The Globe and Mail reports in its Monday, Nov. 10, edition that while many New York business leaders threaten to leave the city under its new socialist mayor, Zohran Mamdani, who aims to raise taxes on corporations and high earners, two influential voices are taking a different stance. The Globe's Gus Carlson writes that one is Jamie Dimon, JPMorgan's chief executive officer, who has broken ranks with other top executives in the city and says he will "offer to help" the new mayor.
The other is hedge fund manager and activist investor Bill Ackman, founder and CEO of Pershing Square Capital Management. "Now you have a big responsibility," Mr. Ackman said to Mr. Mamdani in a congratulatory social-media post following last Tuesday's election. "If I can help NYC, just let me know what I can do." The conciliatory tone of these two Wall Street giants marks a significant shift in their view of the new mayor, Mr. Mamdani. Both had been strong critics of his platform, which aimed to impose higher taxes on wealthy New Yorkers and corporations to tackle affordability issues. Notably, Mr. Ackman was part of a group of billionaires that spent about $20-million (U.S.) to support Mr. Mamdani's opponents.
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