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 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?
So today.
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.
And this is our charity day.
So all around you, everywhere around me, are people donating every penny they make today to charities.
We're going to raise about.
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.
Today I want to talk.
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 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.
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.
How she's graduate in college and she's joining us.
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.
Train them and we help them flourish in life.
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.
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.
Well, it's certainly an important moment in history and American history for you and for Canter personally, so we appreciate you being here.
But of course it's also.
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.
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.
You had, Kamala Harris. You had President jo Biden.
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, 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.
We know, giod we lost six.
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.
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.
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.
Order open back up the border. I just don't understand why they would let all these people in. Right.
Inflation is huge and an incredible high, you know, so that first question.
Which is our Americans better off?
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.
It's important for America.
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
the country who she is. That would be really helpful and really important for the country.
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 into a round two for a debate?
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 and sort of get out there and talk.
I think Donald Trump's got a lot to say.
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.
But as I said, I'd like.
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
if he did it again. But he knows better and he understands, and you know, I'm on his.
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.
How do you counter that?
Well, I think, look, we Donald Trump is fundraising, Kamala Harris is fundraising.
I think you know, the.
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 what the candidates have to say. The more they speak in their own voice, the better it is for America.
As I said, Donald Trump is fearless.
He went on ABC, which obviously was going to be against him because he's.
A fearless leader.
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 willing to take all takers, answer all questions, and get.
Out there and I think that's just basic.
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?
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 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 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.
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.
Now.
I'm not a you know, look, of course I'm talking to everybody.
Of course, we're going to do vetting.
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 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 it's going to be an amazing administration. But he's got to win first.
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.
Doesn't it concern you that he's got to stop, You gotta stop. This doesn't not concern you, you know.
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.
You know, that's what he said.
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.
See today is nine to eleven.
I think eleven the capital is well, it is different. The worst attack on the Capitol.
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.
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.
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, 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.
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
day one? And are you concerned at all around any of the regulatory environment around it given some of the clearing questions around London.
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.
So the announcement of that was right here, right now on your show. So we're opening our Futures.
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 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
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.
So we and we broke everything in the world.
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.
And I am jazzed, jazzed, jazzed.
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.
This is Bloomberg