceeds anything in twenty sixteen and twenty twenty, because now

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Speaker 3: it's just a political race, that's all it is, you know,

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Speaker 3: some people. More and more people come up to me

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Speaker 3: and say they're supporting Donald Trump's than ever before in

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Speaker 3: my life. So I think the answer is, you're going

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Speaker 3: to see if Donald Trump is elected, you're going to

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Speaker 3: see the greatest group of administration and the greatest group

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Speaker 3: of leaders enter this government. And I'm just helping him

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Speaker 3: every way I can. But the key is he's got

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Speaker 3: to win. Transition isn't interesting unless he wins.

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Speaker 4: Totally get that that that's step one, of course. When

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Speaker 4: but are you talking to potential members of cabinet for example,

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Speaker 4: and if you want to name any names, we're all ears.

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Speaker 2: Now.

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Speaker 3: I'm not a you know, look, of course I'm talking

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Speaker 3: to everybody.

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Speaker 2: Of course, we're going to do vetting.

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Speaker 3: I mean that is the job of running transition is

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Speaker 3: really to build a mosaic of incredible and capable leaders,

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Speaker 3: both who've served in the government before and will hope

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Speaker 3: to serve this time, and really set that all up

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Speaker 3: so when he's won, then he can come in and

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Speaker 3: take a look and build and build a great government.

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Speaker 3: My job is to build a mosaic, and then he

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Speaker 3: will be, of course the commander in chief, and the

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Speaker 3: chief is let's design and build the government that is

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Speaker 3: the strongest it possibly can. I think it's incredible that

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Speaker 3: I get to play this role for him. It is

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Speaker 3: the it is the most exciting and most fun I mean,

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Speaker 3: I'm really I'm having a great time of it because

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Speaker 3: I'm just helping him in a deep, respectful way. And

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Speaker 3: it's going to be an amazing administration. But he's got

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Speaker 3: to win first.

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Speaker 5: Are you worried Howard that if he loses, it'll be,

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Speaker 5: as he's said on social media, a blood bath. I mean,

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Speaker 5: he said yesterday he had nothing to do with January sixth,

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Speaker 5: but he clearly was encouraging all of his supporters to

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Speaker 5: come and then go to the capitol. You know, he's

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Speaker 5: his praise for Victor Orbon, his love of these big

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Speaker 5: political rallies.

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Speaker 2: Doesn't it concern you that he's got to stop, You

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Speaker 2: gotta stop. This doesn't not concern you, you know.

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Speaker 3: You know he said there'll be a bloodbath in the

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Speaker 3: auto industry if they keep the NAPA deal working and

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Speaker 3: they let China build cars in Mexico and import them.

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Speaker 2: You know, that's what he said.

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Speaker 3: So this concept, and the other concept that really made

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Speaker 3: me unhappy was when Kamala Harris said that January sixth

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Speaker 3: was the worst thing that happened to the country since

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Speaker 3: the Civil War.

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Speaker 2: See today is nine to eleven.

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Speaker 5: I think eleven the capital is well, it is different.

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Speaker 5: The worst attack on the Capitol.

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Speaker 3: Well, but the Pentagon. The Pentagon was a worst attack

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Speaker 3: on the Capitol. So I mean, come on, stop, stop

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Speaker 3: the rhetoric of the nonsense. Okay, in the debate, they

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Speaker 3: could do that stuff. That's rhetoric, nonsense. When you have

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Speaker 3: me on a nine to eleven, Let's just stay focused

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Speaker 3: on nine to eleven, the events that what happened twenty

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Speaker 3: three years ago, the attack on America.

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Speaker 2: We've got to get rid of jihad. We all agree,

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Speaker 2: we've got to get rid of jihad. Right. I'm worried

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Speaker 2: about all.

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Speaker 3: These people coming into this country because I'm afraid terrorists

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Speaker 3: have come into this country and they're going to do

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Speaker 3: it to us again. And I never want any family

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Speaker 3: to have to live through it. I've lived through. I

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Speaker 3: lost my brother Gary twenty three years ago. He was

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Speaker 3: thirty six, My best friend Doug. And if you can

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Speaker 3: imagine you look behind me at this trading floor, imagine

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Speaker 3: them all being killed, because that's what happened twenty three

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Speaker 3: years ago. It'll crush your heart, it'll crush your soul,

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Speaker 3: and to me, you know, that's the most important thing

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Speaker 3: about today. The most important thing about today is remembering

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Speaker 3: these people for their families and making sure America stay

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Speaker 3: strong and crushes terrorism around the world, so no family

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Speaker 3: has to have to go through what we're going through.

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Speaker 1: Howard, before we let you go here, you have pointed

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Speaker 1: to an active trading desk, very full of people. You've

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Speaker 1: talked earlier in this interview about how you've been hiring

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Speaker 1: more you have been building. There's another moment coming up

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Speaker 1: for you that I know that you are very much

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Speaker 1: looking forward to. That is the launch of your new

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Speaker 1: futures exchange with the backing from a lot of Wall

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Speaker 1: Street giants. How's that going, What can you expect from

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Speaker 1: day one? And are you concerned at all around any

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Speaker 1: of the regulatory environment around it given some of the

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Speaker 1: clearing questions around London.

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Speaker 3: Okay, So Shanali, because I'm on your show, I'm going

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Speaker 3: to tell you we are going to open our futures

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Speaker 3: exchange on September twenty third.

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Speaker 2: So the announcement of that was right here, right now

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Speaker 2: on your show. So we're opening our Futures.

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Speaker 3: Exchange FMX on September twenty third, and we are backed

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Speaker 3: by the ten largest trading firms in the world. Starts

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Speaker 3: with JP Morgan and City Bank and Bank of America

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Speaker 3: and Barkley's and Wells and Goldman Sachs and Morgan Stanley

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Speaker 3: and then Citadel you will know, and then Jump and Tower,

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Speaker 3: two firms you may not know, but they are the

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Speaker 3: largest futures traders in the world. We are going to

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Speaker 3: do rates futures, which is interest rate swap futures, which

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Speaker 3: are called SOFA futures, and the US Treasury futures. We're

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Speaker 3: going to start with SOFA futures and that's going to

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Speaker 3: start on September twenty third, and then in the first

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Speaker 3: quarter of twenty twenty five, we're going to roll out

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Speaker 3: treasury futures and we are going to create a break

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Speaker 3: in the monopoly built by the Chicago Mercantolic Exchange. And

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Speaker 3: it is so fun and so exciting, and you are right,

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Speaker 3: I am completely jazzed about FMXO FMX is owned by

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Speaker 3: this company BGC, which is the largest wholesale financial service

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Speaker 3: company in the world.

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Speaker 2: So we and we broke everything in the world.

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Speaker 3: That doesn't trade on in exchange, And on September twenty

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Speaker 3: we open our fully approved CFTC futures exchange, backed by

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Speaker 3: the ten greatest trading firms in the world. And I

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Speaker 3: think we're going to bring competition to the market.

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Speaker 2: And I am jazzed, jazzed, jazzed.

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Speaker 4: All right, you heard it here first September twenty third,

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Speaker 4: of course, FMX opens for business, Howard. We look forward

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Speaker 4: to that launch and we really appreciate your time today.

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Speaker 4: Of course, that is Howard Lutnik, Chairman and CEO of

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Speaker 4: Canter Fitzgerald and the BGC Group.

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Speaker 3: This is Bloomberg