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@APompliano - Anthony Pompliano 🌪
Donald Trump learned about tariffs, trade deficits, and protecting the working class from the Democrat playbook. Here is Nancy Pelosi in 1996 saying exactly what Trump is saying today. https://t.co/mQETlqj7Uk
Video Transcript AI Summary
The speaker argues against granting China Most Favored Nation status due to trade imbalances, job losses, and unfair trade practices. The US has a $34 billion trade deficit with China, expected to exceed $40 billion, which has increased 1000% since the Tiananmen Square massacre. The average US tariff on Chinese goods is 2%, while China's tariff on US goods is 35%. China benefits from at least 10 million jobs due to US-China trade, while the US gains only 170,000.
Imports from China have increased 11 times more than exports. Intellectual property losses amount to $2-3 billion, with technology transfer losses in the hundreds of billions. China requires foreign companies to build factories there, misappropriate their technology, and then export the products. The speaker cites the airline industry as an example, where Boeing tail sections are now made in China with cheaper labor. The speaker urges Congress to address the US-China trade relationship, which they believe is a job loser for the United States.
Full Transcript
Speaker 0: How far does China have to go? How much more repression, how big a trade deficit and loss of jobs for the American worker, and how much more dangerous proliferation has to exist before members of this house of representatives will say, I will not endorse the status quo. As I mentioned, it's about jobs proliferation and human rights, and there are those who say we shouldn't link human rights and trade and proliferation and trade. I disagree. But if we just wanna take up this issue on the basis of economics alone, indeed, China should not receive most favored nation status for men for several reasons that I'd like to go into now.
I'd like to call the attention of our colleagues to this chart on the status quo that the business community is asking each and every one of you to each and every one of us to endorse today. Right now, we have a $34,000,000,000 trade deficit for with China, the 1999 '95 figure. It will be over $40,000,000,000 for 1996. Since the Tiananmen Square massacre, this figure has increased 1000% from 3 and a half billion then to about $34,000,000,000 now. In terms of tariffs, I think it's interesting to note that the average US MFN tariff on Chinese goods coming into The United States is 2%, whereas the average Chinese to MFM tariff on US goods going into China is 35%.
Is that reciprocal on exports? China only allows certain industries into China of US industries into China, and therefore, only 2% of US exports are allowed into China. On the other hand, The US allows China to flood our markets with 30 a third of their exports, and that'll probably go over 40%, and and it's limitless because we have not placed any restriction. In terms of jobs, this is the biggest and cruelest hoax of all. Not only do we not have market access, not only do they have prohibitive tariffs, not only are our exports not let in very specifically, but China benefits with at least at least 10,000,000 jobs from US China trade.
The president in his statement requesting the special waiver said that it China trade supports 170,000 jobs in The United States. One Hundred And Seventy Thousand jobs, whereas our imports from China support a mill 10,000,000 jobs at least. Fact is that that US China trade is a job loser. And and one of the reasons that it is is because in order well, first, let me just make another point, and that is that our colleagues on the other side of this issue will say the trade with China exports to China have increased three times in the last ten years. They have.
But they failed to mention that exports imports from China have increased 11 times, thereby leading to this huge trade deficit. The other issue in addition, if if intellectual property is a $2,000,000,000, 3 billion dollar loss, technology transfer is in the hundreds of billions of dollars. If you wanna sell to China your products into China, the Chinese insist that you open a factory there. They take misappropriate your technology, open factories of your their own, and then say to you, now we wanna see your plan for export. That's as simply as I can say it briefly.
But the fact is this isn't about products made in America. The Chinese want American products that are made in China. And the most serious of these transfers of technology are in the airline industry where Boeing tail section tail sections of Boeing seven thirty sevens were mostly made in Wichita, Kansas. Now they are made in Shen province where workers make $50 a month, and they had the transfer of the technology and the transfer of the jobs has taken place. General Motors, Ford, they're all fighting to get in to build factories there so they can make parts there.
They want MFN so they can get those parts back into The United States. So we are exporting not low tech jobs and textile jobs. We're exporting our technology. Now if you take a country the size of China with the cheap, the very cheap, and and in some instances, slave labor, the lack of market access, the rip off of our intellectual property, the transfer of technology, a country that is not willing to play by the rules in any respect in this trade relationship, you have a serious threat not only to our relationship, but to the industrialized world. And if there's one message that I want our colleagues to understand today and our constituents is that on this day, your member of congress would have drawn the line to say to the president of The United States, do something about this US China trade relationship that is a job loser for The United States.
And this brings us to the point that others have said, well, we can't isolate China. Do you think for one minute that with 10,000,000 jobs at least and 35,000,000,000 and be over $40,000,000,000 this year in a trade surplus, all those billions of dollars in surplus that the Chinese are going to walk away. Where are they going to take 35 to 40% of their exports? Who's going to buy them? This is what sustains the regime.
The the funding and the jobs, they can't have those people out of work. They have to be at work exporting to The United States.
reSee.it AI Summary
I shared a powerful story about Howard Lutnick, who lost over 650 employees, including his brother and best friend, during the September 11th attacks. Faced with the choice to shut down his company or support the families of his fallen colleagues, he chose the latter, ultimately generating hundreds of millions of dollars. His resilience and leadership exemplify the American spirit, showcasing an incredible comeback. I believe Howard's journey will inspire you to strive for personal growth and compassion. Enjoy!
@APompliano - Anthony Pompliano 🌪
This is the most powerful story of the year. @howardlutnick watched as more than 650 of his employees died during the September 11th attacks, including his brother and his best friend. Howard is then faced with a decision — shut down his company or use the business to generate hundreds of millions of dollars for the families of his dead colleagues. This story is the epitome of the American spirit. Howard doesn't quit, but instead uses his skills, talent, and leadership to create one of the greatest comebacks in modern history. I promise Howard's story will challenge you to be a better human. Enjoy!
Video Transcript AI Summary
We were an incredibly successful company, growing rapidly. I had my friends and their friends working with me. I felt like I had won in life. But then 9/11 happened. My brother, my best friend Doug, and 656 other employees were killed, essentially everyone who was in the office.
I decided we had to take care of their families by giving 25% of our profits to them. The media attacked me, but my employees stepped up, even taking pay cuts to contribute. We rebuilt the company, and I gave my $100 million safety net to the families and sent them the money they would have made.
Later, when we took a division public, I returned all their donations. I was able to square up with my employees so I could go on to be successful. Now my employees own 30% of my companies. They saved my life.
Full Transcript
Speaker 0: We're only hiring our friends. I own the company. I'm putting all my money into the company. The company's incredibly successful. It's killing it.
We are growing fast and furious. I'm hiring all the talent in the world. We're making a million a day. That's a lot. 2,000.
Well, I'm a super rich guy. I have the famous hundred million dollars set aside just in case. Like, super rich, super rich. And the rest of my money, just feed the beast. Feed the beast.
Golden goose. Feed the golden goose. Kenneth Fitzgerald has no debt. Howard Lutnick has no debt. Why make a lot of money?
Why would I need debt? Right? No debt. Rock star company winning in every way on the top of the World Trade Center have expanded, expanded, expanded. Hundred and first to the hundred and fifth was the World Trade Center.
Speaker 1: Right? September 11. I've hired all my friends. My brother works there.
Speaker 0: My best friend, Doug, works there. My roommate from college, his brother works there. My other best friend, his brother-in-law works there. And my other best friend, his brother-in-law works there. I turned 40 that summer.
So before then, it's February. I'm gonna turn 40 during the summer. I declare victory. I win in life. I'm making all the money in the world.
It's my company. I work with all my friends, and they work with all their friends. Everybody works with their friends.
Speaker 1: K? I win. I take each of
Speaker 0: my senior executives, six of them, out to dinner alone, each one alone. I get up from my table. I walk around the other side,
Speaker 1: and I kiss him.
Speaker 0: I tell him I love him. I said, but I win. So here's and I give him each, I don't know, $2,025,000,000 bucks worth of stock. I said, I win. So here's the way it's gonna go.
Every day my kids are out of school. I'm out. I'm gonna live my life with my kids. When they're in, I'm in.
Speaker 1: Same as
Speaker 0: I always am, but I'm just gonna be out way more often.
Speaker 1: You guys are great. Here's stock.
Speaker 0: I give them
Speaker 1: mine. K. That's April.
Speaker 0: I have my birthday party. That's summer. About 65 couples are my birthday party. So my fortieth birthday.
Speaker 1: So your fortieth birthday, a hundred and twenty people come?
Speaker 0: Yeah. Yeah. 20, hundred 30 people. It's a nice party, and and it's September 11. It's July.
July fourteenth is my birthday. And, three months later, 20 people at
Speaker 1: my party get killed. It's my friends.
Speaker 0: My brother gets killed, and my best friend Doug gets killed. All those people I listed before, they all get killed. We employ 50 sets of brothers, and we lose, you know, more than a dozen brothers. Meaning mom loses two two sons.
Speaker 1: I have I have one father who lost two daughters because they work together. And six hundred fifty eight people out of nine
Speaker 0: I have nine hundred and sixty in New York. Six hundred fifty eight people get killed. Six hundred fifty eight people get killed.
Speaker 1: Why not all 900?
Speaker 0: Whoever wasn't in the office. So every single person who was in the office gets killed. There's no way out. Mhmm. I am here because I'm taking that oldest boy who I held up, First day kindergarten.
Five years old. Mhmm. Kindergarten, new school. It's called Horace Mann. Ninetieth Street.
First day is September 12. My best friend, Doug, his son's first day. My first day is September 11. Tom, not there. His kid's first day,
Speaker 1: September 12. Mhmm.
Speaker 0: If I
Speaker 1: had
Speaker 0: gone to by the way, and he pushed me to
Speaker 1: try to go to that school called Riverdale, which,
Speaker 0: you know, great school. But I for whatever reason, I chose Horace Mann, and that choice saved my life because his school started the twelfth, so he was on in the eleventh. Mhmm.
Speaker 1: And he and he got killed. He was planning to take the next day off. He had to
Speaker 0: take his kid to school. So I'm at the school, and those days when you took a picture Mhmm. When you developed the picture, it often had the time stamp in the lower right hand corner and, like, an LED display, like your LED clock. And I have a that picture is 08:46 of me and my boy, him wearing his, like, little backpack with his little hair right in front of the school. Right?
I have that picture.
Speaker 1: And, and then I
Speaker 0: go up in the school, and then they tell me a plane hit the building. But I think it's like a Piper Cub or something. So I get in the car, and I drive. I tell my driver,
Speaker 1: you know, let's go
Speaker 0: to Fifth Avenue because that's the soonest place where you can see the tower. I mean, I've been working there my whole life, and I
Speaker 1: know,
Speaker 0: I know the building by heart. And, I I see just fire and smoke just pouring out of my tower, the one with the antenna on the top. So I'm in the top floors, and my driver starts crying. And then he starts crying hysterically. Let's just get there.
Let's just get there. We have to get there. We have to get there. He's a retired police officer, detective. So he uses his badge, and we get all the way to the building.
And I get out of my car and I go to the door, and it's a door on Church Street, you know, on this side. And and I'm grabbing people asking
Speaker 1: them what floor they're on.
Speaker 0: I just keep grabbing them. Because I know there's, like, 20 doors.
Speaker 1: Mhmm. And
Speaker 0: if I get one coming out of this door, then they're pouring out of all the doors. Mhmm. And, and I have everyone yelling out the floors. And people didn't have anybody standing around. They had no idea what to do, so they were all yelling out the floors.
And the highest floor I got to was 90 Second Floor. And then, and then I hear the loudest sound I've ever heard in my life. Now I haven't seen this. Remember, there's no video. There's no time.
I got a flip phone at the time. That's so, I start running. I'm dressed like this. Suit and tie, shoes on. I'm running my ass off.
Running as hard as I freaking can. From what? I don't know. I look over my shoulder. Tornadoes chasing me.
Remember that black cloud? You guys have seen the video? So I'm running I'm running all my might. Now I've I've gone from a sunny day in New York City
Speaker 1: Mhmm. With a blue sky to hearth film. I'm in a suit in a Hartfield, and
Speaker 0: we all know how the guy in the suit with the Hartfield works out. So it's not a pretty sight. So I'm running. The tornado's coming. I see it coming from the right.
So I dive under a car. And then whoosh, all black.
Speaker 1: The world's black. My eyes are open. It's black. I think to myself, I'm dead. Mhmm.
This is dead. I mean, it's black
Speaker 0: and silent. So I go like this. And I stab myself in the eyes.
Speaker 1: It hurts. So then I figure, okay, I'm not dead.
Speaker 0: I'm blind and deaf. I'm not blind and deaf, but I'm alive.
Speaker 1: So I get up, and of course
Speaker 0: I'm hiding under a car. And I slam my head, like, so hard, you know, and now I'm now I feel the blood like running down my face. So I like I climb out, and I stand
Speaker 1: up. And then I start to run. But of course, it's pitch black. So what do you think I run into?
Speaker 0: Parked car. Just hammer into some park I'm like running in the pitch black, and I just run into some parked car. So I I hit the right quarter panel, the things go flying over the hood, smash those. So now I'm like, now now I'm like, I get up for the ground. I'm like, I'm bleeding.
I'm limping. All seldom posed. Right? This is all just happened to me. And I'm walking in the darkness
Speaker 1: away from the World Trade Center. And so I just I just walk. And, and eventually, you know, the black turns to gray, and you
Speaker 0: can see it. It literally drops down. And and the event, of course, was the collapse of two World Trade Center. If one World Trade Center collapsed, I don't tell the story. If I run that way, I die.
If I run that way, I die. I just ran this way. My driver ran that way too, but I I didn't see him. I just found him. My half hour later, he he found me, and
Speaker 1: we walked up town till people were clean.
Speaker 0: And then so there's this line on a payphone, and, and this woman's talking on the phone. So I go up to the front of the line, and I you know, remember, I'm I'm I'm, like, covered like, it looks like I was flushed down some, chimney a bunch of times, plus I'm bleeding down my face and limping. I'm like I'm like a I am a horror movie, but now I'm like the character in the horror movie instead of so I just hang up the phone from her, and I take the cradle out of her hand. And she turns around at me
Speaker 1: and starts cursing at me. Then she looks at me and goes back sway, and I call my wife. It's been, like, two hours. I call her, and she hears my voice, and she makes this noise that I'll never forget. And
Speaker 0: because she said when she was watching on TV when the when the trade center collapsed, she knew I'd be in the building. She knew I'd be there. And so she said when that collapsed, she fell to the ground and she thought I died. And it was two hours. So when I called her, she made this noise, you know, because
Speaker 1: she she understood what it was that
Speaker 0: people died. And then then I told her everybody's dead. It was in the building. Because I I felt I was suffocating to death outside.
Speaker 1: Yeah.
Speaker 0: Yeah. So I didn't buy this whole rescue recovery stuff for my people who are up a quarter mile.
Speaker 1: So yeah. Nobody survived. Nobody survived.
Speaker 0: So the only people who lived were either in the lobby. Mhmm. So think of my my my lawyer, my general counsel.
Speaker 1: He was in the elevator going up from one to
Speaker 0: 78 was like a speed elevator, big speed elevator, and then you switched and you had a sky lobby and you switched. So he's in the big elevator, plane hits the building. Elevators, don't collapse. They have, like, a mechanical arm that goes out like this and slows it down and rolls it down, and then the doors open. He goes running out of the elevator.
Fireball from the gas falling down, explodes through the lobby. Fireball goes across the front of the elevator. He's running out. Fireball runs out. Glass goes flying by.
He steps out, gets covered in blood. So think about it. He stepped out between the glass and the blood and gets splattered with blood. So I call my wife. I'm talking to my wife.
She says, Steven is alive, and he lives in the village. So I walk to the village. Wow. Okay. Well So I walk.
Speaker 1: I I go to his apartment. I ring I ring the bell.
Speaker 0: He answers his door. He's covered in blood. This is like three hours after the attack. He said, guy's covered in blood. So I grabbed my are you alright?
You alright? He goes, yeah. Yeah. I'm alright.
Speaker 1: Whose blood is it? He goes, I don't know. He's in his apartment. He could wash his face, but he's so in shock. He's he's just wandering around.
Speaker 0: And, and then there's the TV, and I look on
Speaker 1: the TV and I see the giant plane at the building for the first time. So,
Speaker 0: you know, that day I lost, I lost everybody in the office, 658 spectacular human beings, out of 960. And the only reason the other people didn't die is because they weren't at work yet. They were so if you think about it, on Wall Street, the show is on at about, you know, 07:15, seven thirty latest. So everybody who's a moneymaker is
Speaker 1: in. So who comes in, like, after 08:45?
Speaker 0: Finance department, compliance department, legal department. You know, all the support staff comes in later, but all the talent of revenue comes in when the show's on.
Speaker 1: Mhmm.
Speaker 0: Right? So I lost everybody who made money
Speaker 1: in New York,
Speaker 0: and we were hub and spoke. You know? And the hub is obliterated from
Speaker 1: the face of the Earth. So the challenge of survival becomes
Speaker 0: infinite because everybody who's alive
Speaker 1: thinks they're still gonna get paid, and there is no revenue. It's gone. It's gone. So I
Speaker 0: try to figure out what to do. And remember, these 658 people, these are my colleagues, and they're my coworkers, but they're my friends. And they're everybody's friend. Everybody who survives, best friend, college roommate, brother-in-law, everybody had that relationship. It wasn't one big happy family.
Speaker 1: We were like,
Speaker 0: you know, and, so we've gotta take care of their families. We we we have to. But how? I I can't we have no money. We went from making a million a day to losing a million a day in like that.
Right? Because all these people are alive. You gotta pay them. You know, all the other offices around the world, you gotta pay them. You gotta pay rent everywhere else.
Speaker 1: You gotta pay them. What money? No money. So we come up with our plan. We'll try to rebuild the company, and we'll give 25% of our profits to the families.
But you came up with this plan just real quick. You came up with this plan
Speaker 0: that night. Right? Didn't you do a phone call
Speaker 1: with the employees that were remained that night? So I I don't I don't know. It was probably the twelfth
Speaker 0: at night, because I doubt I was capable of doing anything the eleventh at night, but I can't remember. We did a phone call with everybody at the firm, and we put it out on the news. If you work at Canavan's Children, call this number. Because, like, we have no HR department. I have no one's phone number.
I don't know. You know? But the women, they, you know, they went to their mother's house when their husband gets killed. You go to your mother's house, so I'm I'm never gonna find them. Mhmm.
I I get everyone on the phone and say, we have two choices. We can shut the firm down and go to our friends' funerals because there's gonna be 20 funerals a day every day for thirty five straight days. Like, thirty five straight days. Like, I couldn't even go to my friends' funerals because they would be literally my best friend from college's brother and my other best friend's brother-in-law were buried, had their funeral in different funeral homes, one in Westchester and one in Manhattan at the exact same second. So I went to one and my wife went to one.
I couldn't even go to my friend's funeral. Man, how horrible is that? So, you know, we we decided or we'll go back to work and we'll have to work harder than we've ever worked before in our lives, But we gotta do it to take care of their families. And so we decided we would give 25% of our profits to the families. We'd pay for their health care for ten years, and I promised them all it would be at least a hundred thousand of family.
Because if I didn't make enough profits in five years, I'll work for the rest of my life for it. Mhmm.
Speaker 1: And so we announced that, and a weird thing happens. The media, which had said lovely things about us, you
Speaker 0: know, trying to rebuild the company, trying to take care of the families, and they had the mass murder of 658 people who worked for us.
Speaker 1: They say because a a guy
Speaker 0: who looks like me can't be a human being, can't actually cry, can't actually be a person.
Speaker 1: Just you're not lying. So
Speaker 0: he must be lying. He's crying crocodile tears. The murder of my brother, my best friend, all all my surrounding people, and all the people I hired is insufficient to get a guy who wears a suit
Speaker 1: to cry. So I'm crying crocodile tears because I'm giving 25%
Speaker 0: of our profits. But, of course, there's never too many profits. So 25% of
Speaker 1: nothing is nothing. Bill O'Reilly every night, death threats, calling me names. Rosie O'Donnell, calling
Speaker 0: me names. Everybody's calling me names. All I did was have everyone around me get killed, and I tried to help them. But, you know, the media builds you up and then they whack you down. And so but we have a different
Speaker 1: idea. We have 25% of our payroll.
Speaker 0: All my employees who we hire, we say, look. We gotta take care of the families. So if I'm trying to hire you for $200, I can only pay a hundred and 50. But when it take $50, I'm gonna send it to the families. Every two weeks, we're gonna just send the money.
We're just gonna send the money. You know, I think we send it every month. We just send the money. And,
Speaker 1: we send the money. And then three or four people who we hired said yes. And the one out
Speaker 0: of four, they just didn't take the job. It was okay. Like, if that's not your gig,
Speaker 1: don't come. So everybody who comes, think about Lawson. They're giving 25% of their pay to someone they don't even know because I asked them to. I mean, they're this
Speaker 0: is this is a story of a miracle. I have another story. My, so we have a big we have a
Speaker 1: big memorial in Central Park.
Speaker 0: Rudy Giuliani comes comes on the backstage, comes up on the stage, and there's 5,000 people there. 658 people have husbands, wives, sons and daughters, friends, cousins, they don't. He walks out. He comes up to my ear. He goes, where the fuck are all these people?
Because he thought he was, like, going to some little you know? And, so we have this big memorial in my LA office, my most productive office in the hub and spoke. Right? LA. These guys make millions, and now the firm is destroyed.
They could easily go across the street, set up shop, work for anybody else. They pay them
Speaker 1: a fortune to come, and and I know they're gonna leave. So they said to me, we're gonna close the office. We're coming in for the memorial, and we need to see you. So we go to the memorial,
Speaker 0: and then they said they're gonna come over my apartment. And my my heart is exploding out of my chest because I know what's gonna happen. They're gonna come in, they're gonna tell me that they're leaving.
Speaker 1: And then the whole thing
Speaker 0: is gonna unravel, and I can't do any path. I walk into my living room. There's 12 of them. And them closing the offices is not a good thing right now. I'm not gonna look they come in, and they surround me, so we never leave it.
See, this is not this is not what people do. This is what superhuman people do. This is what heroes do. Stupid science. So they they stayed.
And I would it was on their shoulders we're able to rebuild the company, then we hired all these other people and we, we rebuilt the company. The press beat the crap out of us. When did it stop? The October. I take my hundred million.
Remember that hundred million just in case? Well, I got the hundred million just in case.
Speaker 1: I sent it to the families. Just give it away.
Speaker 0: I give it directly to them. I pay them their bonus for 2,001. Kenneth Fitzgerald's not gonna pay a bonus. There's no money. It's out of business.
It's destroyed, true. And so I send them the money that they would have made had they lived, and I send them my money.
Speaker 1: And then the media just stops because what what do you what do you do with someone who
Speaker 0: does what they say they're gonna do? That's, like, crazy. The guy actually says what he's gonna do after everybody's been murdered. What a shock. So they leave me alone.
And then at the end of the year because now I'm paying the families once a month. I'm sending them money. The employees are, you know, we're gonna survive and the the business is, you know, surviving. Let's not overdo it. There's no profits, by the way.
Because if you think about it, you say, well, how are you gonna make a profit? The Financial Times, you know, the sort of the orange pinky newspaper names me the man of the year. Like, I don't know, Angela Merkel tip is another year, you know, like and then, The New York Times writes a multi thousand word apology to me, 01/03/2002. Basically, the man who did what he said he would do as if that's a high moral bar. You just do what you say you're gonna do.
So company survives.
Speaker 1: And then to end that story for you, so we do that for five years.
Speaker 0: We give the families a hundred and $80,000,000
Speaker 1: and pay for
Speaker 0: their health care for ten years. So now it's 02/2008. The financial crisis is going on, but but we avoid it. We understand it. I see it coming.
We avoid it, and and we're we're making real money. So one of our divisions is now strong enough to take and go public. It's called BGC. I named it after Bernie Cantor's initials. B Gerald Cantor, Bernard Gerald Cantor.
Still public. It's worth about 5,000,000,000 now. And it's strong enough to take it public. And so we do an IPO, but but a very different kind of IPO. So the pages and pages of selling shareholders.
So what I do is I take my shares, and I pay all the employees back who donated. Remember that employee who gave $50? And the next year, they got a raise. So they paid 55, and then they paid 16, and then they paid 65, and they paid 70. And they gave, I don't know, $300,000 over those five years to the families.
They don't even know them. How great is that person? How am I supposed to go on with my life and be a rich guy? When I have these people who gave so much. So I give them at the IPO, we sell about a hundred and $80,000,000 worth of shares, and I give them back all their money, which was not the deal.
They didn't expect it. And then I give them on top of that. So I sell my shares and give them the money, and then I give them all another hundred and $80,000,000 worth of shares. So they should have, I could say thank you. So they doubled their money.
So their generosity doubled their money,
Speaker 1: and, and I squared it with them.
Speaker 0: So I could go on with my life. I could become successful as I have become. And, but I'm square with my employees.
Speaker 1: And, okay. What's the turnover of the firm? Low.
Speaker 0: Lowest in the world. What percentage of the company do the employees own a BGC? 30%.
Speaker 1: Now they never sell. Mhmm.
Speaker 0: Why? And then I have it's twenty years later, but I have lots of new people. But the new people, like, they go out with the old people, and they, like, get the story of the company. And and so the company is owned. Who works for who?
Right. My employees own 30% of
Speaker 1: the public company. So I work
Speaker 0: for them. They work for me. So when I go and say, like, you know, I go on, like, I don't know, CNBC
Speaker 1: and I say, I've got
Speaker 0: the best employees. You know, people think, nah. He's just a CEO. It's like platitudes.
Speaker 1: No. I, Kenneth and Charlotte,
Speaker 0: we have the best employees because
Speaker 1: these
Speaker 0: are the greatest. See, they stitched my soul back together
Speaker 1: Mhmm.
Speaker 0: On their shoulders with their money. They saved my life, and I am forever indebted to my employees because they are superhuman, spectacular.
Speaker 1: But so are you.
Speaker 0: Thank
Speaker 1: you. Right? It kind of in that entire story, it takes both sides.
Speaker 0: Yeah. I don't tell that story too often. It doesn't really it's kinda it's kinda my,
Speaker 1: But, like, if you if
Speaker 0: you think twenty three years later, I'm not gonna cry. I'm in a beast. But I'm not supposed to cry.
Speaker 1: What you have to do what you have to do is come up with a hundred million dollar idea this week, and you'll be okay. The, the no. But I do think that there is in these stories, you know, one of the interesting things about leadership is, like, it is in service to other people. And so you took care of employees and employees took care of you, and it kinda nets out positive. And so you get loyalty in both directions because you're just as loyal to them as they are to you.
Speaker 0: Yeah. So that's you know, so I have we have two public companies, and the employees own 30% of both because one spun off with the other.
Speaker 1: So all my
Speaker 0: employees, they own it. They it's cool. It's it's why I'm religiously in favor of your employees owning your company.
Speaker 1: Mhmm. Because it
Speaker 0: you know, I love the idea of I'm the boss, and you own the company. So who works for who? Mhmm. Right?
Speaker 1: Think about it.
Speaker 0: Let's say, I screw all the employees. We're gonna pay you all less, and all your stock goes up, and you get the same exact amount of money back in the afternoon. How dumb could you be? Mhmm. Right?
You're so aligned
Speaker 1: that you all work together.
Speaker 0: It's it's how it's supposed to
Speaker 1: be. Mhmm.
reSee.it AI Summary
@APompliano expresses disapproval for those involved in selling unregistered securities. @360_trader briefly disagrees but acknowledges the importance of open dialogue. @CryptoLawUS shares a resource for @APompliano to learn from. @david_r_barrera argues that XRP does not meet the Howey test. @_lukey_mo finds amusement in the exchange. @richcerro14 claims victory, stating that legally, XRP is not a security.
@APompliano - Pomp 🌪
Good morning to everyone except the people who thought they could sell unregistered securities and get away with it
@360_trader - 360Trader
@APompliano I like you Pomp... But I’m gonna dislike you for just a few minutes for that one
@APompliano - Pomp 🌪
@360_trader That is okay. I'm not here to win a popularity contest. I'm here to educate people, while learning more myself. The ability to listen to each other's opposing opinions and still be friends is needed more than ever today :)
@CryptoLawUS - CryptoLaw
@APompliano @360_trader Hope you learned something from this: https://t.co/jBKU9NoAuR
@david_r_barrera - David Barrera
@CryptoLawUS @APompliano @360_trader The SEC did not argue, and no serious security lawyer is going to argue that XRP, purely as a digital token, just in and of itself, satisfies Howey.
@_lukey_mo - Lukey Mo
@david_r_barrera @CryptoLawUS @APompliano @360_trader Hahahaha I love watching ppl make stupid commments and then getting wrecked 🤣
@david_r_barrera - David Barrera
@_lukey_mo @CryptoLawUS @APompliano @360_trader I stand by my comment, which has nothing to do with the aiding and abetting claims the SEC dropped. I never held an opinion w/r/t those claims. Right move by the SEC to appeal prog sales sooner. At the same time, big win for Ripple execs (not necessarily for XRP holders).
@richcerro14 - Richard Cerro
@david_r_barrera @_lukey_mo @CryptoLawUS @APompliano @360_trader We already won. Xrp is not a security legally speaking.
reSee.it AI Summary
@APompliano criticized those who sold unregistered securities, prompting @JohnEDeaton1 to suggest a political motive behind recent actions against XRP. Deaton questioned the timing of the move by Clayton, the outgoing SEC chairman.
@APompliano - Pomp 🌪
Good morning to everyone except the people who thought they could sell unregistered securities and get away with it
@JohnEDeaton1 - John E Deaton
@APompliano Pomp if you think that this move insnt politically motivated then you are not as smart as I believed. For 8 years they allow the sell of xrp. 200 exchanges. And days before leaving Clayton pull this move, before a new administration can decide? Please!
@APompliano - Pomp 🌪
This is insane. Three storm chasers find a tornado and then can’t get away in time. Humans will do anything for entertainment.
Video Transcript AI Summary
There is a massive hailstorm approaching, but the speaker reassures that they will be fine. They mention a tornado reported south of Fluid Intake and express the desire to see it. They are on a gravel road and notice the tornado approaching. They decide to take a different road and express fear as the tornado grows. They exclaim in excitement and fear as they witness the tornado. The speaker prays for protection and expresses discomfort with tornadoes nearby. The transcript ends with a brief exclamation.
Full Transcript
Speaker 0: There is massive hail on this thing. I'm not we're gonna be very close to hitting that. Oh, you're fine. We'll be okay. Yeah.
The tornado reported south of fluid, intake it's tornado. So just up this valley and we should be able to see this tornado. Yes. We're here in the right. Gonna be lost right here.
This is the gravel road right here. It's on the ground. Okay. We gotta go eat gotta be cognizant. It's coming towards us.
Take it down this road. Don't go straight. I hate this. I will wait. It's growing a little bit liner.
We're actually buying the piggyback, the piggyback, the piggyback, the piggyback, the piggyback, the piggyback, the piggyback, the piggyback, I I did it. I did it. Yep. Oh my god. Oh.
Oh. Lord Jesus. Please protect us in the name of Jesus. Oh, I don't know where that tornado is right now. I don't like tornado's right next door.
Holy suit. Hey.
reSee.it AI Summary
Regulators and entrepreneurs must collaborate to secure America's financial leadership. Embracing bitcoin and stablecoins strengthens our position. Disagreements should be resolved through the court system. Entrepreneurs should focus on building desired products. Private markets shape the future. Solve problems, ignore distractions, and compete. The free market safeguards trillions of dollars entrusted by millions of people. Citizens endure while politicians, regulators, and executives change.
@APompliano - Pomp 🌪
Regulators & entrepreneurs have to learn to work together. America is the leader of the financial world. We must embrace bitcoin & stablecoins to cement our position. Enjoyed talking with @MelissaLeeCNBC & @ScottWapnerCNBC on @SquawkCNBC this morning. https://t.co/ldPY48jbwi
Video Transcript AI Summary
The speaker expresses surprise at the interviewer's sympathetic tone towards Mr. Gensler, stating that it is more productive to educate regulators about the importance of Bitcoin and bridge the gap between them. They believe that a Bitcoin ETF will be approved in the US, leading to significant inflows. The speaker also highlights the growing importance of Stablecoins and urges regulators, technologists, and politicians to come together and determine how to utilize this technology. They emphasize that if the US doesn't take the lead, other countries will. Regarding the impact of a Bitcoin ETF, the speaker suggests that retail investors may not contribute significant inflows, but sovereign wealth funds could. They commend Coinbase for its role in onboarding people to Bitcoin and becoming a regulated institution.
Full Transcript
Speaker 0: Sound admittedly I mean I'm kind of surprised, you sound a little more sympathetic towards Mr. Gensler as maybe I would have expected because many who share your passion and advocacy for Bitcoin have been much more harsh towards him. At the of the day, we can yell and scream, we can argue, you know, name call, do all the things that people do, but we I still have to work together, right? At the end of the day, the regulators are always gonna be the regulators. And so my thought process is if we spend our time more focused on educating and kind of trying to bridge that gap, get them to understand why this technology is important, how it's already helped quite a bit of people, that's probably a more productive use of energy and time than it would be to sit and just yell and scream at each other.
Because at the end of the day, the yelling and screaming just gets people to dig their heels in and then people don't want to work together. Right? But my belief is that a Bitcoin ETF will be approved in the United States of America. It will lead to 1,000,000,000 and 1,000,000,000 of dollars of inflows. At the same time I think that, regulators are having to get up to speed, they're getting educated.
Get the more that they learn, the more they realize the technology is not going away. I mean, Stablecoins is like the, a story that, I think regulators are kinda scratching their head around. We've seen $11,000,000,000,000 of transaction volume settled with Stablecoins. That's the same transaction volume as Visa, right? So when you start to think about this, you're like, wait a minute, nobody uses that stuff except for the dollar, on blockchain, is used just as much as Visa is used.
That is a mind blowing statistic where regulators, technologists, and frankly politicians all have to get together and decide how are we going to use this technology? Because if we don't do it here in the United States, people internationally are going to continue to use this. And we're seeing international, usage and adoption of these technologies explode. Does America wanna be a leader or do we wanna be a follower? Historically we've been a leader.
So let's go lead.
Speaker 1: Let's go back and assume that a Bitcoin ETF is approved. How do you think about the trades? We saw initially Coinbase go up, But you sort of wonder do you need something like a Coinbase if you can buy an ETF on any exchange on your Schwab account for instance. So how do you start how do you think about it?
Speaker 0: So, you know, we're an investor in Coinbase, have been for a long time and and I think that if you're a retail investor and you want exposure to Bitcoin over the last 2, 3, 5 years, you you probably wouldn't figure out a way to do it. Right? And so I don't think that there's a ton of inflows that are gonna be happening from, retail investors. I do think though that sovereign wealth funds are very large institutions. They're not going on Coinbase and buying, you know, spot Bitcoin, right?
And so I think that that's where the ETF inflows could happen. I think Coinbase has done a fantastic job. They've onboarded more people to Bitcoin than any other company in the country or in the world. And if you look at by being a public company, what they've really done is they've held the flag and said, Look, we want to be a regulated institution, we want to be a big brand. They're doing a fantastic job.
@APompliano - Pomp 🌪
There are many ways to handle disagreements, but historically yelling & screaming at each other is not productive. The beauty of America is that entrepreneurs & regulators can go into a court of law and lay out their arguments. Our judicial system then makes decisions.
@APompliano - Pomp 🌪
In the meantime, entrepreneurs who are not engaged in the regulatory process must continue to stay focused on building products & services that people want. Bitcoin has been one of the most valuable technology innovations of the last decade & stablecoins are as popular as Visa.
@APompliano - Pomp 🌪
The private market has the ability to use our time and money to build the future world that we all want to live in. Your job as an entrepreneur is to find problems in the world and solve them. Don't get distracted by the noise. Compete, don't complain.
@APompliano - Pomp 🌪
Lastly, the free market is the ultimate referee. Hundreds of millions of people entrust trillions of dollars of economic value in these technologies, products, and services. Politicians, regulators & corporate executives rotate over time, but the citizens remain forever.