‘Big hearts and little brains’ – Business News
JPMorgan Chase CEO Jamie Dimon slammed Zohran Mamdani as “more a Marxist than a socialist” — and additionally lashed out at “idiots” within the Democratic Party who targeted an excessive amount of on DEI and not enough on real-world insurance policies.
The head of the nation’s largest bank warned in opposition to voting for Mamdani, who gained the Democratic main for New York City mayor whereas pushing for a rent freeze, free buses and city-owned grocery shops.
“This guy just got elected – he’s more of a Marxist than a socialist, and now you see these Democrats falling all over themselves saying, ‘Well, he’s pointing out some real problems, affordable housing and grocery prices,’” Dimon mentioned Thursday during an occasion in Dublin, Ireland.
JPMorgan Chase CEO Jamie Dimon speaks to the Economic Club of New York in April 2024. REUTERS
Mamdani, who handily defeated former Gov. Andrew Cuomo final month, depends on “the same ideological mush that means nothing in the real world,” Dimon argued.
Dimon’s disdain for Mamdani’s emergence as a possible front-runner to win City Hall echoed that of billionaire investor Bill Ackman and different Wall Street titans.
The panic over a Marxist takeover has led to the formation of a group known as “New Yorkers for a Better Future Mayor 25,” which is speeding to raise $20 million to fund an anti-Mamdani marketing campaign, the Wall Street Journal reported Thursday.
Mamdani is trying to squash some of the outrage with plans to attend an occasion hosted by pro-business group Partnership for New York City – whose board consists of Dimon.
Mamdani’s marketing campaign didn’t instantly reply to The Post’s request for remark.
Dimon additionally had harsh phrases for the left’s full-fledged push on controversial Diversity, Equity and Inclusion insurance policies, arguing “they overdid” on the occasion hosted by the Department of Foreign Affairs.
JPMorgan and different Wall Street banks deleted DEI language from their web sites earlier this 12 months, in keeping with a report. Christopher Sadowski
“I have a lot of friends who are Democrats, and they’re idiots,” he mentioned.
“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.”
America’s prime banker additionally took intention at former President Joe Biden for not having “one business person” advising him, including that he was “speechless about the lack of knowledge” within the earlier administration.
Dimon beforehand introduced JPMorgan would slash spending on variety initiatives whereas remaining dedicated to working with black, Hispanic and LGBTQ communities.
Former President Joe Biden speaks to journalists in South Carolina in January. AP
“We all were devoted to reaching out to the black community, Hispanic, the LGBT community, the disabled — we do all of that. But the extent, they gotta stop it. And they gotta go back to being more practical. They’re very ideological,” Dimon mentioned Thursday.
JPMorgan declined to touch upon the chief government’s scathing remarks.
Earlier this 12 months, JPMorgan and a number of different Wall Street banks scrubbed DEI language from their web sites quickly after President Trump took workplace, in keeping with the Wall Street Journal.
New York City mayoral candidate Zohran Mamdani speaks during a press convention on Thursday. REUTERS
Dimon had beforehand supported DEI insurance policies, even apparently taking a knee with department staffers in a {photograph} amid widespread racial justice protests. JPMorgan has insisted that Dimon was merely bending down for the image.
Dimon did order a review of the bank’s insurance policies after the Supreme Court’s 2023 ruling that overturned affirmative motion, in keeping with The Post’s Charles Gasparino.
