What Are the Giants of Wall Street Afraid Of?

Jamie Dimon and David Solomon, arguably two of the most influential bankers in New York, are frequently labeled as “tough,” “no-nonsense,” and “zealous.”

Yet, during their meetings with Socialist Mayor Zoran Mamdani last week, you might have thought they were in a much more cordial setting than the usual boardroom discussions.

A JPMorgan representative shared that Dimon and Mamdani had a “friendly” and “constructive dialogue” just a few days ago. They talked about the necessity for “public-private partnerships.”

Later on, Goldman Sachs’ Solomon met with the mayor at Gracie Mansion, but insiders noted that Ken Griffin, the wealthy head of hedge fund Citadel, wasn’t mentioned at all.

If you recall, Griffin’s Manhattan penthouse served as the backdrop for a controversial video about “taxing the rich” that Mamdani created.

Interestingly, Dimon’s name didn’t come up during discussions either, due to an understanding that both Dimon and Solomon stressed the importance of not discouraging businesses from operating in the city.

Does this really represent an honest discourse from a banking leader in today’s environment?

Is there really a 34-year-old left-leaning politician, with no private sector experience, who believes it makes sense for the government to open multiple grocery stores in New York City?

Recently, I wrote a series of pieces pointing out how Griffin, who labeled Mamdani’s videos as “creepy,” continued to be an unacknowledged presence during these upbeat meetings.

It was encouraging to see Dimon attempting to clarify his stance about 24 hours after we suggested he do so.

In an interview with Bloomberg TV, Dimon characterized the mayor as an “ideologue,” adding, “I don’t care what he says.”

Instead, Dimon appears focused on whether New York will improve as a place to live and work under Mamdani. Otherwise, he warned, individuals and businesses will just “vote with their feet.”

But I have to ask: Where were you during last fall’s mayoral campaign when Mamdani vowed to transform the capital of capitalism into Moscow on the Hudson?

And why didn’t you voice your concerns when this smiling Marxist was in your office just hours ago?

True, Mr. Dimon has made some notable headlines recently, but there’s a saying that seems to apply here: if you’re not part of the solution, you might be part of the problem.

Wake Up, Everyone!

Folks, it’s time to step up, especially if we genuinely care about our city’s future.

I respect both Dimon and Solomon, so it’s not easy for me to share this perspective.

They are intelligent individuals who create jobs and contribute significantly to both taxes and charitable causes.

The financial sector is one of the last remaining industries, aside from real estate, that stays rooted here, having endured years of misguided political leadership, high crime rates, failing schools, and a declining quality of life.

Wall Street may still be physically located in Manhattan, but financial firms are relocating talent and jobs to areas with lower taxes and less extreme politics.

JPMorgan is attracting talent in Texas, despite its fancy new venue on Park Avenue. Goldman has even set up a sort of secondary headquarters in Utah.

So why don’t Dimon and Solomon feel compelled to speak out more instead of preparing to move their operations elsewhere?

Do they fear they’ll experience similar backlash as Griffin?

An executive at one company voiced concerns that his boss was able to voice his thoughts, albeit while maintaining politeness.

Was Dimon really expressing his true opinions when he handed Mamdani a book on economic development projects after a brief chat?

At least Dimon attempted to acknowledge some of the realities Mamdani is bringing to New York during that Bloomberg interview.

In contrast, Solomon has remained strikingly silent.

It may not be entirely fair to single them out.

I’ve heard that nearly every business leader who has interacted with the mayor has come away charmed by his genuine demeanor.

Still, Mamdani’s policies pose significant risks and challenges. He’s an ideologue whose views clash with foundational American principles and depict Israel, home to the largest Jewish population outside of its borders, in a negative light.

Sorry, Jamie and Solomon, but simply being polite to figures like this won’t suffice.