Squawk Pod – January 28, 2026: NYC Mayor Zoran Mamdani & $120 Million for Animal Health

Overview
This episode of Squawk Pod dives into two headline stories: New York City's fiscal crossroads under new Mayor Zoran Mamdani and former Citigroup CEO Sandy Weil's landmark $120 million donation to animal health research. Alongside, the hosts dissect the tense corporate and community climate in the wake of the Minneapolis ICE crisis, exploring how CEOs and business leaders respond to political upheaval.

Episode Highlights & Key Discussion Points

1. Corporate Response to Crisis: Minneapolis & ICE Raid Fallout

• (03:20–13:06)
• Apple CEO Tim Cook voices heartbreak over federal agents fatally shooting an ICU nurse in Minneapolis, calling for de-escalation in a private employee memo.
• Sam Altman (OpenAI) shares a similar internal note, denouncing ICE actions.
• Business leaders debate when and how to address social or political flashpoints, especially under the polarizing Trump administration.
  • Sharon Epperson presents a CNBC flash poll:
    • Just 1 out of 34 C-suite leaders polled had made a public statement.
    • 33% said the issue wasn’t relevant to their business; others feared backlash (18%), or were still deciding (9%).
    • 56% said it’s much harder to speak out today than in the past.
  • Memorable Quote:
    “This is when you show leadership in chaos. This is when you focus on what your workforce needs to hear from you, that they’re safe, that their well-being is going to be taken care of.”
    —Sharon Epperson (09:12)
  • The hosts discuss the tightrope CEOs walk: “If you sort of push on these political issues too far, it can actually have a demonstrable impact on your business on the other end.”
    —Andrew Ross Sorkin (11:14)

2. Exclusive: New York City Mayor Zoran Mamdani on Facing a $12 Billion Deficit

• (15:48–30:06)
• Andrew Ross Sorkin interviews NYC's new mayor, Zoran Mamdani, at City Hall.

NYC's Budget Crisis:

• Mamdani reveals a $12B deficit, larger than during the Great Recession, blaming prior “gross fiscal mismanagement” and “decades-long cost-shifting” from the state.
  • Quote: “The prior mayoral administration has left us with a $12 billion fiscal deficit... at a scale that’s actually greater than what we saw here in New York City during the Great Recession.” (16:14)

How to Fix the Fiscal Hole:

• Mamdani calls for honest budgeting and pursuing both efficiency and new revenues:
  • Cutting waste — “The previous administration launched an AI chatbot that is basically unusable. Cost the city close to half a million dollars.” (17:52)
  • Raising taxes:
    • Proposes a 2% increase on the top 1% (incomes over $1M).
  • Demanding fairer revenue from the state — NYC contributes 54.5% of state revenue, receives only 40.5% back.

Debate Over Taxing the Wealthy:

• Addressing fears of “capital flight”:
  • “Since 2021, when New York state increased taxes on the wealthiest New Yorkers, the number of millionaires actually increased in this state.” (19:33)
  • On possible billionaire exits: “If you lose a couple of those people... Is that a cost of doing business?” (20:18)
• Mamdani argues the “invisible line” is about affordability for working people, not just top earners:
  • “There is an exodus... of working people, right? We’re talking about so many who are leaving because of housing costs, childcare costs.” (22:01)

Building an Attractive, Equitable City:

• Goal: world-class public services, especially transit, to benefit all income groups — “I want us to have a public transit system that is so good that no matter how much money is in your pocket, you say... I’m going to get on the train.” (24:16)
• On Trump’s exodus comments: “We are also two New Yorkers who care deeply about this city. And I would agree that this is a city that has become so expensive that so many are being pushed out of it.” (25:23)
• Clarifies new corporate taxes target “the highest echelon of profitability”, not small businesses. (26:31)
• On ICE raids: Mamdani asserts NYC will resist federal actions and defend its sanctuary status: “These ICE raids are cruel and inhumane... The reason we’re able to actually respond to [a snowstorm]... is because Friday morning they’ve brined all the highways...” (27:17–28:48)
• On billionaire constituents:
  • “My definition of success is not that anyone leaves this city... It’s that everyone stays and we have more room for others to join as well.” (29:10)

3. Sandy Weil’s $120 Million Gift for Animal Health Research

• (31:53–45:38)
• Becky Quick interviews Sandy Weil (Weil Family Foundation), Gary May (UC Davis Chancellor), and Mark Stetter (Dean, UC Davis Veterinary Medicine).

Why Vet Medicine?

• Weil’s philanthropy inspired by personal experience:
  • “I’ve been married for 70 years, and all that time we’ve had dogs... our previous dog, Angel, had lymphoma, and we didn’t know what to do, but we’d heard about UC Davis...” (33:04)
  • Calls UC Davis “terrific,” noting how animal trials can sidestep some regulatory hurdles, speeding discoveries with human applications.

Translational Medicine:

• Mark Stetter explains veterinary advances can directly benefit humans:
  • “The things that we learn from those diseases and animals can absolutely help people... we have collaborative projects with medical schools... it’s a real win-win situation.” (35:38)
• Notable example: Stem cell trial for spina bifida in puppies leads to successful human applications.
  • “Stem cells are like teenagers. They can do anything in the world, but they need the right motivation at the right time and the right mentorship to get where they need to be.” (39:30)

Speed & Scale:

• Weil stresses philanthropy as venture-building: “I think I’m doing the same thing that I did when I was in business, putting bright people together that believe collaboration is going to be a way where things can happen much faster than trying to do it by oneself.” (41:33)
• Dean Stetter and Chancellor May highlight how the gift jumpstarts a $750M vet-med complex with broad US and global impact.
  • May: “Recently, the Wall Street Journal named us the second best public university in the country. And much of that is because of our outstanding veterinary medicine program, which is number one...” (38:23)

Market & Life Reflections:

• Weil on philanthropy and markets:
  • "That's where everything is going to go when we're not here. And we've given, I think, somewhat close to $2 billion already. Our foundation is over 50 years old, and our first year, we gave away three checks. Two were for $10 and one was for $100. So the numbers have changed a little bit." (44:50)

Notable Quotes & Moments (with Timestamps)

• Sharon Epperson on crisis leadership:
  “This is when you show leadership in chaos. This is when you focus on what your workforce needs to hear from you…” (09:12)

• Mayor Mamdani on NYC’s priorities:
  "I want us to be delivering the best public services this country has ever seen. I want us to have a public transit system that is so good that no matter how much money is in your pocket, you say quickest, best, easiest way to get around, I'm going to get on the train. I'm going to ride the bus." (24:16)

• Sandy Weil, on motivation for giving:
  “I think I’m doing the same thing that I did when I was in business, putting bright people together that believe collaboration is going to be a way where things can happen much faster than trying to do it by oneself... Here I have to pay to play.” (41:33)

• Mark Stetter, on translational research:
  “Stem cells are like teenagers. They can do anything in the world, but they need the right motivation at the right time and the right mentorship...” (39:30)

Timestamps for Major Segments

• Corporate response to crisis & poll: 03:20–13:10
• Interview with Mayor Zoran Mamdani: 15:48–30:06
• Sandy Weil & UC Davis animal health gift: 31:53–45:38

Tone and Style

The episode maintains CNBC's signature fast-paced, data-driven, yet conversational tone:

• Hosts balance hard-hitting economic and political analysis with human-interest elements (Mamdani’s personal approach, Weil’s philanthropy).
• Interviews are direct, but leave space for policy nuance and personal stories.

Summary prepared for listeners wanting a comprehensive rundown of the episode’s essential content, memorable exchanges, and quotable moments.