September 11, 2024 • 15 mins
Cantor Fitzgerald CEO Howard Lutnick Talks 9/11, Presidential Debate, and the Election. Lutnick speaks with Bloomberg's Sonali Basak, Matt Miller and Katie Greifeld.
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Speaker 1 (00:00):
And we welcome now our Bloomberg television and radio audiences
because joining us now is Howard Lutnik, who is the
chairman and CEO of Cancer Fitzgerald and BGC Group. Canter
Fitzgerald lost six hundred and fifty eight employees in the
nine eleven attack and another sixty one people at an
affiliate euro Brokers. Howard lost his brother Gary in the
(00:22):
North Tower. Gary was only thirty six years old. He
also lost his best friend Doug at thirty nine. This
is a heavy day for you, Howard, twenty three years later.
How do you honor them today?
Speaker 2 (00:35):
So today.
Speaker 3 (00:38):
All of our employees, all of our employees waive their
days pay, and we ask our clients to do as
much business as they possibly can.
Speaker 2 (00:46):
And this is our charity day.
Speaker 3 (00:47):
So all around you, everywhere around me, are people donating
every penny they make today to charities.
Speaker 2 (00:54):
We're going to raise about.
Speaker 3 (00:55):
Twelve million dollars and we're going to give it to
one hundred and fifty different charities around the world because
with these five thousand people helping me, we're going to
turn something horrible into something beautiful.
Speaker 2 (01:06):
Today I want to talk.
Speaker 1 (01:08):
More about the legacy here because one of Cantor's lawyers
published and op ed in the Wall Street Journal overnight
about how retirements at Cantor Fitzgerald are rare, given the
firm had lost so many employees, and it's there are
just so many employees now entering the workforce as well, Howard,
who were not even born at the time of nine
(01:28):
to eleven. How in some ways are you still building
Cantor forward with that memory of nine to eleven as
such a big part of that Cantor story.
Speaker 3 (01:39):
So, you know, they these families are part of us,
and they stay a part of us. So we have
a job offer out to all of the children of
the people we lost. So just this week, we have
a young lady joining us who worked for you know,
who was born you know, basically our mother was pregnant
right at nine to eleven.
Speaker 2 (02:00):
How she's graduate in college and she's joining us.
Speaker 3 (02:02):
So we have about thirty six children who work for
us now, but we've had hundreds come and you know,
it's been twenty three years. So they move on with
their careers they do, We.
Speaker 2 (02:12):
Train them and we help them flourish in life.
Speaker 3 (02:14):
So these families are a part of us, and they
are part of our DNA and it's amazing and uplifting today.
So at four point thirty today we'll have a memorial
and we'll get together with all our families and we'll
read their names, put their pictures up. But we are
together with these families, and the firm is together with
them and all these people. Remember, we raised one hundred
and eighty million dollars to take care of the families.
(02:37):
And the way we did that is our employees weigh
twenty five percent of their compensation and gave it to
these families. So you know who has the best employees
I have at BGC, GFI and Cana Fitzgerald I have,
I have the best employees.
Speaker 4 (02:51):
Well, it's certainly an important moment in history and American
history for you and for Canter personally, so we appreciate
you being here.
Speaker 2 (02:58):
But of course it's also.
Speaker 4 (02:59):
A big moment for the country in our political history
as well. And of course you're in Lower Manhattan and
you're recently surrounded by former presidents, the current president, and
of course some presidential hopefuls there. So Howard, I'll ask you,
what did you make of the debate last night between
Donald Trump and Kamala.
Speaker 3 (03:19):
Harris well, before you know, this morning, I went to
the memorial for the reading of the names, and it
was the most actually the most respectful thing.
Speaker 2 (03:26):
You had, Kamala Harris. You had President jo Biden.
Speaker 3 (03:29):
Yeah, then you had Mike Bloombergen in the middle, and
then you had Donald Trump and Jadie Vance all there
showing tremendous respect to the events of September eleventh. You've
got to understand that we've got to take out terrorism,
and we've got to take out jihad. It has to end.
It's got to be important to these people. And you know,
(03:50):
I like that Donald Trump says he's going to return
the hostages and take it to Amas. I would like
to hear Kamala Harris say the same thing. We've got
to get the hostages out. We've got to rush Jamas,
and we've got across Jihod.
Speaker 2 (04:02):
We know, giod we lost six.
Speaker 3 (04:05):
Hundred and fifty eight people from Cantor, we lost sixty
one people from your brokers. We've got to end Gihod.
Everyone in the United States knows it. Today's the day
we remember it. It's got to end. We've got to
end it on the earth.
Speaker 5 (04:18):
I'll take then this opportunity to ask you, Howard, how
you thought President Trump did in the debate last night.
Of course, you have been named as one of the
co chairs of his transition team. Were he to win,
what did you think of his performance against Kamala Harris.
Speaker 3 (04:34):
Well, look, I think Kamala Harris had outperformed her expectations.
I think she did a nice job. But Donald Trump,
he hit every point. I mean he hit every point.
He stayed on immigration, which is unbelievable. I mean, why
is the southern border open? He had it close. Why
on the first day did Joe Biden with an executive.
Speaker 2 (04:55):
Order open back up the border. I just don't understand
why they would let all these people in. Right.
Speaker 3 (05:00):
Inflation is huge and an incredible high, you know, so
that first question.
Speaker 2 (05:06):
Which is our Americans better off?
Speaker 3 (05:08):
You know, Kamala Harris told us a story about her
upbringing because she didn't want to talk about the fact
that prices for your groceries are out fifty percent, gases
up one hundred percent. You know, the Inflation Reduction Act
was really the Inflation Explosion Act. And so I think
there were a lot of points to make. You can't
make them all. I think he made a lot of them,
and this is an incredible race.
Speaker 2 (05:29):
It's important for America.
Speaker 3 (05:31):
And I thought the debate was really important. If they
have another one, I think that will be really important too.
It'd be nice if the moderators didn't, like get involved
in the debate and make comments only against Donald Trump.
That would have been better. But look, can't you can't
help it. It is what it is. But I think
it's great. It's great when they talk. I wish Kamala
Harris would give press conferences and answer questions and show
(05:52):
the country who she is. That would be really helpful
and really important for the country.
Speaker 1 (05:57):
Howard, you came out of the debate yesterday and had
betting markets swaying very much in Kamala Harris's favor, and
then on the other hand, you had Trump say that
he's not inclined to head into another debate with Harris. Now, you,
of course are very close to Trump, have been a
very prominent fundraiser. Do you think he should be leaning
(06:18):
into a round two for a debate?
Speaker 3 (06:22):
Well, you know the thing about Donald Trump is he
he knows his deb Like if you think about me,
I have maybe one hundred thousand followers and he has
one hundred million followers, So I think I go with
what I go with what he thinks. But look, I
thought it's important for people to hear what she has
to say, so say, hear her out and to have
her be out there and stop hiding in the basement
(06:43):
and sort of get out there and talk.
Speaker 2 (06:44):
I think Donald Trump's got a lot to say.
Speaker 3 (06:46):
He's got a big plan, he's got a program, and
he's got his record of three percent growth, three percent wage,
three percent GDP growth, three percent wage growth, and under
two percent inflation. So I mean, he had a great
record as president.
Speaker 2 (07:00):
But as I said, I'd like.
Speaker 3 (07:02):
To hear her get press conferences. I'd like to hear
her just answer questions in an open form. How can
you run and be president United States without answering questions
in an open form. It just doesn't make sense to me.
But I think it's an amazing race. I think we
have now. You know, it's exciting, and we all watched
the debate last night. We all have our opinions. But
obviously I'd love when Donald Trump debates. I'd be happy
(07:26):
if he did it again. But he knows better and
he understands, and you know, I'm on his.
Speaker 1 (07:31):
Side, Howard, because you've been on his side, especially as
a prominent donor as well. What does fundraising look like
from here? It's really interesting to see the way that
both Corporate America and Wall Street has been shaping up
against these two candidates. You have the Walton family members
throwing a fundraiser for Harris in the near future.
Speaker 2 (07:50):
How do you counter that?
Speaker 3 (07:53):
Well, I think, look, we Donald Trump is fundraising, Kamala
Harris is fundraising.
Speaker 2 (07:58):
I think you know, the.
Speaker 3 (07:59):
Televison airwaves are going to be incredibly crowded with advertising
from both sides, and I think we're not. I don't
think Donald Trump is having any trouble raising money. I
don't think Kamala Harris is having any trouble raising money.
So we can look forward to an enormous season of
ads on television. But I think it's important to hear
(08:20):
what the candidates have to say. The more they speak
in their own voice, the better it is for America.
Speaker 2 (08:25):
As I said, Donald Trump is fearless.
Speaker 3 (08:27):
He went on ABC, which obviously was going to be
against him because he's.
Speaker 2 (08:31):
A fearless leader.
Speaker 3 (08:33):
I would like to see Kamala Harris show fearless strength
and backbone and get out there and talk. I think
if she got out there and talked, I think would
be great for America to hear her talking. How do
you run for president and not get out there and talk.
So I think the world should encourage her to get
out there and talk because I know Donald Trump is
(08:54):
willing to take all takers, answer all questions, and get.
Speaker 2 (08:58):
Out there and I think that's just basic.
Speaker 4 (09:00):
And Howard, I'd love to talk about you a little
bit actually, and your role in of course the campaign campaign,
because last month you were named as co chair of
Donald Trump's transition team should he win a second term,
co chair alongside Linda McMahon. How is that going? What
are you focusing on right now?
Speaker 3 (09:19):
Well, sort of the way transition works is if he
doesn't win, then you know, it's not much. So what
the campaign is focused on is winning, and I'll be
focused on helping make sure that if he wins, there's
an extraordinary administration around him. The scale of people who
want to serve and are willing to serve far far
(09:40):
exceeds anything in twenty sixteen and twenty twenty, because now
it's just a political race, that's all it is, you know,
some people. More and more people come up to me
and say they're supporting Donald Trump's than ever before in
my life. So I think the answer is, you're going
to see if Donald Trump is elected, you're going to
see the greatest group of administration and the greatest group
(10:01):
of leaders enter this government. And I'm just helping him
every way I can. But the key is he's got
to win. Transition isn't interesting unless he wins.
Speaker 4 (10:10):
Totally get that that that's step one, of course. When
but are you talking to potential members of cabinet for example,
and if you want to name any names, we're all ears.
Speaker 2 (10:21):
Now.
Speaker 3 (10:21):
I'm not a you know, look, of course I'm talking
to everybody.
Speaker 2 (10:25):
Of course, we're going to do vetting.
Speaker 3 (10:27):
I mean that is the job of running transition is
really to build a mosaic of incredible and capable leaders,
both who've served in the government before and will hope
to serve this time, and really set that all up
so when he's won, then he can come in and
take a look and build and build a great government.
My job is to build a mosaic, and then he
(10:48):
will be, of course the commander in chief, and the
chief is let's design and build the government that is
the strongest it possibly can. I think it's incredible that
I get to play this role for him. It is
the it is the most exciting and most fun I mean,
I'm really I'm having a great time of it because
I'm just helping him in a deep, respectful way. And
(11:09):
it's going to be an amazing administration. But he's got
to win first.
Speaker 5 (11:12):
Are you worried Howard that if he loses, it'll be,
as he's said on social media, a blood bath. I mean,
he said yesterday he had nothing to do with January sixth,
but he clearly was encouraging all of his supporters to
come and then go to the capitol. You know, he's
his praise for Victor Orbon, his love of these big
political rallies.
Speaker 2 (11:32):
Doesn't it concern you that he's got to stop, You
gotta stop. This doesn't not concern you, you know.
Speaker 3 (11:37):
You know he said there'll be a bloodbath in the
auto industry if they keep the NAPA deal working and
they let China build cars in Mexico and import them.
Speaker 2 (11:50):
You know, that's what he said.
Speaker 3 (11:52):
So this concept, and the other concept that really made
me unhappy was when Kamala Harris said that January sixth
was the worst thing that happened to the country since
the Civil War.
Speaker 2 (12:01):
See today is nine to eleven.
Speaker 5 (12:03):
I think eleven the capital is well, it is different.
The worst attack on the Capitol.
Speaker 3 (12:07):
Well, but the Pentagon. The Pentagon was a worst attack
on the Capitol. So I mean, come on, stop, stop
the rhetoric of the nonsense. Okay, in the debate, they
could do that stuff. That's rhetoric, nonsense. When you have
me on a nine to eleven, Let's just stay focused
on nine to eleven, the events that what happened twenty
three years ago, the attack on America.
Speaker 2 (12:25):
We've got to get rid of jihad. We all agree,
we've got to get rid of jihad. Right. I'm worried
about all.
Speaker 3 (12:30):
These people coming into this country because I'm afraid terrorists
have come into this country and they're going to do
it to us again. And I never want any family
to have to live through it. I've lived through. I
lost my brother Gary twenty three years ago. He was
thirty six, My best friend Doug. And if you can
imagine you look behind me at this trading floor, imagine
them all being killed, because that's what happened twenty three
years ago. It'll crush your heart, it'll crush your soul,
(12:53):
and to me, you know, that's the most important thing
about today. The most important thing about today is remembering
these people for their families and making sure America stay
strong and crushes terrorism around the world, so no family
has to have to go through what we're going through.
Speaker 1 (13:09):
Howard, before we let you go here, you have pointed
to an active trading desk, very full of people. You've
talked earlier in this interview about how you've been hiring
more you have been building. There's another moment coming up
for you that I know that you are very much
looking forward to. That is the launch of your new
futures exchange with the backing from a lot of Wall
Street giants. How's that going, What can you expect from
(13:32):
day one? And are you concerned at all around any
of the regulatory environment around it given some of the
clearing questions around London.
Speaker 3 (13:41):
Okay, So Shanali, because I'm on your show, I'm going
to tell you we are going to open our futures
exchange on September twenty third.
Speaker 2 (13:51):
So the announcement of that was right here, right now
on your show. So we're opening our Futures.
Speaker 3 (13:56):
Exchange FMX on September twenty third, and we are backed
by the ten largest trading firms in the world. Starts
with JP Morgan and City Bank and Bank of America
and Barkley's and Wells and Goldman Sachs and Morgan Stanley
and then Citadel you will know, and then Jump and Tower,
two firms you may not know, but they are the
(14:17):
largest futures traders in the world. We are going to
do rates futures, which is interest rate swap futures, which
are called SOFA futures, and the US Treasury futures. We're
going to start with SOFA futures and that's going to
start on September twenty third, and then in the first
quarter of twenty twenty five, we're going to roll out
treasury futures and we are going to create a break
(14:38):
in the monopoly built by the Chicago Mercantolic Exchange. And
it is so fun and so exciting, and you are right,
I am completely jazzed about FMXO FMX is owned by
this company BGC, which is the largest wholesale financial service
company in the world.
Speaker 2 (14:54):
So we and we broke everything in the world.
Speaker 3 (14:57):
That doesn't trade on in exchange, And on September twenty
we open our fully approved CFTC futures exchange, backed by
the ten greatest trading firms in the world. And I
think we're going to bring competition to the market.
Speaker 2 (15:09):
And I am jazzed, jazzed, jazzed.
Speaker 4 (15:13):
All right, you heard it here first September twenty third,
of course, FMX opens for business, Howard. We look forward
to that launch and we really appreciate your time today.
Of course, that is Howard Lutnik, Chairman and CEO of
Canter Fitzgerald and the BGC Group.
Speaker 3 (15:30):
This is Bloomberg
And we welcome now our Bloomberg television and radio audiences
because joining us now is Howard Lutnik, who is the
chairman and CEO of Cancer Fitzgerald and BGC Group. Canter
Fitzgerald lost six hundred and fifty eight employees in the
nine eleven attack and another sixty one people at an
affiliate euro Brokers. Howard lost his brother Gary in the
(00:22):
North Tower. Gary was only thirty six years old. He
also lost his best friend Doug at thirty nine. This
is a heavy day for you, Howard, twenty three years later.
How do you honor them today?
Speaker 2 (00:35):
So today.
Speaker 3 (00:38):
All of our employees, all of our employees waive their
days pay, and we ask our clients to do as
much business as they possibly can.
Speaker 2 (00:46):
And this is our charity day.
Speaker 3 (00:47):
So all around you, everywhere around me, are people donating
every penny they make today to charities.
Speaker 2 (00:54):
We're going to raise about.
Speaker 3 (00:55):
Twelve million dollars and we're going to give it to
one hundred and fifty different charities around the world because
with these five thousand people helping me, we're going to
turn something horrible into something beautiful.
Speaker 2 (01:06):
Today I want to talk.
Speaker 1 (01:08):
More about the legacy here because one of Cantor's lawyers
published and op ed in the Wall Street Journal overnight
about how retirements at Cantor Fitzgerald are rare, given the
firm had lost so many employees, and it's there are
just so many employees now entering the workforce as well, Howard,
who were not even born at the time of nine
(01:28):
to eleven. How in some ways are you still building
Cantor forward with that memory of nine to eleven as
such a big part of that Cantor story.
Speaker 3 (01:39):
So, you know, they these families are part of us,
and they stay a part of us. So we have
a job offer out to all of the children of
the people we lost. So just this week, we have
a young lady joining us who worked for you know,
who was born you know, basically our mother was pregnant
right at nine to eleven.
Speaker 2 (02:00):
How she's graduate in college and she's joining us.
Speaker 3 (02:02):
So we have about thirty six children who work for
us now, but we've had hundreds come and you know,
it's been twenty three years. So they move on with
their careers they do, We.
Speaker 2 (02:12):
Train them and we help them flourish in life.
Speaker 3 (02:14):
So these families are a part of us, and they
are part of our DNA and it's amazing and uplifting today.
So at four point thirty today we'll have a memorial
and we'll get together with all our families and we'll
read their names, put their pictures up. But we are
together with these families, and the firm is together with
them and all these people. Remember, we raised one hundred
and eighty million dollars to take care of the families.
(02:37):
And the way we did that is our employees weigh
twenty five percent of their compensation and gave it to
these families. So you know who has the best employees
I have at BGC, GFI and Cana Fitzgerald I have,
I have the best employees.
Speaker 4 (02:51):
Well, it's certainly an important moment in history and American
history for you and for Canter personally, so we appreciate
you being here.
Speaker 2 (02:58):
But of course it's also.
Speaker 4 (02:59):
A big moment for the country in our political history
as well. And of course you're in Lower Manhattan and
you're recently surrounded by former presidents, the current president, and
of course some presidential hopefuls there. So Howard, I'll ask you,
what did you make of the debate last night between
Donald Trump and Kamala.
Speaker 3 (03:19):
Harris well, before you know, this morning, I went to
the memorial for the reading of the names, and it
was the most actually the most respectful thing.
Speaker 2 (03:26):
You had, Kamala Harris. You had President jo Biden.
Speaker 3 (03:29):
Yeah, then you had Mike Bloombergen in the middle, and
then you had Donald Trump and Jadie Vance all there
showing tremendous respect to the events of September eleventh. You've
got to understand that we've got to take out terrorism,
and we've got to take out jihad. It has to end.
It's got to be important to these people. And you know,
(03:50):
I like that Donald Trump says he's going to return
the hostages and take it to Amas. I would like
to hear Kamala Harris say the same thing. We've got
to get the hostages out. We've got to rush Jamas,
and we've got across Jihod.
Speaker 2 (04:02):
We know, giod we lost six.
Speaker 3 (04:05):
Hundred and fifty eight people from Cantor, we lost sixty
one people from your brokers. We've got to end Gihod.
Everyone in the United States knows it. Today's the day
we remember it. It's got to end. We've got to
end it on the earth.
Speaker 5 (04:18):
I'll take then this opportunity to ask you, Howard, how
you thought President Trump did in the debate last night.
Of course, you have been named as one of the
co chairs of his transition team. Were he to win,
what did you think of his performance against Kamala Harris.
Speaker 3 (04:34):
Well, look, I think Kamala Harris had outperformed her expectations.
I think she did a nice job. But Donald Trump,
he hit every point. I mean he hit every point.
He stayed on immigration, which is unbelievable. I mean, why
is the southern border open? He had it close. Why
on the first day did Joe Biden with an executive.
Speaker 2 (04:55):
Order open back up the border. I just don't understand
why they would let all these people in. Right.
Speaker 3 (05:00):
Inflation is huge and an incredible high, you know, so
that first question.
Speaker 2 (05:06):
Which is our Americans better off?
Speaker 3 (05:08):
You know, Kamala Harris told us a story about her
upbringing because she didn't want to talk about the fact
that prices for your groceries are out fifty percent, gases
up one hundred percent. You know, the Inflation Reduction Act
was really the Inflation Explosion Act. And so I think
there were a lot of points to make. You can't
make them all. I think he made a lot of them,
and this is an incredible race.
Speaker 2 (05:29):
It's important for America.
Speaker 3 (05:31):
And I thought the debate was really important. If they
have another one, I think that will be really important too.
It'd be nice if the moderators didn't, like get involved
in the debate and make comments only against Donald Trump.
That would have been better. But look, can't you can't
help it. It is what it is. But I think
it's great. It's great when they talk. I wish Kamala
Harris would give press conferences and answer questions and show
(05:52):
the country who she is. That would be really helpful
and really important for the country.
Speaker 1 (05:57):
Howard, you came out of the debate yesterday and had
betting markets swaying very much in Kamala Harris's favor, and
then on the other hand, you had Trump say that
he's not inclined to head into another debate with Harris. Now, you,
of course are very close to Trump, have been a
very prominent fundraiser. Do you think he should be leaning
(06:18):
into a round two for a debate?
Speaker 3 (06:22):
Well, you know the thing about Donald Trump is he
he knows his deb Like if you think about me,
I have maybe one hundred thousand followers and he has
one hundred million followers, So I think I go with
what I go with what he thinks. But look, I
thought it's important for people to hear what she has
to say, so say, hear her out and to have
her be out there and stop hiding in the basement
(06:43):
and sort of get out there and talk.
Speaker 2 (06:44):
I think Donald Trump's got a lot to say.
Speaker 3 (06:46):
He's got a big plan, he's got a program, and
he's got his record of three percent growth, three percent wage,
three percent GDP growth, three percent wage growth, and under
two percent inflation. So I mean, he had a great
record as president.
Speaker 2 (07:00):
But as I said, I'd like.
Speaker 3 (07:02):
To hear her get press conferences. I'd like to hear
her just answer questions in an open form. How can
you run and be president United States without answering questions
in an open form. It just doesn't make sense to me.
But I think it's an amazing race. I think we
have now. You know, it's exciting, and we all watched
the debate last night. We all have our opinions. But
obviously I'd love when Donald Trump debates. I'd be happy
(07:26):
if he did it again. But he knows better and
he understands, and you know, I'm on his.
Speaker 1 (07:31):
Side, Howard, because you've been on his side, especially as
a prominent donor as well. What does fundraising look like
from here? It's really interesting to see the way that
both Corporate America and Wall Street has been shaping up
against these two candidates. You have the Walton family members
throwing a fundraiser for Harris in the near future.
Speaker 2 (07:50):
How do you counter that?
Speaker 3 (07:53):
Well, I think, look, we Donald Trump is fundraising, Kamala
Harris is fundraising.
Speaker 2 (07:58):
I think you know, the.
Speaker 3 (07:59):
Televison airwaves are going to be incredibly crowded with advertising
from both sides, and I think we're not. I don't
think Donald Trump is having any trouble raising money. I
don't think Kamala Harris is having any trouble raising money.
So we can look forward to an enormous season of
ads on television. But I think it's important to hear
(08:20):
what the candidates have to say. The more they speak
in their own voice, the better it is for America.
Speaker 2 (08:25):
As I said, Donald Trump is fearless.
Speaker 3 (08:27):
He went on ABC, which obviously was going to be
against him because he's.
Speaker 2 (08:31):
A fearless leader.
Speaker 3 (08:33):
I would like to see Kamala Harris show fearless strength
and backbone and get out there and talk. I think
if she got out there and talked, I think would
be great for America to hear her talking. How do
you run for president and not get out there and talk.
So I think the world should encourage her to get
out there and talk because I know Donald Trump is
(08:54):
willing to take all takers, answer all questions, and get.
Speaker 2 (08:58):
Out there and I think that's just basic.
Speaker 4 (09:00):
And Howard, I'd love to talk about you a little
bit actually, and your role in of course the campaign campaign,
because last month you were named as co chair of
Donald Trump's transition team should he win a second term,
co chair alongside Linda McMahon. How is that going? What
are you focusing on right now?
Speaker 3 (09:19):
Well, sort of the way transition works is if he
doesn't win, then you know, it's not much. So what
the campaign is focused on is winning, and I'll be
focused on helping make sure that if he wins, there's
an extraordinary administration around him. The scale of people who
want to serve and are willing to serve far far
(09:40):
exceeds anything in twenty sixteen and twenty twenty, because now
it's just a political race, that's all it is, you know,
some people. More and more people come up to me
and say they're supporting Donald Trump's than ever before in
my life. So I think the answer is, you're going
to see if Donald Trump is elected, you're going to
see the greatest group of administration and the greatest group
(10:01):
of leaders enter this government. And I'm just helping him
every way I can. But the key is he's got
to win. Transition isn't interesting unless he wins.
Speaker 4 (10:10):
Totally get that that that's step one, of course. When
but are you talking to potential members of cabinet for example,
and if you want to name any names, we're all ears.
Speaker 2 (10:21):
Now.
Speaker 3 (10:21):
I'm not a you know, look, of course I'm talking
to everybody.
Speaker 2 (10:25):
Of course, we're going to do vetting.
Speaker 3 (10:27):
I mean that is the job of running transition is
really to build a mosaic of incredible and capable leaders,
both who've served in the government before and will hope
to serve this time, and really set that all up
so when he's won, then he can come in and
take a look and build and build a great government.
My job is to build a mosaic, and then he
(10:48):
will be, of course the commander in chief, and the
chief is let's design and build the government that is
the strongest it possibly can. I think it's incredible that
I get to play this role for him. It is
the it is the most exciting and most fun I mean,
I'm really I'm having a great time of it because
I'm just helping him in a deep, respectful way. And
(11:09):
it's going to be an amazing administration. But he's got
to win first.
Speaker 5 (11:12):
Are you worried Howard that if he loses, it'll be,
as he's said on social media, a blood bath. I mean,
he said yesterday he had nothing to do with January sixth,
but he clearly was encouraging all of his supporters to
come and then go to the capitol. You know, he's
his praise for Victor Orbon, his love of these big
political rallies.
Speaker 2 (11:32):
Doesn't it concern you that he's got to stop, You
gotta stop. This doesn't not concern you, you know.
Speaker 3 (11:37):
You know he said there'll be a bloodbath in the
auto industry if they keep the NAPA deal working and
they let China build cars in Mexico and import them.
Speaker 2 (11:50):
You know, that's what he said.
Speaker 3 (11:52):
So this concept, and the other concept that really made
me unhappy was when Kamala Harris said that January sixth
was the worst thing that happened to the country since
the Civil War.
Speaker 2 (12:01):
See today is nine to eleven.
Speaker 5 (12:03):
I think eleven the capital is well, it is different.
The worst attack on the Capitol.
Speaker 3 (12:07):
Well, but the Pentagon. The Pentagon was a worst attack
on the Capitol. So I mean, come on, stop, stop
the rhetoric of the nonsense. Okay, in the debate, they
could do that stuff. That's rhetoric, nonsense. When you have
me on a nine to eleven, Let's just stay focused
on nine to eleven, the events that what happened twenty
three years ago, the attack on America.
Speaker 2 (12:25):
We've got to get rid of jihad. We all agree,
we've got to get rid of jihad. Right. I'm worried
about all.
Speaker 3 (12:30):
These people coming into this country because I'm afraid terrorists
have come into this country and they're going to do
it to us again. And I never want any family
to have to live through it. I've lived through. I
lost my brother Gary twenty three years ago. He was
thirty six, My best friend Doug. And if you can
imagine you look behind me at this trading floor, imagine
them all being killed, because that's what happened twenty three
years ago. It'll crush your heart, it'll crush your soul,
(12:53):
and to me, you know, that's the most important thing
about today. The most important thing about today is remembering
these people for their families and making sure America stay
strong and crushes terrorism around the world, so no family
has to have to go through what we're going through.
Speaker 1 (13:09):
Howard, before we let you go here, you have pointed
to an active trading desk, very full of people. You've
talked earlier in this interview about how you've been hiring
more you have been building. There's another moment coming up
for you that I know that you are very much
looking forward to. That is the launch of your new
futures exchange with the backing from a lot of Wall
Street giants. How's that going, What can you expect from
(13:32):
day one? And are you concerned at all around any
of the regulatory environment around it given some of the
clearing questions around London.
Speaker 3 (13:41):
Okay, So Shanali, because I'm on your show, I'm going
to tell you we are going to open our futures
exchange on September twenty third.
Speaker 2 (13:51):
So the announcement of that was right here, right now
on your show. So we're opening our Futures.
Speaker 3 (13:56):
Exchange FMX on September twenty third, and we are backed
by the ten largest trading firms in the world. Starts
with JP Morgan and City Bank and Bank of America
and Barkley's and Wells and Goldman Sachs and Morgan Stanley
and then Citadel you will know, and then Jump and Tower,
two firms you may not know, but they are the
(14:17):
largest futures traders in the world. We are going to
do rates futures, which is interest rate swap futures, which
are called SOFA futures, and the US Treasury futures. We're
going to start with SOFA futures and that's going to
start on September twenty third, and then in the first
quarter of twenty twenty five, we're going to roll out
treasury futures and we are going to create a break
(14:38):
in the monopoly built by the Chicago Mercantolic Exchange. And
it is so fun and so exciting, and you are right,
I am completely jazzed about FMXO FMX is owned by
this company BGC, which is the largest wholesale financial service
company in the world.
Speaker 2 (14:54):
So we and we broke everything in the world.
Speaker 3 (14:57):
That doesn't trade on in exchange, And on September twenty
we open our fully approved CFTC futures exchange, backed by
the ten greatest trading firms in the world. And I
think we're going to bring competition to the market.
Speaker 2 (15:09):
And I am jazzed, jazzed, jazzed.
Speaker 4 (15:13):
All right, you heard it here first September twenty third,
of course, FMX opens for business, Howard. We look forward
to that launch and we really appreciate your time today.
Of course, that is Howard Lutnik, Chairman and CEO of
Canter Fitzgerald and the BGC Group.
Speaker 3 (15:30):
This is Bloomberg
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