Politics
Can a socialist mayor and Wall Street coexist? New York is about to find out.
NEW YORK — Mayor-elect Zohran Mamdani is facing a deeply skeptical business community that has long called the shots in New York. But don’t go looking for the moving vans just yet.
Gotham’s business elite are taking a wary — but open-minded — view of the young democratic socialist who wants to hike their taxes, quotes Eugene Debs and believes billionaires shouldn’t exist.
Kathy Wylde, the president of the business-backed Partnership for New York City, compared the relationship between her constituents and the mayor-elect to the seven stages of grief.
“We’re moving toward acceptance,” Wylde said.
Still, contingency plans are being prepared by some, even as the city’s wealthiest residents consider how to court the incoming mayor.
“Business people, smart business people, going into this are thinking, ‘Watch your ass, you’re in combat,’” said John Catsimatidis, a billionaire oil executive, grocery store tycoon and ally of President Donald Trump. “I talked to him once. He’s a young kid … He never ran anything. If he came in with a job application I wouldn’t hire him to run a supermarket.”
Catsimatidis, who unsuccessfully pressed Republican Curtis Sliwa to get out of the mayoral race to aid former Gov. Andrew Cuomo’s bid, is weighing his business options.
“What I’m going to do is reduce my exposure to New York,” he said. “I have a lot of businesses in New York, I have a lot of assets in New York. Remember the old expression, ‘Don’t put all your eggs in one basket?’”
Mamdani will take office on Jan. 1, leading a city of 8.5 million residents that serves as the world’s financial and media capital — a money powerhouse that many of the planet’s wealthiest people call home. Now, those same business leaders — long accustomed to sympathetic mayors from Michael Bloomberg to Eric Adams — are adjusting to a leader who promises to upend the city’s economic order.
The mayor-elect wants permission from state officials to raise taxes on corporations and uber-rich New Yorkers to pay for his campaign promises like free child care and buses. His embrace of far-left democratic socialism supported by Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders is anathema to the capitalists who have long wielded power in New York City.
The city’s monied class sank millions of dollars into super PACs in a futile effort to stop Mamdani’s insurgent candidacy, which was built on a populist appeal to voters outraged by the cost of living in a deeply expensive city. He did so with a volunteer army of thousands and millions of dollars in relatively modest donations.
Mamdani this week signaled he’s willing to talk with and work with some of the biggest of the biggest capitalists, name checking JPMorgan Chase CEO Jamie Dimon during Wednesday morning remarks.
“It is critically important that we start to embody a style of leadership that does not demand agreement across every single issue,” Mamdani said. “In order to even have a conversation, we need to be able to deliver for New Yorkers, and that means to meet New Yorkers, even those with whom we have any disagreements. So I look forward to having those kinds of meetings, be it with Jamie Dimon or be it with other business leaders.”
Business titans are counting on New York’s moderate Democratic governor, Kathy Hochul, to block Mamdani from raising their taxes. And some met with him after he won the primary and others are seeking meetings now — determining whether the untested mayor-elect will be rigidly orthodox or open to compromise.
Wylde views Hochul, who endorsed Mamdani but is heading into her own tough reelection battle next year and wary of raising taxes, as a kind of fiscal firebreak.
The governor opposes hiking income and business taxes. Any deal to do so must be approved by the Democratic-dominated state Legislature and signed by Hochul.
“The governor has done a great job of reassuring the business community since the primary that she will not allow anything crazy on taxes and that she fully appreciates that New York has to stay competitive,” Wylde said.
People in real estate, meanwhile, have been comforted by Mamdani’s embrace of veteran City Hall hands like Maria Torres-Springer, who served three mayors, and respected city planning czar Dan Garodnick, who have worked well with the industry. Others have taken note of the mayor-elect’s increased attention to bringing down landlord costs as part of the equation for a multi-year rent freeze that was a pillar of his campaign platform.
“There isn’t going to be an exodus of people. There are definitely people that are going to leave, but I don’t think that’s going to be a trend — a Wall Street trend or a real estate trend — if in fact the city stays safe and prosperous,” said MaryAnne Gilmartin, president and CEO of development firm MAG Partners and a member of the Real Estate Board of New York, the industry’s leading trade group. “If he pays close attention to that, I think people will and should give him a chance.”
Even those who poured money into the unsuccessful efforts to stop Mamdani from winning are admitting he was onto something in a campaign that focused largely on cost of living issues facing New Yorkers.
Scott Rechler of RXR, a major developer, said in a statement Wednesday he’s “ready to work” with the mayor-elect. Rechler donated $250,000 to a pro-Cuomo super PAC in the Democratic primary, and reacted to Mamdani’s surprise win in June by expressing hope he could be beat in the general election.
Steven Roth, the CEO of Vornado Realty Trust, one of the city’s largest commercial landlords, also put money into a political action committee aimed at halting Mamdani. But, in an earnings call with investors hours before the polls closed Tuesday, he was sanguine. Roth said he was yet to see any pullback in demand for customers because of a Mamdani mayoralty.
“I’m an optimist and believe that everything will work out for the best,” Roth said.
Bill Ackman, the Trump ally and hedge fund titan who was one of the single largest donors in the mayoral race and opposed Mamdani, congratulated him on election night in a social media post.
“If I can help NYC, just let me know what I can do,” he said.
In a follow up post, Ackman doubled down on the conciliatory tone. “Mamdani won a decisive election,” he wrote. “He is going to be our mayor for the next four years.”
Dimon, who reportedly reached out to Mamdani on Wednesday, did a sitdown interview with BLN alongside Detroit Mayor Mike Duggan, a lifelong Democrat who left the party and is running for Michigan governor as an independent. Asked if he could imagine himself doing a sitdown alongside Mamdani, Dimon said he would help someone if they wanted his help, but didn’t give a ringing endorsement.
“I’ve seen a lot of mayors, governors, political leaders — some grow into the job,” Dimon said. “And I’ve seen a lot who swell under the job, they never get around to it. They are so befuddled with politics and ideology. I’m hoping any mayor does what’s right to help the citizens of that city.”
Antonio Weiss, a Treasury official in the Obama administration and investor at the New York-based firm SSW Partners, said Mamdani is “substantive on policy yet open to learning more and to hearing additional perspectives.”
“Mamdani has made a serious effort to expand his coalition during the general election, and that has meant sitting down with people who don’t necessarily agree with him,” Weiss said.
The mayor-elect was a little-known state lawmaker when he launched his campaign and insiders didn’t know him like they knew the past several mayors who, despite widely different politics, were city hall veterans, like Bill de Blasio and Eric Adams.
One view is that Mamdani’s key platforms — free buses, freezing rent — were planting flags to show he’ll take bold steps but his ultimate policies will be more nuanced.
“What he’s signaling,” said Tom Wright, the head of the vaunted Regional Plan Association, “is he wants to fix the problem.”
Sam Sutton contributed to this report.
Politics
House Democrats once again left complaining about a Senate spending deal
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Politics
A ‘mediocre’ comment has put Talarico’s Texas Senate campaign in the hot seat
The tense Texas Democratic Senate primary has been roiled by yet another online firestorm after an influencer accused state Rep. James Talarico of calling a former opponent a “mediocre Black man” — a claim he said was a “mischaracterization of a private conversation.”
The influencer, Morgan Thompson, who posts under the username @morga_tt on TikTok, posted the accusation in a video on Sunday in which she claimed that Talarico told her in a private conversation after a Jan. 12 town hall in Plano, Texas, that he had “signed up to run against a mediocre Black man, not a formidable, intelligent Black woman.” That reference was allegedly to former Rep. Colin Allred (D-Texas), who was in the Senate race until December, when he dropped out right before Rep. Jasmine Crockett joined. Both Allred and Crockett are Black; Talarico is white.
Talarico pushed back on Thompson’s description of their conversation.
“In my praise of Congresswoman Crockett, I described Congressman Allred’s method of campaigning as mediocre – but his life and service are not. I would never attack him on the basis of race,” Talarico said in the statement.
Thompson said in a video Monday that she has no recording of the conversation but laid out evidence that she had been in contact with Talarico’s campaign to arrange it, including a photo of her standing with Talarico at the event, along with multiple texts she says were exchanged with an unnamed campaign staffer to plan the interaction. She had endorsed Talarico but said she now supports Crockett.
In an interview with Blue Light News before Talarico issued his statement, Thompson said she anticipated that not having a recording of the conversation with Talarico would raise skepticism of her account, but she still “felt like it was important enough to bring forward, given the nature of everything.” She declined to provide the name and contact information for that staffer so that Blue Light News could verify their connection to the campaign.
The alleged exchange threatens to upend a primary in which polls show voters are sharply dividing along racial lines, with most Black voters supporting Crockett, and majorities of white and Latino voters supporting Talarico.
Allred fired back. “James, if you want to compliment Black women, just do it. Just do it. Don’t do it while also tearing down a Black man,” he said in a video he posted to Instagram on Monday.
“When you make an accusation, you often have a bit of confession in it,” continued Allred, who is now running for Congress in the 33rd District against Rep. Julie Johnson (D-Texas). “Maybe you use the word mediocre because there was something creeping into your mind about yourself.”
Crockett, in a statement, said that by posting his response video, Allred “drew a line in the sand.”
“He made it clear that he did not take allegations of an attack on him as simply another day in the neighborhood, but more importantly, his post wasn’t about himself,” she said. “It was a moment that he decided to stand for all people who have been targeted and talked about in a demeaning way as our country continues to be divided.”
Thompson said in the video that she had been offered the chance to talk to Talarico because she was unhappy that Talarico’s campaign had sent out fundraising messages from Democratic strategist James Carville given Carville’s calls for Democrats to move away from “woke” politics. She had previously endorsed Talarico and said she worked with his campaign as part of its content creator outreach program but now supports Crockett.
It’s the latest online explosion related to the primary. Last month, the hosts of popular podcast “Las Culturistas” urged people not to send money to Crockett because she had a history of “making it too obviously about” herself, a comment from host Matt Rogers that cohost Bowen Yang agreed with. That some of her supporters said the remarks were racist and misogynist, setting off off a fierce debate about what type of Democratic candidate can do well in red states like Texas. The hosts later apologized.
A spokesperson for Allred, Sandhya Raghavan, said in a statement that his response to Talarico’s alleged remarks “speaks to a frustration that resonates far beyond this moment.”
“When a former NFL player, civil rights attorney, and former congressman can be dismissed as ‘mediocre,’ it reveals the impossible standards Black candidates are held to,” she said. “Colin refused to accept that disrespect in silence — and in doing so, he stood up for every Black professional who has had their qualifications unfairly dismissed.”
Politics
‘The podfather is back’: Podcaster-turned-FBI deputy director Dan Bongino makes his return to the MAGA masses
After a nine-month stint helping run the FBI, former deputy director Dan Bongino is a podcaster once again.
On Bongino’s first show back on Monday, President Donald Trump briefly dialed in, offering Bongino — who resigned from the agency in December — well wishes.
But otherwise, the episode was more of a two-hour monologue that saw Bongino attempting to skewer old enemies — namely the mainstream media — and reconnect with the masses that launched his name, years ago, into the MAGA stratosphere.
“The podfather is back,” he declared, “and I’m here to take back this movement.”
Before joining the FBI last year, Bongino was a prolific right-wing podcaster who peddled in deep-state conspiracy theories. As the agency’s No. 2, working alongside the real-world powers he used to rail against, Bongino was often caught between his past digital footprint and his new job helping lead one of the nation’s premier law enforcement agencies.
For years, he entertained conspiracies about sex offender Jeffrey Epstein’s death, dismissing the authorities’ claims that the late financier killed himself. Bongino built a fanbase by stoking these very fires — and angered many when, after joining the FBI, he swiftly backtracked his rhetoric. Online, some of Bongino’s former supporters have slammed him as a sellout.
The show was a big moment for Bongino, whose tenure at the FBI was at times chaotic. The show’s launch included a Times Square billboard, and opened with around 140,000 viewers — according to conservative video platform Rumble’s view count — and peaked at around 220,000.
After a victory lap around the nation’s top law enforcement agency, Bongino is not returning to the friendliest audience. And he had some choice words for any critics.
“I want to address the grifters out there who mistakenly thought I wasn’t coming back,” he said during the livestream. “This movement’s been hijacked by a small group of dipshits and bums and losers, who are nothing but doomers under the frame of accountability.”
This was the throughline for much of the two-hour segment, which saw Bongino ripping into a number of his critics. “Get your lips and just pucker them up and plant a big wet one on my ass,” he told “the libs and their media pals.”
The “dipshits” in media, he said, remain “totally divorced from reality.”
And to alleged leakers at the FBI: “You guys destroyed the place, and you tried to destroy us too,” he said. “But I’m back now, and you can go fuck yourself.”
Bongino, exhaling at the end of his minutes-long diatribe, smiles into the camera: “We’re so back. Aren’t we?”
But unlike the first version of his podcast, Bongino largely shied away from conspiracy theories — except for when, 15 minutes into the show, his livestream abruptly cut off thanks to a technical glitch.
“Rumble is under attack, this show is under attack, this is what these scumbags do,” he said. “Can’t have a voice like me speaking out.”
“They just don’t want me to talk,” he repeated for the rest of the show.
He also offered “behind the scenes” insights into his time at the FBI, defending himself against critics who misunderstood, he said, the decisions they made — including the agency’s handling of the Epstein files.
“When you get selected for one of these principal or deputy positions, everything you do is a level 10 decision,” Bongino said. “Find out which one is the shittier decision and avoid it. That’s the best you can do.
“Here’s the problem with the Epstein mess,” he continued. “The FBI doesn’t have the evidence many thought it did. … There were not tapes with powerful men raping kids. There was not a list. Epstein’s rolodex was already public. The files are largely unreleasable for many reasons.”
The files didn’t contain the smoking gun people were expecting, Bongino said, but “this administration got you the information.”
Near the end of the show, Trump — who hand-picked Bongino for his post last year — dialed in for a brief interview, where the two discussed the administration’s crime crackdown, Minnesota’s welfare fraud scandal and National Guard deployments.
“I’ll tell you what, if I were a Democratic governor and I were in charge of Chicago, as an example, I would be begging Donald Trump to come,” Trump told Bongino.
Trump took another chance to rail at the results of the 2020 election (“I won in a landslide,” he said), urging Republicans to “nationalize the voting” and suggesting taking over voting “in at least 15 places,” which he didn’t name. And he patted himself on the back for his military actions in Iran and Venezuela, saying the U.S. is “respected again like never before.”
“Listen, you did great in the FBI,” Trump told Bongino. “I’m very torn. I think, maybe, I’d rather have you where you are. “Very few people can do what you do, and your voice is a very important one.”
Bongino, who has generally been a reliable supporter of Trump, intends to host his show every weekday. And for those expecting a Bongino chastened by his time in government — or those looking to take his space in the MAGA media sphere — he had a direct closing message.
“All my bullshit detractors or whatever,” Bongino said at the end of the episode, “don’t know shit about anything. Throwing popcorn from the front row. We’re the number one livestream in the world. … I’m such a target that they came after the whole damn website. That’s how bad they want to keep me off the air.”
“But I have my first — guys, you ready for this screenshot? — double barrel to those who tried to stop us,” he continued, silently flipping two middle fingers to the camera.
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