Fox News contributor Deroy Murdock and Heritage Foundation chief economist EJ Antoni break down New York City Mayor Zohran Mamdani’s ‘Tax the Rich’ plan and more on ‘The Bottom Line.’
JPMorgan Chase Chairman and CEO Jamie Dimon has put New York City’s progressive new mayor, Zohran Mamdani, on notice, telling the self-described ideologue that governing the city is about low crime and economic vitality, not empty “moral” slogans.
After the face-to-face meeting, the Wall Street titan openly criticized the remote tax havens as “fair share” and warned that treating wealth creators like political wallets is destroying the city’s talent pool.
“All cities have to compete. And they have to compete at every level — arts, science, schools, that’s what it is. I’m not making that up, he can be a genius, and he has to compete,” Dimon said Thursday in a Bloomberg TV interview.
“And we will see: will he learn that he should make this city a place where people want to grow and build and live and have families and work?” he continued. “And he has to compete with Shanghai and Hong Kong and Singapore and Nashville, and people vote with their feet. So it’s not a moral thing that people talk about. It’s like, are you building a big city with low crime and things like that?”
MAMDANI’S WALL STREET COURTSHIP STRIKES CRITICAL BILLION MANAGEMENT PLAN
On Monday, Dimon and Mamdani met in person at the bank’s new headquarters in Manhattan, as the social democratic mayor strengthened ties with Wall Street leaders following the backlash of proposals to raise taxes on wealthy New Yorkers.
After meeting in person on Monday, JPMorgan Chase CEO Jamie Dimon shared some words of wisdom with New York City Mayor Zohran Mamdani. (Getty Images)
The meeting was “constructive and the tone was friendly,” a JPMorgan spokesman told Reuters. According to City Hall, they discussed reducing government waste, cutting roads linked to development programs and expanding public-private partnerships. JPMorgan said the discussion also focused on New York City’s competitiveness.
“I don’t care what you say. What are you doing? I’ll judge that,” Dimon said. “And then what really happens, because you can talk about the behavior and the ideas you want, but if things don’t go well, you didn’t do a good job … And so, hopefully, he’ll learn. I want him to do a good job. I’m not against him.”
United Refining Company Chairman and CEO John Catsimatidis joins ‘Mornings with Maria’ to discuss NYC Mayor Zohran Mamdani’s meeting with JPMorgan Chase and Goldman Sachs CEO, the announcement of the city’s second grocery store and more.
The CEO also elaborated on Mamdani’s controversial wealth tax proposals: “I don’t think… people make less than a certain amount. [should] pay taxes at all. I would agree with that, but when they say, ‘fair share,’ what do they mean? They should give a number.”
Dimon added that New York City’s existing tax base “just” makes the Big Apple uncompetitive, with 26,000 JPMorgan employees based there today compared to 33,000 in Texas.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Liz Peek criticizes New York City Mayor Zohran Mamdani’s policy proposals and discusses the future of US-China relations following the Trump-Xi ‘Kudlow’ summit.
“The mayor of Dallas is always calling and saying, ‘What can I do to help you? I have land here,’ you know, and that’s pro-business and pro-people-love-living there,” he said.
“New York is a great place too, but… [people] think that somehow going out of business will help the city. That’s not the case.”
READ MORE AT FOX BUSINESS
FOX Business’ Bradford Betz contributed to this report.
