WEBVTT - Cantor Fitzgerald CEO Howard Lutnick Talks 9/11, Presidential Debate, and the Election

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<v Speaker 1>And we welcome now our Bloomberg television and radio audiences

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<v Speaker 1>because joining us now is Howard Lutnik, who is the

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<v Speaker 1>chairman and CEO of Cancer Fitzgerald and BGC Group. Canter

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<v Speaker 1>Fitzgerald lost six hundred and fifty eight employees in the

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<v Speaker 1>nine eleven attack and another sixty one people at an

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<v Speaker 1>affiliate euro Brokers. Howard lost his brother Gary in the

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<v Speaker 1>North Tower. Gary was only thirty six years old. He

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<v Speaker 1>also lost his best friend Doug at thirty nine. This

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<v Speaker 1>is a heavy day for you, Howard, twenty three years later.

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<v Speaker 1>How do you honor them today?

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<v Speaker 2>So today.

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<v Speaker 3>All of our employees, all of our employees waive their

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<v Speaker 3>days pay, and we ask our clients to do as

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<v Speaker 3>much business as they possibly can.

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<v Speaker 2>And this is our charity day.

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<v Speaker 3>So all around you, everywhere around me, are people donating

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<v Speaker 3>every penny they make today to charities.

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<v Speaker 2>We're going to raise about.

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<v Speaker 3>Twelve million dollars and we're going to give it to

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<v Speaker 3>one hundred and fifty different charities around the world because

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<v Speaker 3>with these five thousand people helping me, we're going to

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<v Speaker 3>turn something horrible into something beautiful.

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<v Speaker 2>Today I want to talk.

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<v Speaker 1>More about the legacy here because one of Cantor's lawyers

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<v Speaker 1>published and op ed in the Wall Street Journal overnight

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<v Speaker 1>about how retirements at Cantor Fitzgerald are rare, given the

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<v Speaker 1>firm had lost so many employees, and it's there are

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<v Speaker 1>just so many employees now entering the workforce as well, Howard,

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<v Speaker 1>who were not even born at the time of nine

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<v Speaker 1>to eleven. How in some ways are you still building

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<v Speaker 1>Cantor forward with that memory of nine to eleven as

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<v Speaker 1>such a big part of that Cantor story.

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<v Speaker 3>So, you know, they these families are part of us,

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<v Speaker 3>and they stay a part of us. So we have

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<v Speaker 3>a job offer out to all of the children of

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<v Speaker 3>the people we lost. So just this week, we have

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<v Speaker 3>a young lady joining us who worked for you know,

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<v Speaker 3>who was born you know, basically our mother was pregnant

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<v Speaker 3>right at nine to eleven.

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<v Speaker 2>How she's graduate in college and she's joining us.

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<v Speaker 3>So we have about thirty six children who work for

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<v Speaker 3>us now, but we've had hundreds come and you know,

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<v Speaker 3>it's been twenty three years. So they move on with

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<v Speaker 3>their careers they do, We.

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<v Speaker 2>Train them and we help them flourish in life.

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<v Speaker 3>So these families are a part of us, and they

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<v Speaker 3>are part of our DNA and it's amazing and uplifting today.

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<v Speaker 3>So at four point thirty today we'll have a memorial

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<v Speaker 3>and we'll get together with all our families and we'll

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<v Speaker 3>read their names, put their pictures up. But we are

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<v Speaker 3>together with these families, and the firm is together with

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<v Speaker 3>them and all these people. Remember, we raised one hundred

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<v Speaker 3>and eighty million dollars to take care of the families.

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<v Speaker 3>And the way we did that is our employees weigh

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<v Speaker 3>twenty five percent of their compensation and gave it to

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<v Speaker 3>these families. So you know who has the best employees

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<v Speaker 3>I have at BGC, GFI and Cana Fitzgerald I have,

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<v Speaker 3>I have the best employees.

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<v Speaker 4>Well, it's certainly an important moment in history and American

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<v Speaker 4>history for you and for Canter personally, so we appreciate

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<v Speaker 4>you being here.

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<v Speaker 2>But of course it's also.

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<v Speaker 4>A big moment for the country in our political history

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<v Speaker 4>as well. And of course you're in Lower Manhattan and

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<v Speaker 4>you're recently surrounded by former presidents, the current president, and

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

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<v Speaker 4>what did you make of the debate last night between

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<v Speaker 4>Donald Trump and Kamala.

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<v Speaker 3>Harris well, before you know, this morning, I went to

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<v Speaker 3>the memorial for the reading of the names, and it

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<v Speaker 3>was the most actually the most respectful thing.

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<v Speaker 2>You had, Kamala Harris. You had President jo Biden.

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<v Speaker 3>Yeah, then you had Mike Bloombergen in the middle, and

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<v Speaker 3>then you had Donald Trump and Jadie Vance all there

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<v Speaker 3>showing tremendous respect to the events of September eleventh. You've

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<v Speaker 3>got to understand that we've got to take out terrorism,

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<v Speaker 3>and we've got to take out jihad. It has to end.

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

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<v Speaker 3>I like that Donald Trump says he's going to return

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<v Speaker 3>the hostages and take it to Amas. I would like

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<v Speaker 3>to hear Kamala Harris say the same thing. We've got

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<v Speaker 3>to get the hostages out. We've got to rush Jamas,

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<v Speaker 3>and we've got across Jihod.

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<v Speaker 2>We know, giod we lost six.

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<v Speaker 3>Hundred and fifty eight people from Cantor, we lost sixty

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<v Speaker 3>one people from your brokers. We've got to end Gihod.

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<v Speaker 3>Everyone in the United States knows it. Today's the day

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<v Speaker 3>we remember it. It's got to end. We've got to

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<v Speaker 3>end it on the earth.

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<v Speaker 5>I'll take then this opportunity to ask you, Howard, how

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<v Speaker 5>you thought President Trump did in the debate last night.

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<v Speaker 5>Of course, you have been named as one of the

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<v Speaker 5>co chairs of his transition team. Were he to win,

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<v Speaker 5>what did you think of his performance against Kamala Harris.

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<v Speaker 3>Well, look, I think Kamala Harris had outperformed her expectations.

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<v Speaker 3>I think she did a nice job. But Donald Trump,

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<v Speaker 3>he hit every point. I mean he hit every point.

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<v Speaker 3>He stayed on immigration, which is unbelievable. I mean, why

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<v Speaker 3>is the southern border open? He had it close. Why

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<v Speaker 3>on the first day did Joe Biden with an executive.

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<v Speaker 2>Order open back up the border. I just don't understand

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<v Speaker 2>why they would let all these people in. Right.

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<v Speaker 3>Inflation is huge and an incredible high, you know, so

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<v Speaker 3>that first question.

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<v Speaker 2>Which is our Americans better off?

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<v Speaker 3>You know, Kamala Harris told us a story about her

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<v Speaker 3>upbringing because she didn't want to talk about the fact

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<v Speaker 3>that prices for your groceries are out fifty percent, gases

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<v Speaker 3>up one hundred percent. You know, the Inflation Reduction Act

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<v Speaker 3>was really the Inflation Explosion Act. And so I think

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<v Speaker 3>there were a lot of points to make. You can't

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<v Speaker 3>make them all. I think he made a lot of them,

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<v Speaker 3>and this is an incredible race.

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<v Speaker 2>It's important for America.

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<v Speaker 3>And I thought the debate was really important. If they

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<v Speaker 3>have another one, I think that will be really important too.

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

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<v Speaker 3>in the debate and make comments only against Donald Trump.

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<v Speaker 3>That would have been better. But look, can't you can't

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<v Speaker 3>help it. It is what it is. But I think

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<v Speaker 3>it's great. It's great when they talk. I wish Kamala

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<v Speaker 3>Harris would give press conferences and answer questions and show

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<v Speaker 3>the country who she is. That would be really helpful

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<v Speaker 3>and really important for the country.

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<v Speaker 1>Howard, you came out of the debate yesterday and had

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<v Speaker 1>betting markets swaying very much in Kamala Harris's favor, and

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<v Speaker 1>then on the other hand, you had Trump say that

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

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<v Speaker 1>of course are very close to Trump, have been a

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<v Speaker 1>very prominent fundraiser. Do you think he should be leaning

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<v Speaker 1>into a round two for a debate?

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<v Speaker 3>Well, you know the thing about Donald Trump is he

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<v Speaker 3>he knows his deb Like if you think about me,

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<v Speaker 3>I have maybe one hundred thousand followers and he has

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<v Speaker 3>one hundred million followers, So I think I go with

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<v Speaker 3>what I go with what he thinks. But look, I

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<v Speaker 3>thought it's important for people to hear what she has

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<v Speaker 3>to say, so say, hear her out and to have

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<v Speaker 3>her be out there and stop hiding in the basement

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<v Speaker 3>and sort of get out there and talk.

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<v Speaker 2>I think Donald Trump's got a lot to say.

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<v Speaker 3>He's got a big plan, he's got a program, and

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<v Speaker 3>he's got his record of three percent growth, three percent wage,

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<v Speaker 3>three percent GDP growth, three percent wage growth, and under

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<v Speaker 3>two percent inflation. So I mean, he had a great

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<v Speaker 3>record as president.

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<v Speaker 2>But as I said, I'd like.

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<v Speaker 3>To hear her get press conferences. I'd like to hear

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<v Speaker 3>her just answer questions in an open form. How can

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<v Speaker 3>you run and be president United States without answering questions

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

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<v Speaker 3>But I think it's an amazing race. I think we

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

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<v Speaker 3>the debate last night. We all have our opinions. But

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<v Speaker 3>obviously I'd love when Donald Trump debates. I'd be happy

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<v Speaker 3>if he did it again. But he knows better and

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<v Speaker 3>he understands, and you know, I'm on his.

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<v Speaker 1>Side, Howard, because you've been on his side, especially as

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<v Speaker 1>a prominent donor as well. What does fundraising look like

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<v Speaker 1>from here? It's really interesting to see the way that

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<v Speaker 1>both Corporate America and Wall Street has been shaping up

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<v Speaker 1>against these two candidates. You have the Walton family members

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<v Speaker 1>throwing a fundraiser for Harris in the near future.

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<v Speaker 2>How do you counter that?

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<v Speaker 3>Well, I think, look, we Donald Trump is fundraising, Kamala

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<v Speaker 3>Harris is fundraising.

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<v Speaker 2>I think you know, the.

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<v Speaker 3>Televison airwaves are going to be incredibly crowded with advertising

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

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<v Speaker 3>think Donald Trump is having any trouble raising money. I

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<v Speaker 3>don't think Kamala Harris is having any trouble raising money.

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<v Speaker 3>So we can look forward to an enormous season of

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<v Speaker 3>ads on television. But I think it's important to hear

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<v Speaker 3>what the candidates have to say. The more they speak

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<v Speaker 3>in their own voice, the better it is for America.

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<v Speaker 2>As I said, Donald Trump is fearless.

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<v Speaker 3>He went on ABC, which obviously was going to be

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<v Speaker 3>against him because he's.

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<v Speaker 2>A fearless leader.

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<v Speaker 3>I would like to see Kamala Harris show fearless strength

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<v Speaker 3>and backbone and get out there and talk. I think

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<v Speaker 3>if she got out there and talked, I think would

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<v Speaker 3>be great for America to hear her talking. How do

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<v Speaker 3>you run for president and not get out there and talk.

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<v Speaker 3>So I think the world should encourage her to get

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<v Speaker 3>out there and talk because I know Donald Trump is

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<v Speaker 3>willing to take all takers, answer all questions, and get.

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<v Speaker 2>Out there and I think that's just basic.

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<v Speaker 4>And Howard, I'd love to talk about you a little

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<v Speaker 4>bit actually, and your role in of course the campaign campaign,

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<v Speaker 4>because last month you were named as co chair of

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<v Speaker 4>Donald Trump's transition team should he win a second term,

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<v Speaker 4>co chair alongside Linda McMahon. How is that going? What

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<v Speaker 4>are you focusing on right now?

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<v Speaker 3>Well, sort of the way transition works is if he

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

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<v Speaker 3>the campaign is focused on is winning, and I'll be

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<v Speaker 3>focused on helping make sure that if he wins, there's

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<v Speaker 3>an extraordinary administration around him. The scale of people who

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<v Speaker 3>want to serve and are willing to serve far far

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<v Speaker 3>exceeds anything in twenty sixteen and twenty twenty, because now

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<v Speaker 3>it's just a political race, that's all it is, you know,

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<v Speaker 3>some people. More and more people come up to me

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<v Speaker 3>and say they're supporting Donald Trump's than ever before in

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

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<v Speaker 3>to see if Donald Trump is elected, you're going to

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<v Speaker 3>see the greatest group of administration and the greatest group

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<v Speaker 3>of leaders enter this government. And I'm just helping him

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<v Speaker 3>every way I can. But the key is he's got

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<v Speaker 3>to win. Transition isn't interesting unless he wins.

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<v Speaker 4>Totally get that that that's step one, of course. When

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<v Speaker 4>but are you talking to potential members of cabinet for example,

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

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<v Speaker 2>Now.

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<v Speaker 3>I'm not a you know, look, of course I'm talking

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<v Speaker 3>to everybody.

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<v Speaker 2>Of course, we're going to do vetting.

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<v Speaker 3>I mean that is the job of running transition is

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<v Speaker 3>really to build a mosaic of incredible and capable leaders,

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<v Speaker 3>both who've served in the government before and will hope

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<v Speaker 3>to serve this time, and really set that all up

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<v Speaker 3>so when he's won, then he can come in and

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<v Speaker 3>take a look and build and build a great government.

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<v Speaker 3>My job is to build a mosaic, and then he

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<v Speaker 3>will be, of course the commander in chief, and the

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<v Speaker 3>chief is let's design and build the government that is

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<v Speaker 3>the strongest it possibly can. I think it's incredible that

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<v Speaker 3>I get to play this role for him. It is

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<v Speaker 3>the it is the most exciting and most fun I mean,

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<v Speaker 3>I'm really I'm having a great time of it because

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

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<v Speaker 3>it's going to be an amazing administration. But he's got

0:11:12.320 --> 0:11:12.880
<v Speaker 3>to win first.

0:11:12.920 --> 0:11:15.360
<v Speaker 5>Are you worried Howard that if he loses, it'll be,

0:11:15.880 --> 0:11:18.600
<v Speaker 5>as he's said on social media, a blood bath. I mean,

0:11:18.640 --> 0:11:21.079
<v Speaker 5>he said yesterday he had nothing to do with January sixth,

0:11:21.080 --> 0:11:24.120
<v Speaker 5>but he clearly was encouraging all of his supporters to

0:11:24.200 --> 0:11:28.200
<v Speaker 5>come and then go to the capitol. You know, he's

0:11:28.400 --> 0:11:31.480
<v Speaker 5>his praise for Victor Orbon, his love of these big

0:11:31.520 --> 0:11:32.560
<v Speaker 5>political rallies.

0:11:32.800 --> 0:11:34.640
<v Speaker 2>Doesn't it concern you that he's got to stop, You

0:11:34.720 --> 0:11:37.240
<v Speaker 2>gotta stop. This doesn't not concern you, you know.

0:11:37.679 --> 0:11:41.760
<v Speaker 3>You know he said there'll be a bloodbath in the

0:11:41.960 --> 0:11:47.040
<v Speaker 3>auto industry if they keep the NAPA deal working and

0:11:47.080 --> 0:11:50.600
<v Speaker 3>they let China build cars in Mexico and import them.

0:11:50.880 --> 0:11:52.240
<v Speaker 2>You know, that's what he said.

0:11:52.240 --> 0:11:54.679
<v Speaker 3>So this concept, and the other concept that really made

0:11:54.720 --> 0:11:58.360
<v Speaker 3>me unhappy was when Kamala Harris said that January sixth

0:11:58.400 --> 0:12:00.600
<v Speaker 3>was the worst thing that happened to the country since

0:12:00.600 --> 0:12:01.320
<v Speaker 3>the Civil War.

0:12:01.600 --> 0:12:03.040
<v Speaker 2>See today is nine to eleven.

0:12:03.080 --> 0:12:05.600
<v Speaker 5>I think eleven the capital is well, it is different.

0:12:05.720 --> 0:12:07.000
<v Speaker 5>The worst attack on the Capitol.

0:12:07.040 --> 0:12:09.760
<v Speaker 3>Well, but the Pentagon. The Pentagon was a worst attack

0:12:09.800 --> 0:12:12.839
<v Speaker 3>on the Capitol. So I mean, come on, stop, stop

0:12:12.880 --> 0:12:15.480
<v Speaker 3>the rhetoric of the nonsense. Okay, in the debate, they

0:12:15.520 --> 0:12:18.200
<v Speaker 3>could do that stuff. That's rhetoric, nonsense. When you have

0:12:18.320 --> 0:12:20.800
<v Speaker 3>me on a nine to eleven, Let's just stay focused

0:12:20.800 --> 0:12:23.679
<v Speaker 3>on nine to eleven, the events that what happened twenty

0:12:23.679 --> 0:12:25.480
<v Speaker 3>three years ago, the attack on America.

0:12:25.720 --> 0:12:27.760
<v Speaker 2>We've got to get rid of jihad. We all agree,

0:12:27.760 --> 0:12:30.120
<v Speaker 2>we've got to get rid of jihad. Right. I'm worried

0:12:30.160 --> 0:12:31.040
<v Speaker 2>about all.

0:12:30.920 --> 0:12:34.080
<v Speaker 3>These people coming into this country because I'm afraid terrorists

0:12:34.120 --> 0:12:35.560
<v Speaker 3>have come into this country and they're going to do

0:12:35.559 --> 0:12:38.080
<v Speaker 3>it to us again. And I never want any family

0:12:38.120 --> 0:12:39.839
<v Speaker 3>to have to live through it. I've lived through. I

0:12:39.960 --> 0:12:42.200
<v Speaker 3>lost my brother Gary twenty three years ago. He was

0:12:42.200 --> 0:12:44.400
<v Speaker 3>thirty six, My best friend Doug. And if you can

0:12:44.480 --> 0:12:46.920
<v Speaker 3>imagine you look behind me at this trading floor, imagine

0:12:46.920 --> 0:12:49.760
<v Speaker 3>them all being killed, because that's what happened twenty three

0:12:49.840 --> 0:12:52.800
<v Speaker 3>years ago. It'll crush your heart, it'll crush your soul,

0:12:53.320 --> 0:12:55.920
<v Speaker 3>and to me, you know, that's the most important thing

0:12:55.920 --> 0:12:58.760
<v Speaker 3>about today. The most important thing about today is remembering

0:12:58.760 --> 0:13:03.000
<v Speaker 3>these people for their families and making sure America stay

0:13:03.080 --> 0:13:06.720
<v Speaker 3>strong and crushes terrorism around the world, so no family

0:13:06.720 --> 0:13:08.920
<v Speaker 3>has to have to go through what we're going through.

0:13:09.320 --> 0:13:12.959
<v Speaker 1>Howard, before we let you go here, you have pointed

0:13:12.960 --> 0:13:15.920
<v Speaker 1>to an active trading desk, very full of people. You've

0:13:15.920 --> 0:13:19.760
<v Speaker 1>talked earlier in this interview about how you've been hiring

0:13:19.840 --> 0:13:22.800
<v Speaker 1>more you have been building. There's another moment coming up

0:13:22.800 --> 0:13:24.280
<v Speaker 1>for you that I know that you are very much

0:13:24.280 --> 0:13:26.800
<v Speaker 1>looking forward to. That is the launch of your new

0:13:26.840 --> 0:13:29.000
<v Speaker 1>futures exchange with the backing from a lot of Wall

0:13:29.000 --> 0:13:32.640
<v Speaker 1>Street giants. How's that going, What can you expect from

0:13:32.720 --> 0:13:35.439
<v Speaker 1>day one? And are you concerned at all around any

0:13:35.480 --> 0:13:38.560
<v Speaker 1>of the regulatory environment around it given some of the

0:13:38.600 --> 0:13:40.120
<v Speaker 1>clearing questions around London.

0:13:41.840 --> 0:13:45.560
<v Speaker 3>Okay, So Shanali, because I'm on your show, I'm going

0:13:45.600 --> 0:13:47.920
<v Speaker 3>to tell you we are going to open our futures

0:13:47.920 --> 0:13:50.680
<v Speaker 3>exchange on September twenty third.

0:13:51.080 --> 0:13:54.559
<v Speaker 2>So the announcement of that was right here, right now

0:13:55.240 --> 0:13:57.200
<v Speaker 2>on your show. So we're opening our Futures.

0:13:56.880 --> 0:14:02.160
<v Speaker 3>Exchange FMX on September twenty third, and we are backed

0:14:02.160 --> 0:14:05.040
<v Speaker 3>by the ten largest trading firms in the world. Starts

0:14:05.040 --> 0:14:08.720
<v Speaker 3>with JP Morgan and City Bank and Bank of America

0:14:08.800 --> 0:14:12.720
<v Speaker 3>and Barkley's and Wells and Goldman Sachs and Morgan Stanley

0:14:12.760 --> 0:14:15.880
<v Speaker 3>and then Citadel you will know, and then Jump and Tower,

0:14:16.080 --> 0:14:17.600
<v Speaker 3>two firms you may not know, but they are the

0:14:17.679 --> 0:14:20.160
<v Speaker 3>largest futures traders in the world. We are going to

0:14:20.200 --> 0:14:24.080
<v Speaker 3>do rates futures, which is interest rate swap futures, which

0:14:24.080 --> 0:14:27.640
<v Speaker 3>are called SOFA futures, and the US Treasury futures. We're

0:14:27.640 --> 0:14:29.920
<v Speaker 3>going to start with SOFA futures and that's going to

0:14:29.960 --> 0:14:32.400
<v Speaker 3>start on September twenty third, and then in the first

0:14:32.480 --> 0:14:34.480
<v Speaker 3>quarter of twenty twenty five, we're going to roll out

0:14:34.520 --> 0:14:38.520
<v Speaker 3>treasury futures and we are going to create a break

0:14:38.560 --> 0:14:41.960
<v Speaker 3>in the monopoly built by the Chicago Mercantolic Exchange. And

0:14:42.040 --> 0:14:44.920
<v Speaker 3>it is so fun and so exciting, and you are right,

0:14:45.040 --> 0:14:48.960
<v Speaker 3>I am completely jazzed about FMXO FMX is owned by

0:14:49.040 --> 0:14:53.080
<v Speaker 3>this company BGC, which is the largest wholesale financial service

0:14:53.080 --> 0:14:53.920
<v Speaker 3>company in the world.

0:14:54.240 --> 0:14:57.440
<v Speaker 2>So we and we broke everything in the world.

0:14:57.320 --> 0:15:00.200
<v Speaker 3>That doesn't trade on in exchange, And on September twenty

0:15:00.440 --> 0:15:04.560
<v Speaker 3>we open our fully approved CFTC futures exchange, backed by

0:15:04.600 --> 0:15:07.440
<v Speaker 3>the ten greatest trading firms in the world. And I

0:15:07.440 --> 0:15:09.440
<v Speaker 3>think we're going to bring competition to the market.

0:15:09.720 --> 0:15:12.920
<v Speaker 2>And I am jazzed, jazzed, jazzed.

0:15:13.320 --> 0:15:16.360
<v Speaker 4>All right, you heard it here first September twenty third,

0:15:16.600 --> 0:15:20.200
<v Speaker 4>of course, FMX opens for business, Howard. We look forward

0:15:20.200 --> 0:15:22.680
<v Speaker 4>to that launch and we really appreciate your time today.

0:15:22.680 --> 0:15:26.400
<v Speaker 4>Of course, that is Howard Lutnik, Chairman and CEO of

0:15:26.480 --> 0:15:28.840
<v Speaker 4>Canter Fitzgerald and the BGC Group.

0:15:30.600 --> 0:15:31.440
<v Speaker 3>This is Bloomberg