Squawk Pod – “Corporate Responses to Minneapolis”

Date: January 27, 2026
Hosts: Becky Quick, Andrew Ross Sorkin
Key Guests: Bill George (Former Medtronic Chairman), Stephen Fulop (President & CEO, Partnership for New York City)

Overview

This episode examines how top executives and corporations are responding to ongoing unrest and fatal police shootings in Minneapolis, discussing the role of the business community in addressing such crises. The conversation expands to include the intersection of politics, social issues, and corporate responsibility, as well as a look into the challenges facing New York City’s new mayor and business climate. Insights from Bill George and Stephen Fulop provide a real-time look at how business leaders balance advocacy, policy engagement, and risk in an uncertain climate.

Key Discussion Points & Insights

1. Latest Economic and Trade News (02:30–06:37)

• EU-India Free Trade Agreement
  • The EU and India reach a landmark free trade agreement after nearly 20 years, dubbed the “mother of all deals.”
  • Expected effects: Significantly increase trade, especially in labor-intensive Indian exports hit by Trump-era tariffs.
• US–South Korea Tariffs
  • President Trump announces surprise tariff hikes on South Korean goods (from 15% to 25%), affecting autos, pharmaceuticals, and lumber.
  • Official reaction: South Korean officials caught off guard; impact noted in tumbling shares of Korean automakers like Hyundai and Kia.
• Antitrust Scrutiny: Netflix and Warner Bros.
  • Senator Mike Lee voices concerns about Netflix’s acquisition of Warner Bros. assets, prompting a subcommittee hearing.
• Meta & Corning Fiber Optic Deal
  • Meta enters a $6B multi-year agreement with Corning, aiming to boost US manufacturing jobs (06:17).
  • Andrew Ross Sorkin (06:20): “We can build it. There’s a huge amount of demand… But you’re going to have to help us pay for producing the stuff to feed into that demand.”

2. Minneapolis Crisis: Corporate Leaders Push for Calm (07:22 & 21:42–30:12)

Background

• Second fatal shooting of a US citizen in Minneapolis sparks renewed unrest and calls to action.
• Sixty CEOs of leading Minnesota-based companies co-sign a letter urging for calm and action, representing a collective business front.

Guest: Bill George (Medtronic, Harvard Business School)

• On CEO Sign-On Letter
  • Bill George (22:30): “CEOs did the right thing putting out a statement... They had to tread a narrow tightrope between upsetting the White House and negotiations going on—and being advocates for significant change. But they got it done.”
  • Significance: Every major Minnesota company signed; took several days to build consensus.
  • Tipping Point: The murder of Alex Preddy catalyzed the response.
• Impact on Business Environment
  • Bill George (25:10): “Your obligation is to provide a safe, secure place of employment... That’s been in many ways shattered.”
  • Concern over Minnesota’s reputation—impacting talent recruitment, productivity, and innovation.
  • Fear among CEOs of political retribution, especially under the Trump administration’s aggressive use of the “bully pulpit.”
• Advice to CEOs
  • Bill George (28:07): “Advise people—stay below the radar. No sense tweaking the bear... Stick to your business and focus on the issues.”
  • Cautions against reactionary swings, referencing the overcorrection post–George Floyd in 2020: “There was a big swing to really focus on DI and it went too far. And I think that pendulum may have gone too far the other way.”
• On Employee Pressure
  • Bill George (29:31): “I think you better listen to your employees. Not enough people have done that. That worries me.”
  • Heavily contrasts Target’s struggles (“really hurt by that”) with Costco’s value-driven public messaging.

3. New York City: Corporate & Political Leadership Amidst Uncertainty (09:59–19:24)

Guest: Stephen Fulop (Partnership for NY, Former Mayor of Jersey City)

• Mayor Mamdani’s Early Tenure
  • Mayor praised for snowstorm response but faces skepticism over budget management.
• Business-Government Relationship
  • Stephen Fulop (11:11): “My interaction has been very positive. He’s been proactive and listens… But we’re kind of in uncharted territory.”
  • On Transition: Comparing the move from activist to executive (“There’s a reality to math when you are the mayor…”).
• Where Business Can Help
  • Childcare policy, bureaucratic reform, technology—areas where corporate insights can drive efficiency.
• Tax Policy & Economic Competitiveness
  • Fulop repeatedly critiques tax-increase proposals.
    • (12:04 & 16:45): “New York is one of the highest tax places in the country... You could see in California, there is a tripwire. At some point, people say, ‘I have options elsewhere.’”
    • The risk isn’t with big corporations leaving overnight, but with wealthy individuals and incremental loss of jobs (“Death by a thousand paper cuts”).
• Budget Solutions & Political Will
  • Advocates for identifying “zombie programs” before resorting to tax increases.
  • Asserts business can provide insight on budgeting, remarking on rare city/state fiscal divergence.
• Corporate Engagement
  • Partnership for NY intends to be “more assertive in the advocacy space,” emphasizing collaboration rather than antagonism.
  • Stephen Fulop (13:31): “My background is being more active. And I think it’s important for us to be assertive… I think it’s important for us to be engaged.”

Notable Quotes & Memorable Moments

• Bill George on CEO Letter in Minnesota:
  “I think it is the tipping point in Minnesota. I think the president, being a businessman, has trouble ignoring all 60 CEOs of major companies in Minnesota. Not one failed to sign on.” (22:30)
• On Corporate Silence vs. Action:
  “Stick to the business aspect. This is very negative for every one of their businesses... Your obligation is to provide a safe, secure place of employment for your employees...” – Bill George (25:10)
• On the Peril of Overreacting:
  “[Post-George Floyd] there was a big swing to really focus on DI and it went too far. And I think that pendulum may have gone too far the other way.” – Bill George (28:07)
• Stephen Fulop’s View on NYC’s Fragility:
  “If you look at New York City, it’s a very fragile environment right now and I think it’s important for us to be engaged.” (13:31)
• On the Tax Dilemma:
  “I think the starting point needs to be looking at those zombie programs, looking at things that aren’t working… I think the business community needs to be part of that conversation.” – Stephen Fulop (14:15–16:10)
• Risks of Hitting the Wealthy Too Hard:
  “You don’t need 1,000 [wealthy people] to leave. You need only a handful to have a massive impact on the budget. It takes a lot of Stephen Fulops to make up for one of those people.” – Stephen Fulop (17:33)

Key Timestamps

• EU-India Free Trade Deal & Tariffs – 02:33–04:09
• Netflix/Warner Antitrust Concerns – 04:09–06:17
• Meta-Corning Fiber Optics Deal – 06:17–06:37
• Minnesota Unrest & Business Response – 07:22 & 21:42–30:12
• NYC Business & Political Climate (Stephen Fulop Interview) – 09:59–19:45
• Bill George on Minneapolis, CEOs, & Political Crosscurrents – 21:42–30:12

Tone & Takeaways

The episode’s tone is pragmatic, frank, and occasionally cautious, blending real-world business considerations with nuanced takes on leadership, policy, and civic duty in times of crisis. Both Bill George and Stephen Fulop press for an active, values-driven but risk-aware approach to leadership—stressing engagement, honest analysis, and the critical importance of considering both employees and the larger community.

For listeners seeking to understand how major companies and city leadership are navigating today’s overlapping social and political stress tests, this episode offers candid assessments, real corporate dilemmas, and strategies for engagement in a polarized environment.