Wall Street Titans Plot Strategy With Trump to Stop Mamdani’s Agenda, Supporting Stefanik for Governor

A private dinner inside the White House turned into a strategy session this week as some of the most influential figures in American finance met with President Donald Trump to discuss one issue dominating the room: how to blunt incoming New York City Mayor-elect Zohran Mamdani’s economic plans.

According to The Telegraph, the Wednesday night gathering brought together a long list of billionaire CEOs - many of whom rarely appear in the same room - because of rising concerns that Mamdani’s policy agenda could reshape the city’s economy in ways they see as deeply destabilizing.

Executives from Blackstone, Goldman Sachs, JPMorgan, Nasdaq, BlackRock, KKR and Intercontinental Exchange reportedly spent much of the night discussing how Mamdani’s proposals would affect New York.

The agenda he ran on calls for steep tax increases on the wealthy, corporate tax hikes, and large-scale borrowing to fund free buses, expanded childcare programs, rent freezes and vast new public spending. Unfortunately for Mamdani, none of the proposals are sitting well with Wall Street’s elite.

The discussions centered on what they believe is an impending fiscal crisis. New York City is already staring down significant deficits, worsened by federal cuts passed in last summer’s Republican tax package, and the city cannot enact most of Mamdani’s tax proposals without approval from Albany. However, as Governor Hochul gears up for her own 2026 re-election race it is unknown how far she will go to appease Mamdani's base.

Several attendees floated the idea of backing Rep. Elise Stefanik in the 2026 governor’s race, seeing her as the most viable way to check Mamdani from Albany— many of whom would not normally support a republican.

Stephen Schwarzman, David Solomon, Henry Kravis, Jamie Dimon, Adena Friedman, Larry Fink, and Jeffrey Sprecher were among those present, according to the report. While no commitments were made, their interest mirrors rising anxiety among business leaders about the direction New York is headed.

Even outside the meeting, high-profile executives echoed the sentiment. Billionaire John Catsimatidis told reporters, “I’m following President Trump’s motto. We’re not surrendering New York, we’re going to fight, fight, fight,” adding that Hochul “has absolute power over the mayor” and must ensure he “does the job right.”

Budget analyses show corporate tax revenue has already climbed in recent years, from $3.4 billion in 2019 to $7.5 billion in 2024. If Mamdani’s preferred 11.5% corporate rate had been in place, revenues might have reached $11.9 billion, a theoretical increase of $4.4 billion.

President Trump has already signaled he may withhold major federal funding from New York because of Mamdani’s victory.

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Wall Street Titans Plot Strategy With Trump to Stop Mamdani’s Agenda, Supporting Stefanik for Governor