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CNBC EXCERPT: CNBC TRANSCRIPT: CNBC'S LARRY KUDLOW SPEAKS WITH FORMER NEW YORK CITY MAYOR RUDY GIULIANI TONIGHT ON CNBC

When: Wednesday, July 20, 2011

Where: CNBC's "The Kudlow Report"

Following is an excerpt from the unofficial transcript of a CNBC interview with Former NYC Mayor Rudy Giuliani tonight on "The Kudlow Report" (M-F, 7-8PM ET). All references must be sourced to CNBC.

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GIULIANI ON NEWS CORP. PHONE HACKING SCANDAL

LARRY KUDLOW: MAYOR, I'VE GOT TO ASK YOU, BEFORE WE LOSE YOU, I KNOW YOU'RE TIGHT, WE'RE TIGHT TOO. LOOK, ON THIS RUPERT MURDOCH THING, I'M NOT INTERESTED IN THE WHOLE STORY. I'M INTERESTED IN THE 9/11 PHONE HACKING PIECE. THERE'S AN ALLEGATION AND AN FBI INVESTIGATION. YOU'RE VERY CLOSE TO THIS COMMUNITY. THEY'RE TALKING ABOUT PHONE HACKING INTO THE FAMILY MEMBERS OF 9/11 VICTIMS. WHAT DO YOU MAKE OF THIS?

RUDY GIULIANI: I CAN'T -- I MEAN, I CAN'T IMAGINE WHY YOU WOULD BE HACKING THE PHONES OF 9/11 VICTIMS. I CAN'T IMAGINE WHAT YOU'RE TRYING TO FIND OUT, WHAT THE HECK THESE CRAZY REPORTERS WERE THINKING ABOUT. LET'S HOPE IT'S NOT TRUE. LET'S NOT ASSUME THAT IT'S TRUE. BUT I MEAN, THIS WOULD BE TOTALLY NUTS. WHY -- WHAT ARE YOU LOOKING FOR? THE WHOLE THING IS CRAZY.

KUDLOW: WHAT CAN YOU TELL US ABOUT THE FBI ROLE? THEY'RE GOING TO STAY WITH THE INVESTIGATION? OR IS IT PRO FORMA?

GIULIANI: NO, I THINK THE FBI IS WORRIED THAT SOME OF THESE VIOLATIONS OCCURRED IN THE UNITED STATES OF AMERICA. YOU KNOW, IF THEY WERE HACKING 9/11 VICTIMS, WERE THEY BRITISH VICTIMS? THERE WERE A BUNCH OF, UNFORTUNATELY, PEOPLE FROM ENGLAND WHO DIED ON SEPTEMBER 11th. WERE THEY AMERICAN VICTIMS? WHAT THE HECK WERE THEY LOOKING FOR? JUST PLAIN OUT AND OUT GOSSIP OR -- IF THERE WERE -- IF THIS HAPPENED IN THE UNITED STATES, WE'VE GOT A VERY SERIOUS CRIME HERE. I MEAN, THIS IS SOMETHING THAT GETS PROSECUTED VERY SERIOUSLY

KUDLOW: -- IT'S A WIRETAPPING CRIME, RIGHT?

GIULIANI: EXACTLY. IT'S A FIVE-YEAR FELONY. PEOPLE GO TO JAIL FOR IT ALL THE TIME. THERE'S THAT PRIVATE EYE OUT IN LOS ANGELES, THE BIG TRIAL, PELLICANO, WHO WENT TO JAIL A COUPLE YEARS AGO FOR DOING THAT. REMEMBER? ALL THAT WIRETAPPING.

KUDLOW: I DO.

GIULIANI: SO THIS IS A VERY SERIOUS CRIME HERE. SERIOUS CRIME THERE. THEN YOU HAVE THE FOREIGN CORRUPT PRACTICES ASPECT OF THIS BECAUSE THERE ARE ALLEGATIONS OF BRIBERY. THIS IS SOMETHING THAT CONCERNS ALL OF US.

THE STORY'S NOT OVER.

GIULIANI: THE ONLY QUESTION I WOULD RAISE, THOUGH, LARRY, LISTENING TO RUPERT MURDOCH'S TESTIMONY IS I RAN A REALLY BIG CITY. 300,000 EMPLOYEES. I WAS A MICROMANAGER. I ONLY KNEW ABOUT 5% OR 10% OF WHAT WAS GOING ON. IT'S PHYSICALLY, MENTALLY IMPOSSIBLE TO KNOW EVERYTHING THAT'S GOING ON WHEN YOU HAVE 50,000, 60,000 EMPLOYEES. SO WE'D BETTER BE A LITTLE CAREFUL ABOUT JUMPING TO CONCLUSIONS.

KUDLOW: NO, NO, I APPRECIATE THAT. IT'S THE LAW BREAKING PART THAT BOTHERS ME.

GIULIANI: NO QUESTION. THERE'S NO QUESTION THERE WAS LAW BREAKING. WHEREVER IT HAPPENED, THIS IS A HORRIBLE CRIME. I MEAN, THIS REALLY ROBS PEOPLE OF SORT OF A SENSE OF PRIVACY, A SENSE OF INTEGRITY WHEN YOU THINK OH, MY GOODNESS, THEY'RE GOING TO COME AFTER EVERYTHING I AM AND EVERYTHING -- SOME OF THESE AREN'T EVEN PUBLIC OFFICIALS. I HAD TO PUT UP WITH THAT, I WAS A PUBLIC OFFICIAL. THESE PEOPLE ARE PRIVATE PEOPLE. THIS IS DISGUSTING.

KUDLOW: RUDY GIULIANI, FORMER NEW YORK CITY MAYOR AND GREAT FRIEND. THINK HARD ABOUT IT, RUDY.

GIULIANI: I WILL, LARRY, THANK YOU.

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