In a striking development, several prominent figures in the banking and financial sectors, including JPMorgan's CEO Jamie Dimon, have reportedly declined to meet with Zohran Mamdani, the Democratic socialist candidate for New York City's mayoral race.
This decision comes as Mamdani seeks to address concerns regarding his policies, which many perceive as leaning towards socialism.
The meetings, organized by the Partnership for NYCa coalition of over 300 leading corporate, investment, and entrepreneurial entitieswere intended to provide Mamdani with a platform to engage with the business community. However, as reported by the New York Post, Dimon and other influential business leaders have opted out. A spokesperson for JPMorgan explained that Dimon "had other commitments and was unable to attend" the scheduled meeting.
According to One America News, the absence of Dimon is not isolated. Other financial heavyweights, including Goldman Sachs CEO David Solomon, Bank of America CEO Brian Moynihan, and Citigroup CEO Jane Fraser, also chose to forgo the event. This collective decision underscores the apprehension within the corporate world regarding Mamdani's proposed policies.
Mamdani, who identifies as a Democratic socialist and hails from Uganda, has faced challenges in garnering support from major corporations. His platform includes proposals to increase corporate taxes, freeze rent for rent-controlled units, and introduce taxpayer-funded initiatives such as bus fares and childcare. Additionally, he aims to raise the corporate tax rate from 7.25% to 11.5% and impose higher taxes on affluent individuals to fund his economic agenda.
Dimon, speaking at an event in Ireland, did not mince words when expressing his views on Mamdani's policies. "Thats the same ideological mush that means nothing in the real world," he remarked. He further criticized the Democratic Party, stating, "I have a lot of friends who are Democrats, and theyre idiots. I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed."
Despite the skepticism from Wall Street, Mamdani remains the frontrunner in the upcoming November election, having defeated former New York Governor Andrew Cuomo in the Democratic primary. Cuomo, undeterred, continues his campaign as an Independent, while Mamdani faces competition from incumbent Independent Mayor Eric Adams and Republican contender Curtis Sliwa.
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