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Speaker 1: The Michael Berry Show.

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Speaker 2: Welcome to the Saturday Podcast. I think you're gonna like

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Speaker 2: this one. I would like to start with a trivia

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Speaker 2: question for you, Jim. Maybe you know the answer to this.

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Speaker 2: Why does a chicken coop have two doors? Because if

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Speaker 2: it had four, it would be a chicken sedan my

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Speaker 2: old car Club, Gaisel get a kick out of that one. Yes,

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Speaker 2: it's cringeworthy. That's the point of a dad joke. It's

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Speaker 2: supposed to be cringe worthy. So earlier this week we

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Speaker 2: played just one clip from Howard Lutnick and it was

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Speaker 2: the subject of an entire show because it was so important.

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Speaker 2: Let me tell you who Howard Lutnik is. To start,

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Speaker 2: He's President Trump's Commerce secretary. You may or may not

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Speaker 2: know that. He's not one of the more controversial of

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Speaker 2: the cabinet secretaries. Yet he's not a Pete Hexeth, right.

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Speaker 2: He not going to walk in the room and be brash.

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Speaker 2: He's not cash Buttel trying to put bad guys away,

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Speaker 2: not even Pam Bondy, who's getting a lot of attention

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Speaker 2: as as Attorney General head of the Department of Justice.

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Speaker 2: He's not one of these folks that is, you know,

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Speaker 2: bombastic per se, but he has the opportunity to become

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Speaker 2: the greatest commerce secretary, certainly of my lifetime. He was

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Speaker 2: the chairman and CEO of a firm called Canter Fitzgerald,

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Speaker 2: and you might remember that was the financial services firm

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Speaker 2: that nearly seven hundred of their employees were killed when

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Speaker 2: the towers collapsed in New York. Lutnick himself was not

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Speaker 2: in the building that morning. He was actually talk about

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Speaker 2: this is a Run, Lola Run movie kind of inspired moment.

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Speaker 2: He was at a school event for his son. You

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Speaker 2: think after that, you start to consider, Hey, maybe God's

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Speaker 2: telling me something because I wonder how many school events

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Speaker 2: for his son he attended. I tried never to miss him.

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Speaker 2: I dropped my kids off, picked him up from school

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Speaker 2: one or the other. My wife would do the other.

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Speaker 2: But that's I don't think I'll ever find joy like

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Speaker 2: that again. That's those are the fun time, That's what

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Speaker 2: you live for. So he happens not to be in

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Speaker 2: the office, he's dropping his or he's attending an event

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Speaker 2: at his kids school. When almost his entire firm, a storied,

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Speaker 2: legendary financial services firm, almost everyone dies. And he became

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Speaker 2: a person that was much talked about after that. Because

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Speaker 2: of his leadership role, he began the process of rebuilding

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Speaker 2: the firm. We're talking about a human capital firm. This

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Speaker 2: isn't a firm you just buy another building and start over.

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Speaker 2: He managed to lead Canter Fitzgerald through a period of recovery.

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Speaker 2: Imagine the people that were lost and the relationships you

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Speaker 2: think about that. Hey, thanks for the call, Howard, But look,

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Speaker 2: my guy was was Don Cohen at y'all's firm, and

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Speaker 2: he's been my guy for fifteen years. And I wish

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Speaker 2: you luck with the firm. But without Don Cohen there,

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Speaker 2: he was my guy, I'm gonna have to move over

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Speaker 2: here to this other firm. I hope you understand. I mean,

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Speaker 2: you're talking about people's money. People will will will. We'll

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Speaker 2: talk a good game about a lot of things, but

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Speaker 2: when it comes to their money anyway, Howard Lutnik became

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Speaker 2: sort of a symbol of resilience for the nation after that.

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Speaker 2: He's also been an advocate for good working conditions for employees.

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Speaker 2: Employee kind of empowerment he provided. He promised that the

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Speaker 2: firm would provide for niential support to the families of

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Speaker 2: those who died, even though the firm itself took a

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Speaker 2: huge loss from the devastation and from the loss of

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Speaker 2: revenues as well. This is Howard Lutnik telling that story.

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Speaker 2: And I say all that because I want you to

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Speaker 2: understand this is the kind of person that Trump has

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Speaker 2: brought into his inner circle. This is the guy who

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Speaker 2: is arguing to do away with the irs and have

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Speaker 2: an external revenue service, so the outside nations pay for

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Speaker 2: our country's government instead of us. And I think it's

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Speaker 2: important to understand that unlike past administrations, this isn't some

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Speaker 2: guy that well, he was a governor of some state

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Speaker 2: and he delivered that state for us in the election,

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Speaker 2: or this is a guy who's a big donor like

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Speaker 2: to bring him in. He's brought in some of the

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Speaker 2: best and brightest from across the spectrum of American life

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Speaker 2: to be a member of his cabinet. And this is

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Speaker 2: just one of those examples. So, without further ado, this

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Speaker 2: is Howard Lutnik, our Commerce secretary with Anthony Pompeleiano.

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Speaker 3: We're only hiring our friends. I own the company. I'm

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Speaker 3: putting all my money into the company. The company's incredibly successful.

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Speaker 3: It's killing it. We are growing fast. And furious. I'm

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Speaker 3: hiring all the talent in the world. We're making a

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Speaker 3: million a day. That's in two thousand. Low. I'm a

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Speaker 3: super rich guy. I have the famous one hundred million

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Speaker 3: dollars set aside just in case, like super rich, super rich,

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Speaker 3: and the rest of my money just feed the beast.

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Speaker 3: Feed the beast, golden goose, Feed the golden goose. Cana

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Speaker 3: Fitzgerald has no debt. Howard Lutnik has no debt. Why

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Speaker 3: I make a lot of money, Why would I need debt? Right?

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Speaker 3: No debt? Rockstar Company, winning in every way on the

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Speaker 3: top of the World Trade Center, have expanded and expanded,

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Speaker 3: expanded one hundred and first to the one hundred and

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Speaker 3: fifth floor as the World Trade Center. Right September eleven.

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Speaker 3: I've heard all my friends. My brother works there, my

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Speaker 3: best friend Dounk works there, My roommate from college his

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Speaker 3: brother works there, my other best friend, his brother in law,

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Speaker 3: works there, and my other best friend his brother in

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Speaker 3: law works there. I turned forty that summer, so before then,

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Speaker 3: it's April of two thousand and one, I'm going to

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Speaker 3: turn forty. During the summer, I declare victory. I win

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Speaker 3: in life. I'm making all the money in the world.

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Speaker 3: It's my company. I work with all my friends, and

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Speaker 3: they work with all their friends. Everybody works with their friends. Okay,

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Speaker 3: I win. I take each of my senior executives, six

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Speaker 3: of them, out to dinner alone, each one alone. I

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Speaker 3: get up from my table, I walk around the other

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Speaker 3: side and I kiss him. I tell I love him,

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Speaker 3: I said, but I win. So here's and I give

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Speaker 3: me each twenty twenty five million bucks worth a stock.

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Speaker 3: I said, I win three. Here's the way it's going

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Speaker 3: to go. Every day my kids are out of school,

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Speaker 3: I'm out. I'm going to live my life with my

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Speaker 3: kids when they're in. I'm in, same as I always am,

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Speaker 3: but I'm just gonna be out way more often. You

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Speaker 3: guys are great. Here's a stock. I give him mine. Okay,

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Speaker 3: that's April. I have my birthday party that summer. Not

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Speaker 3: sixty five couples at my birthday party. So my fortieth birthday.

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Speaker 3: So your fortieth birthday. One hundred and twenty people come. Yeah, yeah,

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Speaker 3: one hundred and twenty hundred and thirty people. There's a

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Speaker 3: nice party. And and it's September eleventh, It's July July fourteenth,

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Speaker 3: is my birthday, and three months later, twenty people are

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Speaker 3: at my party get killed. So my friends, my brother

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Speaker 3: gets killed, My best friend Doug gets killed. All those

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Speaker 3: people I listed before, they all get killed. We employ

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Speaker 3: fifty sets of brothers and we lose, you know, more

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Speaker 3: than a dozen brothers, meaning loses two sons. I have

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Speaker 3: one father. He lost two daughters because they work together.

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Speaker 3: And six hundred and fifty eight people out of I

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Speaker 3: have nine hundred and sixteen New York, six hundred and

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Speaker 3: fifty eight people get killed. Six hundred and fifty eight

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Speaker 3: people get killed.

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Speaker 1: Why not all nine hundred whoever.

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Speaker 3: Wasn't in the office, So every single person who's in

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Speaker 3: the office gets killed. There's no way out. I am

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Speaker 3: here because I'm taking that oldest boy who I held

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Speaker 3: up first day kindergarten five years old, kindergarten, new school

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Speaker 3: called Horseman ninetieth Street. First day is September twelfth. My

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Speaker 3: best friend Doug, his son's first day, not my first

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Speaker 3: day is September eleventh, so I'm not there. His kid's

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Speaker 3: first day September twelfth, if I go into it. By

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Speaker 3: the way, and he pushed me to try to go

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Speaker 3: to that school called Riverdale which great school. But for

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Speaker 3: whatever reason, I chose horse Man and that choice saved

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Speaker 3: my life because his school started twelfth, so he was

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Speaker 3: on in the eleventh he and he got killed. He

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Speaker 3: was planning to take the next day off, yeah, to

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Speaker 3: take his kid to school. So I'm at the school.

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Speaker 3: And those days when you took a picture, when you

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Speaker 3: developed the picture, it often had the timestamp and the

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Speaker 3: low right hand corner and like an LED display, like

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Speaker 3: your LED clock. And I have that picture is eight

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Speaker 3: forty six of me and my boy, him wearing his

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Speaker 3: like little backpack with his little hair, right in front

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Speaker 3: of the school, right, I have of that picture, and uh.

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Speaker 3: And then I go up in the school and then

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Speaker 3: they tell me a plane hit the building. But I

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Speaker 3: think it's like a piper cub or something. So I

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Speaker 3: get in the car and I drive until my driver,

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Speaker 3: you know, let's go to Fifth Avenue because that's the

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Speaker 3: soonest place where you can see the tower. I mean,

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Speaker 3: I've been working them a whole life, and I know

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Speaker 3: I know the building by heart. And I see just

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Speaker 3: fire and smoke just pouring out of my tower, the

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Speaker 3: one with the antenna on the top. So I'm the

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Speaker 3: top floors and my driver starts crying, and then he

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Speaker 3: starts crying to start. I go, let's just get there,

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Speaker 3: let's just get there. We have to get there, We

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Speaker 3: have to get there. He's a retired police officer detective,

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Speaker 3: so he uses badge and we get all the way

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Speaker 3: to the building and I get out of my car

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Speaker 3: and I go to the door. And it's the door

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Speaker 3: on Church Street, you know, on this side. And I'm

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Speaker 3: grabbing people, asking them what floor they're on. Just keep

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Speaker 3: grabbing them because I know there's like twenty doors, and

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Speaker 3: if I get one coming out of this door, then

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Speaker 3: they're pouring out of all the doors. And I have

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Speaker 3: everyone yelling out the floors. And people didn't have anybody

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Speaker 3: standing around. They had no idea what to do, so

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Speaker 3: they were all yelling out the floors and the highest floor.

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Speaker 3: I got to his ninety second floor and then and

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Speaker 3: then I hear the loudest sound I've ever heard of

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Speaker 3: my life. Now I haven't seen this. Remember, there's no video,

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Speaker 3: there's no time, and I got a flip phone at

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Speaker 3: the time. So I start running. I'm dressed like this

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Speaker 3: suit and tie shoes on. I'm running my ass off.

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Speaker 3: I'm running as hard as I freaking can from what

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Speaker 3: I don't know. I look over my shoulder. Tornadoes chasing me,

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Speaker 3: remember that black cloud. You guys have seen the video.

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Speaker 3: So I'm running. I'm running all my might. Now I've

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Speaker 3: gone from a sunny day in New York City with

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Speaker 3: the blue sky to hearror film. I'm in a suit

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Speaker 3: in a horror film. And we all know how the

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Speaker 3: guy in the suit with the horror film works out.

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Speaker 3: It's not a pretty sight. So I'm running. The tornado

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Speaker 3: is coming. I see it coming from the right, so

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Speaker 3: I dive under a car and then whoosh, well black,

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Speaker 3: the world's black. My eyes are open. It's black. I

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Speaker 3: think to myself, I'm dead. This is dead and it's

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Speaker 3: black and silent. So I go like this fah, and

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Speaker 3: I stab myself in the eyes and it hurts. So

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Speaker 3: then I figure, okay, I'm not dead, I'm blind and death.

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Speaker 3: I'm not blind and death, but I'm alive. So I

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Speaker 3: get up. But of course I'm hiding under a car,

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Speaker 3: and I slam my head like so hard, you know,

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Speaker 3: And now I feel the blood like running down my face,

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Speaker 3: So like, I climb out and I stand up, and

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Speaker 3: then I start to run, but of course it's pitch black.

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Speaker 3: So what do you think I run into park car,

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Speaker 3: just hammered into some park I'm like running in the

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Speaker 3: pitch black and I just run into some park car.

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Speaker 3: So I hit the right quarter panel. The things go

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Speaker 3: flying over the hood, smash this and now I'm like, now,

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Speaker 3: like I get up for the ground. I'm like, I'm bleeding,

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Speaker 3: I'm limping all self imposed. Right, this is all just

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Speaker 3: happened to me. And I'm walking in the darkness away

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Speaker 3: from the World Trade Center, and so I just I

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Speaker 3: just walk and eventually, you know, the black turns to

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Speaker 3: gray and you can see it literally drops down. And

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Speaker 3: the event, of course, was the collapse of two World

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Speaker 3: Trade Center. If one World Trade Center collapse, I don't

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Speaker 3: tell the story. If I run that way, I die.

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Speaker 3: If I run that way, I die. I just ran

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Speaker 3: this way. My driver ran that way too, but I

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Speaker 3: didn't see him. I just found in my half hour later.

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Speaker 3: He found me, and we walked uptown till people were clean.

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Speaker 3: And then so there's this line on a payphone and

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Speaker 3: this woman's talking on the phone. So I go up

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Speaker 3: to the front of the line and I remember I'm

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Speaker 3: like covered it looks like I was flushed down some

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Speaker 3: chimney a bunch of times. Plus I'm bleeding down my

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Speaker 3: face and limping, and like, I'm like I am a

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Speaker 3: horror movie, but now I'm like the character in the

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Speaker 3: harbor instead of So I just hang up the phone

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Speaker 3: from her, and I take the cradle out of her hand,

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Speaker 3: and she turns around me, and so it's cursing at me.

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Speaker 3: And then she looks at me and go back the way.

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Speaker 3: And I called my wife. It's been like two hours.

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Speaker 3: I call her and she hears my voice and she

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Speaker 3: makes this noise I'll never forget. And because she said

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Speaker 3: when she was watching on TV when the when the

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Speaker 3: trade Center collapsed, she knew I'd be in the building.

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Speaker 3: She knew I'd be there. And so she said when

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Speaker 3: that collapsed, she fell to the ground and she thought

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Speaker 3: I died. And it was two hours. So when I

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Speaker 3: called her, she made this noise, you know, she she

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Speaker 3: understood what it was that people died. And then and

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Speaker 3: then I told her everybody's dad it was in the building,

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Speaker 3: because I thought I was suffocating to death outside. So

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Speaker 3: I didn't buy this whole rescue recovery stuff for my

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Speaker 3: people who are up a quarter mile, so nobody's rived,

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Speaker 3: nobody's scribing. So the only people who lived were either

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Speaker 3: in the lobby. So I think my lawyer, my general counsel.

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Speaker 3: He was in the elevator going up from one to

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Speaker 3: seventy eight was like a speed elevator, big speed elevator,

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Speaker 3: and then you switched and you had a sky lobby

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Speaker 3: and you switched. So he's in the big elevator. Plane

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Speaker 3: hits the building. Elevators don't collapse. They have like a

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Speaker 3: mechanical arm that goes out like this and slows it down.

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Speaker 3: It rolls it down and then the door's open. He

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Speaker 3: goes running out of the elevator. Fireball from the gas

260
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Speaker 3: falling down, explodes to the lobby. Fireball goes across the

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Speaker 3: front of the elevator. He's running out, fireball run. Glass

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Speaker 3: goes flying by. He steps out and gets covered in blood.

263
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Speaker 3: So thinking about it, he stepped out between the glass

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Speaker 3: and the blood and gets splattered with blood. So I

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Speaker 3: call my wife. I'm talking to my wife. She says,

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Speaker 3: Stephen is alive and he lives in the village. All right,

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Speaker 3: So I walked to the village. Wow, okay, Well, so

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Speaker 3: I walk I go to his apartment. I ring the belly,

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Speaker 3: ANSWER's noise. Covered in blood. It's like three hours after

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Speaker 3: the attack. The guy's covered in blood. So I grabbed

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Speaker 3: my you're right, you're right, He goes, yeah, I'm all right.

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Speaker 3: Whose blood is it? He goes, I don't know. He's

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Speaker 3: in his apartment. He could wash his face, but he's

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Speaker 3: sow in shock. He's just wandering around and uh. And

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Speaker 3: then there's the TV and I look on the TV

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Speaker 3: and I see the giant plane at the for the

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Speaker 3: first time. So you know, that day I lost. I

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Speaker 3: lost everybody in the office, six hundred and fifty eight

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Speaker 3: spectacular human beings out of nine hundred and sixty. And

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Speaker 3: the only reason the other people didn't die is because

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Speaker 3: they weren't work at they were So if you think

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Speaker 3: about it, on Wall Street, the show is on at

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Speaker 3: about you know, seven fifteen, seven thirty latest, So everybody

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Speaker 3: who's a money maker is in. So who comes in

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Speaker 3: like after eight forty five finance department, compliance department, and

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Speaker 3: legal department. You know, all the support staff comes in later,

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Speaker 3: but all the talent of revenue comes in when the

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Speaker 3: show's on, right, So I lost everybody who made money

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Speaker 3: in New York, and we were a hub and spoke,

290
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Speaker 3: you know, and the hub is obliterated from the face

291
00:17:59,680 --> 00:18:08,359
Speaker 3: of their So the challenge of survival becomes infinite because

292
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Speaker 3: everybody who's alive thinks they're still going to get paid

293
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Speaker 3: and there is no revenue. It's gone. It's gone. So

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Speaker 3: I trying to figure out what to do. And remember

295
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Speaker 3: these six hundred and fifty eight people. These are my colleagues,

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Speaker 3: and they're my coworkers, but they're my friends. And they're

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Speaker 3: everybody's friend. Everybody who survives, best friend, college, roommate, brother

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Speaker 3: in law, everybody had that relationship. It wasn't one big,

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Speaker 3: happy family. And so we've got to take care of

300
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Speaker 3: their families. We have to. But woh can't, I can't.

301
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Speaker 3: We have no money. We went from making million a

302
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Speaker 3: day to losing a million a day in like that, right,

303
00:19:05,240 --> 00:19:08,000
Speaker 3: because all these people are alive. You got to pay them.

304
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Speaker 3: You know, all the other offices around the world, you

305
00:19:10,320 --> 00:19:12,880
Speaker 3: got to pay them, got to pay rent everywhere else,

306
00:19:13,160 --> 00:19:21,840
Speaker 3: got to pay them. What money? No money. So we

307
00:19:21,920 --> 00:19:24,480
Speaker 3: come up with our plan. We'll try to rebuild the

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Speaker 3: company and we'll give twenty five percent of our profits

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Speaker 3: to the families.

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Speaker 1: But you came up with this plan just real quick.

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Speaker 1: You came up with this plan that night, right, didn't

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Speaker 1: you do a phone call with the employees that were

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Speaker 1: remained that night?

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Speaker 3: So I don't I don't know. It was probably the

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Speaker 3: twelfth at night, because I doubt I was capable of

316
00:19:44,960 --> 00:19:46,800
Speaker 3: doing anything the eleventh at night, but I can't remember.

317
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Speaker 3: And we did a phone call and everybody at the firm,

318
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Speaker 3: and we put it out on the news. If you

319
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Speaker 3: work at Cana Fitzgerald, call this number, because like we

320
00:19:56,080 --> 00:19:58,040
Speaker 3: have no HR department. I have no one's phone number.

321
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Speaker 3: I don't know, you know, but the women, they you know,

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Speaker 3: they went to their mother's house. When their husband gets killed,

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Speaker 3: you go to your mother's house. I'm never going to

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Speaker 3: find them. I get everyone on the phone and say,

325
00:20:10,400 --> 00:20:13,200
Speaker 3: we have two choices. We can shut the firm down

326
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Speaker 3: and go to our friend's funerals, because there's going to

327
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Speaker 3: be twenty funerals a day every day for thirty five

328
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Speaker 3: straight days, like thirty five straight days. Like I couldn't

329
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Speaker 3: even go to my friend's funerals because they would be

330
00:20:24,840 --> 00:20:30,440
Speaker 3: literally my best friend from college's brother and my other

331
00:20:30,520 --> 00:20:34,920
Speaker 3: best friend's brother in law were buried, had their funeral

332
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Speaker 3: in different funeral homes, one in Westchester and one in

333
00:20:39,400 --> 00:20:43,560
Speaker 3: Manhattan at the exact same second. So I went to

334
00:20:43,560 --> 00:20:45,480
Speaker 3: one and my wife went to one. I couldn't even

335
00:20:45,520 --> 00:20:50,800
Speaker 3: go to my friend's funeral. How horrible is that? So,

336
00:20:50,840 --> 00:20:54,600
Speaker 3: you know, we decided, or we'll go back to work,

337
00:20:54,640 --> 00:20:56,120
Speaker 3: and we have to work harder than we've ever worked

338
00:20:56,119 --> 00:20:58,359
Speaker 3: before in our lives, but we got to do it

339
00:20:58,440 --> 00:21:00,760
Speaker 3: to take care of their families. And so we decided

340
00:21:00,760 --> 00:21:02,840
Speaker 3: we would give twenty five percent of our profits to

341
00:21:02,880 --> 00:21:05,960
Speaker 3: the families. We'd pay for their healthcare for ten years,

342
00:21:06,359 --> 00:21:08,280
Speaker 3: and I promised them all it would be at least

343
00:21:08,320 --> 00:21:11,560
Speaker 3: one hundred thousand family because if I didn't make enough

344
00:21:11,560 --> 00:21:13,919
Speaker 3: profits in five years, I worked for the rest of

345
00:21:13,920 --> 00:21:17,840
Speaker 3: my life for it. And so we announced that, and

346
00:21:17,920 --> 00:21:23,320
Speaker 3: a weird thing happens. The media, which had said lovely

347
00:21:23,400 --> 00:21:25,280
Speaker 3: things about us, you know, trying to rebuild the company,

348
00:21:25,320 --> 00:21:27,199
Speaker 3: trying to take care of the families, and they had

349
00:21:27,200 --> 00:21:28,960
Speaker 3: the mass murder of six hundred and fifty eight people

350
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Speaker 3: who work for us. They say, because a guy who

351
00:21:33,920 --> 00:21:37,240
Speaker 3: looks like me can't be a human being, can't actually cry,

352
00:21:37,480 --> 00:21:41,320
Speaker 3: can't actually be a person, just you're not, so he

353
00:21:41,400 --> 00:21:46,560
Speaker 3: must be lying. He's crying crocodile tears. The murder of

354
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Speaker 3: my brother, my best friend, all my surrounding people, and

355
00:21:50,480 --> 00:21:53,639
Speaker 3: all the people I hired is insufficient to get a

356
00:21:53,680 --> 00:21:58,480
Speaker 3: guy who wears a suit to cry. So I'm crying

357
00:21:58,520 --> 00:22:03,120
Speaker 3: crocodile tears because I'm giving twenty five percent of our profits.

358
00:22:03,720 --> 00:22:06,280
Speaker 3: But of course there's never gonna be any profits, So twenty

359
00:22:06,280 --> 00:22:10,320
Speaker 3: five percent of nothing is nothing. Bill O'Reilly every night,

360
00:22:11,080 --> 00:22:15,520
Speaker 3: death threats calling me names, Rosie O'donnald calling me names.

361
00:22:15,560 --> 00:22:19,040
Speaker 3: Everybody's calling me names. All I did was that everyone

362
00:22:19,080 --> 00:22:21,679
Speaker 3: around me get killed, and I tried to help them.

363
00:22:21,720 --> 00:22:23,520
Speaker 3: But you know, the media builds you up and then

364
00:22:23,560 --> 00:22:29,199
Speaker 3: they rock you down. And so, but we have a

365
00:22:29,200 --> 00:22:34,280
Speaker 3: different idea. We have twenty five percent of our payroll.

366
00:22:35,400 --> 00:22:39,320
Speaker 3: All my employees who we hire, we say, look, we

367
00:22:39,400 --> 00:22:42,160
Speaker 3: got to take care of the families. So if I'm

368
00:22:42,200 --> 00:22:44,640
Speaker 3: trying to hire you for two hundred grand, I can

369
00:22:44,680 --> 00:22:46,480
Speaker 3: only pay one hundred and fifty. But we're going to

370
00:22:46,560 --> 00:22:48,240
Speaker 3: take fifty grand, and we to send it to the

371
00:22:48,280 --> 00:22:50,760
Speaker 3: families every two weeks. We're got to just send the money.

372
00:22:51,920 --> 00:22:53,679
Speaker 3: We're just going to send them money. You know, I

373
00:22:53,680 --> 00:22:55,840
Speaker 3: think we send it every month. We just send them money,

374
00:22:56,280 --> 00:23:03,560
Speaker 3: and uh, we send them and then three or four

375
00:23:03,600 --> 00:23:07,399
Speaker 3: people will we hired, said yes, and then one at

376
00:23:07,520 --> 00:23:10,440
Speaker 3: four they just didn't take the job. It was okay, like,

377
00:23:10,600 --> 00:23:14,120
Speaker 3: if that's not your gig, don't come. So everybody who

378
00:23:14,160 --> 00:23:19,600
Speaker 3: comes think about Walson there. They're giving twenty five percent

379
00:23:19,640 --> 00:23:22,920
Speaker 3: of their pay to someone they don't even know because

380
00:23:22,960 --> 00:23:27,400
Speaker 3: I asked him to. I mean, they're this is this

381
00:23:27,480 --> 00:23:30,640
Speaker 3: is a story of a miracle. I have another story.

382
00:23:31,200 --> 00:23:33,160
Speaker 3: So we have a big we have a big memorial

383
00:23:33,960 --> 00:23:39,800
Speaker 3: in Central Park. Rudy Giuliani comes, he comes on the backstage,

384
00:23:39,960 --> 00:23:42,040
Speaker 3: comes up on the stage, and there's five thousand people

385
00:23:42,080 --> 00:23:44,560
Speaker 3: there because six hundred and fifty eight people have husbands, wives,

386
00:23:44,600 --> 00:23:48,119
Speaker 3: sons and daughters, friends, cousins. They know. He walks out,

387
00:23:48,200 --> 00:23:49,600
Speaker 3: He comes up to my ear. He goes, the fuck

388
00:23:49,600 --> 00:23:52,000
Speaker 3: are all these people? Because he thought he was like

389
00:23:52,040 --> 00:23:57,119
Speaker 3: going to some little you know. And so we have

390
00:23:57,200 --> 00:24:01,879
Speaker 3: this big memorial and my LA office my most productive

391
00:24:02,040 --> 00:24:05,639
Speaker 3: office in the Hub, and spoke right La. These guys

392
00:24:06,040 --> 00:24:09,840
Speaker 3: make millions and now the firm is destroyed. They could

393
00:24:09,880 --> 00:24:12,159
Speaker 3: easily go across the street, set up shop, work for

394
00:24:12,160 --> 00:24:14,800
Speaker 3: anybody else. They pay them a fortune to come and

395
00:24:16,760 --> 00:24:19,720
Speaker 3: and I know they're gonna leave. So they say to me,

396
00:24:21,119 --> 00:24:22,960
Speaker 3: we're going to close the office. We're coming in for

397
00:24:23,040 --> 00:24:26,879
Speaker 3: the memorial and we need to see. So we go

398
00:24:26,880 --> 00:24:29,480
Speaker 3: to the memorial and then they say they're gonna come

399
00:24:29,520 --> 00:24:33,000
Speaker 3: over my apartment. And my heart is exploding out of

400
00:24:33,000 --> 00:24:35,440
Speaker 3: my chest because I know what's going to happen. They're

401
00:24:35,480 --> 00:24:39,160
Speaker 3: going to come in, they're gonna tell me that they're leaving,

402
00:24:39,800 --> 00:24:41,760
Speaker 3: and then the whole thing's gonna unravel and I can't

403
00:24:41,840 --> 00:24:44,920
Speaker 3: do anything of that. I walk into my living room.

404
00:24:45,400 --> 00:24:47,760
Speaker 3: There's twelve of them, and then closing the offices is

405
00:24:47,760 --> 00:24:50,320
Speaker 3: not a good thing. It's not good. They come in

406
00:24:51,280 --> 00:24:55,520
Speaker 3: and they surround me say we'll never leave. See this

407
00:24:55,560 --> 00:25:01,600
Speaker 3: is not this is not what people do. This is

408
00:25:01,640 --> 00:25:07,320
Speaker 3: what superhuman people do. This is what he rest can'st

409
00:25:07,840 --> 00:25:11,880
Speaker 3: So they stayed and I it was on their shoulders.

410
00:25:11,920 --> 00:25:13,600
Speaker 3: We're able to rebuild the company. And then we hire

411
00:25:13,600 --> 00:25:17,000
Speaker 3: all these other people and we we rebuilt the company.

412
00:25:17,560 --> 00:25:20,399
Speaker 3: The press beat the crap out of us. When did

413
00:25:20,440 --> 00:25:24,280
Speaker 3: it stop the end of October? I take one hundred million.

414
00:25:24,640 --> 00:25:26,639
Speaker 3: Remember that one hundred million just in case. Well, I

415
00:25:26,640 --> 00:25:30,320
Speaker 3: got one hundred million, just in case. I sent it

416
00:25:30,359 --> 00:25:33,520
Speaker 3: to the families, just give me away. I give it

417
00:25:33,520 --> 00:25:39,800
Speaker 3: directly to them. I pay them their bonus for two

418
00:25:39,840 --> 00:25:42,760
Speaker 3: thousand and one. Can't if it's Cherlle's, I gotta pay

419
00:25:42,760 --> 00:25:45,360
Speaker 3: a bonus. There's no money, it's out of business, it's destroyed,

420
00:25:45,400 --> 00:25:48,040
Speaker 3: it trued. So I send them the money that they

421
00:25:48,080 --> 00:25:52,199
Speaker 3: would have made had they lived, and I send them

422
00:25:52,240 --> 00:25:59,159
Speaker 3: my money. And then the media just stops because what

423
00:25:59,520 --> 00:26:01,280
Speaker 3: do you what do you do with someone who does

424
00:26:01,280 --> 00:26:03,520
Speaker 3: what they say they're going to do. That's like crazy.

425
00:26:03,920 --> 00:26:05,720
Speaker 3: The guy actually says what he's going to do after

426
00:26:05,720 --> 00:26:09,480
Speaker 3: everybody's been murdered. What a shock. So they'll leave me alone.

427
00:26:10,760 --> 00:26:13,720
Speaker 3: And then at the end of the year, because now

428
00:26:13,760 --> 00:26:16,280
Speaker 3: I'm paying the families once a month, I'm sending them money.

429
00:26:16,320 --> 00:26:18,920
Speaker 3: The employees are, you know, we're going to survive. And

430
00:26:19,160 --> 00:26:22,479
Speaker 3: the business is, you know, surviving. Let's not overdo it.

431
00:26:23,200 --> 00:26:26,119
Speaker 3: There's no profits, by the way, because if you think

432
00:26:26,119 --> 00:26:32,080
Speaker 3: about it, are you gonna make a profit? The Financial Times,

433
00:26:32,359 --> 00:26:35,840
Speaker 3: you know, the sort of the orange pinky newspaper names

434
00:26:35,880 --> 00:26:39,199
Speaker 3: me the man of the year, like I don't know,

435
00:26:39,640 --> 00:26:43,040
Speaker 3: Angela Merkel is another year, you know, like and then

436
00:26:43,880 --> 00:26:46,800
Speaker 3: The New York Times writes a multi thousand word apology

437
00:26:46,880 --> 00:26:51,800
Speaker 3: to me January third, two thousand and two. Basically, the

438
00:26:51,840 --> 00:26:53,560
Speaker 3: man who did what he said he would do is

439
00:26:53,600 --> 00:26:55,879
Speaker 3: if that's a high moral bar, you just do what

440
00:26:55,920 --> 00:27:00,600
Speaker 3: you save your to do so company survives, and then

441
00:27:01,200 --> 00:27:05,199
Speaker 3: to end that story for you. So we do that

442
00:27:05,240 --> 00:27:07,080
Speaker 3: for five years. We'd give the families one hundred and

443
00:27:07,080 --> 00:27:10,440
Speaker 3: eighty million dollars and pay their health care for ten years.

444
00:27:11,040 --> 00:27:16,160
Speaker 3: So now it's two thousand and eight. The financial crisis's

445
00:27:16,200 --> 00:27:20,320
Speaker 3: going on, but we avoid it. We understand it. I

446
00:27:20,359 --> 00:27:23,840
Speaker 3: see it coming. We avoid it, and we're making real money.

447
00:27:24,080 --> 00:27:26,119
Speaker 3: So one of our divisions is now strong enough to

448
00:27:26,119 --> 00:27:28,960
Speaker 3: take and go public. It's called BGC. I named it

449
00:27:29,000 --> 00:27:34,000
Speaker 3: after Bernie Canner's initials b Gerald cantor Bernard Gerald cantor

450
00:27:35,640 --> 00:27:40,600
Speaker 3: still public. It's worth about five billionaire and it's strong

451
00:27:40,680 --> 00:27:44,760
Speaker 3: enough to take of public. And so we do an IPO,

452
00:27:44,880 --> 00:27:49,000
Speaker 3: but a very different kind of IPO, so pages and

453
00:27:49,119 --> 00:27:53,399
Speaker 3: pages of selling shareholders. So what I do is I

454
00:27:53,480 --> 00:27:57,639
Speaker 3: take my shares and I pay all the employees back

455
00:27:58,400 --> 00:28:01,960
Speaker 3: who donated. Remember that you gave fifty grand. Then the

456
00:28:02,000 --> 00:28:04,160
Speaker 3: next year they got to raise, so they paid fifty five,

457
00:28:04,200 --> 00:28:06,160
Speaker 3: and then they paid sixteen, and then they paid sixty five,

458
00:28:06,160 --> 00:28:08,679
Speaker 3: and they paid seventy, and they gave I don't know,

459
00:28:09,240 --> 00:28:12,760
Speaker 3: three hundred thousand dollars over those five years to the

460
00:28:12,800 --> 00:28:17,280
Speaker 3: families they don't even know them. How great is that person?

461
00:28:18,240 --> 00:28:20,439
Speaker 3: How am I supposed to go on with my life

462
00:28:21,640 --> 00:28:25,719
Speaker 3: and be a rich guy when I have these people

463
00:28:25,760 --> 00:28:30,480
Speaker 3: who gave so much? So I give them. At the IPO,

464
00:28:30,720 --> 00:28:33,120
Speaker 3: we sell about one hundred and eighty million dollars worth

465
00:28:33,160 --> 00:28:35,520
Speaker 3: of shares, and I give them back all their money,

466
00:28:35,760 --> 00:28:38,760
Speaker 3: which was not the deal. They didn't expect it. And

467
00:28:38,800 --> 00:28:40,600
Speaker 3: then I give them on top of that. So I

468
00:28:40,640 --> 00:28:44,120
Speaker 3: sell my shares and give them the money, and then

469
00:28:44,160 --> 00:28:47,240
Speaker 3: I give them all another one hundred and eighty million

470
00:28:47,280 --> 00:28:51,640
Speaker 3: dollars for the shares, so they should have I could

471
00:28:51,640 --> 00:28:54,400
Speaker 3: say thank you. So they doubled their money, so their

472
00:28:54,440 --> 00:28:59,320
Speaker 3: generosity doubled their money, and I squared it with them

473
00:29:00,680 --> 00:29:03,000
Speaker 3: so I could go on with my life. I can

474
00:29:03,040 --> 00:29:06,960
Speaker 3: become successful as I have become. And but I'm square

475
00:29:06,960 --> 00:29:14,400
Speaker 3: with my employees. And okay, what's the turnover the firm

476
00:29:14,560 --> 00:29:19,360
Speaker 3: low lost in the world. What percentage of the company

477
00:29:20,000 --> 00:29:27,600
Speaker 3: to the employees own of BGC thirty percent? Now they

478
00:29:27,640 --> 00:29:31,600
Speaker 3: never sell why and then I have It's twenty years later,

479
00:29:32,400 --> 00:29:34,760
Speaker 3: but I have lots of new people. But the new

480
00:29:34,760 --> 00:29:36,480
Speaker 3: people like they go out with the old people and

481
00:29:36,520 --> 00:29:39,360
Speaker 3: they like get the story of the company. And so

482
00:29:39,400 --> 00:29:43,520
Speaker 3: the company is owned who works for who? Right? My employees.

483
00:29:43,520 --> 00:29:46,800
Speaker 3: I'm thirty percent of the public company, so I work

484
00:29:46,840 --> 00:29:49,760
Speaker 3: for them. They work for me. So when I go

485
00:29:49,880 --> 00:29:53,360
Speaker 3: and say, like, you know, I go on like CNBC

486
00:29:53,480 --> 00:29:56,560
Speaker 3: and I say, I've got the best employees. You know,

487
00:29:56,600 --> 00:30:00,800
Speaker 3: people think, Ay, it's just the CEO's like platitudes. No,

488
00:30:02,400 --> 00:30:05,560
Speaker 3: I can't if it's shut out. We have the best

489
00:30:05,560 --> 00:30:09,440
Speaker 3: of boys, because these are the greatest. See they stitched

490
00:30:09,480 --> 00:30:13,240
Speaker 3: my soul back together on their shoulders with their money.

491
00:30:13,840 --> 00:30:18,720
Speaker 3: They saved my life. And I am forever indebted to

492
00:30:18,840 --> 00:30:25,560
Speaker 3: my employees because they are super human spectacular. But so

493
00:30:25,640 --> 00:30:29,520
Speaker 3: are you? Thank you? Right?

494
00:30:30,080 --> 00:30:33,479
Speaker 1: It kind of in that entire story, it takes both sides.

495
00:30:33,840 --> 00:30:35,520
Speaker 3: I don't tell that story too off. It doesn't really

496
00:30:36,480 --> 00:30:39,280
Speaker 3: kind of it's kind of my but like if you

497
00:30:39,320 --> 00:30:41,480
Speaker 3: if you think twenty three years later, I'm not gonna cry.

498
00:30:42,120 --> 00:30:45,960
Speaker 3: I'm a beast, but I'm not supposed to cry.

499
00:30:47,760 --> 00:30:49,400
Speaker 1: We have to do and what you have to do

500
00:30:49,520 --> 00:30:51,040
Speaker 1: is come up with a hundred million dollar idea of

501
00:30:51,080 --> 00:30:53,880
Speaker 1: this week and you'll be okay. The uh no. But

502
00:30:53,920 --> 00:30:57,520
Speaker 1: I do think that there is in these stories.

503
00:30:57,560 --> 00:30:57,720
Speaker 3: You know.

504
00:30:57,760 --> 00:30:59,880
Speaker 1: One of the interesting things about leadership is like it

505
00:31:00,160 --> 00:31:02,880
Speaker 1: is in service to other people and so you took

506
00:31:02,920 --> 00:31:05,880
Speaker 1: care of employees and employees take care of you, and

507
00:31:05,920 --> 00:31:08,600
Speaker 1: it kind of nets out positive and so you get

508
00:31:08,600 --> 00:31:10,400
Speaker 1: loyalty and both directions because you're just as loyal as

509
00:31:10,440 --> 00:31:11,120
Speaker 1: to them as they are to you.

510
00:31:12,080 --> 00:31:14,640
Speaker 3: Yeah, so that's you know. So I have we have

511
00:31:14,640 --> 00:31:18,240
Speaker 3: two public companies and the employees on thirty percent of

512
00:31:18,280 --> 00:31:21,000
Speaker 3: both because one spun off of the other. All my

513
00:31:21,000 --> 00:31:25,360
Speaker 3: employees they own it. It's cool, it's It's why I'm

514
00:31:25,440 --> 00:31:29,760
Speaker 3: religiously in favor of your employees owning your company, because

515
00:31:29,760 --> 00:31:33,080
Speaker 3: it you know, I love the idea of I'm the

516
00:31:33,160 --> 00:31:37,840
Speaker 3: boss and you own the company. So who works for who? Right?

517
00:31:38,960 --> 00:31:41,760
Speaker 3: Think about it. Let's say I screw all the employees.

518
00:31:41,800 --> 00:31:43,840
Speaker 3: We're gonna pay you all less and all your stock

519
00:31:43,880 --> 00:31:45,680
Speaker 3: goes up and you get the same exact amount of

520
00:31:45,720 --> 00:31:49,120
Speaker 3: money back in the afternoon. How dumb could you be? Right?

521
00:31:49,320 --> 00:31:54,880
Speaker 3: You're so aligned that you all work together. It's it's

522
00:31:55,040 --> 00:31:57,640
Speaker 3: how it's supposed to be your life.

523
00:31:57,680 --> 00:32:01,560
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524
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529
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