NYC Mayor Mamdani & $120 Million for Animal Health 1/28/26

Summary

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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.

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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)

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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)

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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)

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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)

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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

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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.

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

Transcript

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[Andrew Ross Sorkin]

AT&T business Wireless connecting changes everything.

[AT&T Business Wireless Narrator]

What do the steam engine, electricity and.

[Andrew Ross Sorkin]

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[Andrew Ross Sorkin]

Wherever you get your podcasts, bring in show music, please.

[Becky Quick]

Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, New York's new mayor, Zoran Mamdani on the budget for America's largest city.

[Zoran Mamdani]

The prior mayoral administration has left us with a $12 billion fiscal deficit. And this is at a scale that's actually greater than what we saw here in New York City during the Great Recession.

[Becky Quick]

And how his version of economics is taking over City Hall.

[Zoran Mamdani]

Since 2021, when New York state increased taxes on the wealthiest New Yorkers, the number of millionaires actually increased in this state then.

[Becky Quick]

Former Citigroup CEO Sandy Weil is now known for his philanthropy. He announces right here a massive gift for the future of animal health.

[Sandy Weil]

It makes so much sense to work with animals and experimenting on different things when they have diseases and being able to do things that are much tougher to do with humans with all the regulations and stuff like that, plus the.

[Becky Quick]

Immigration crackdown and subsequent community response in Minneapolis has driven some business leaders to speak out. Our Sharon Epperson with exclusive new data on what the C Suite is thinking.

[Sharon Epperson]

This is when you show leadership in chaos, but it's complicated.

[Andrew Ross Sorkin]

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.

[Becky Quick]

It's Wednesday, January 28th. Squawk Pod begins right now.

[Zoran Mamdani]

Stand Becky.

[Sandy Weil]

Bye.

[AI Voice / Podcast Music]

In three, two, one.

[Zoran Mamdani]

Cue it, please.

[Squawkbox Host / Interviewer]

Good morning, everybody. Welcome to Squawkbox right here on cnbc. We are live from the NASDAQ market site in Times Square. I'm Becky Quick along with Andrew Ross Sorkin. Joe is out today. This afternoon marks the start of the mega Cap results. We're going to be getting numbers from Meta, Microsoft, Tesla and IBM. Plus, weekly mortgage applications are due to be released at 7am Eastern Time. And the Fed is set to announce its latest rate decision that is coming at 2pm Eastern time today. Traders almost universally are expecting the central bank to hold the federal funds rate steady. But it's really what Jay Powell says, the chairman of the Fed, that we will be watching with much interest to see if he doubles down on kind of his stance that he has taken against the Trump administration at this point or if he tries to de escalate things there as well. It's a lot.

[Andrew Ross Sorkin]

It's a lot. Let's add to the. It's a lot. This morning, Apple CEO Tim Cook speaking up following the fatal shooting of a man in Minneapolis by federal agents. In a memo to Apple employees that was obtained by Bloomberg and then spread on social media, he said he was, quote, heartbroken, heartbroken by the shooting of an ICU nurse, Alex Preddy, and called for de escalation. He also said, I had a good conversation with the president this week where I shared my views and I appreciate his openness to engaging on issues that matter to us all. Cook has faced criticism for reportedly attending a screening at the White House on Saturday night of a new documentary about first lady Melania Trump. Preddy was killed earlier that day. Meantime, President Trump saying his administration is going to try to de escalate the situation in Minneapolis. He told reporters he wants an honorable investigation into Freddy's killing and, and said he'd be watching over it himself. But it appears Tim Cook speaking out, at least to his employees. It wasn't a public statement. It was obviously got out, by the way. Similarly, in credit to Sam Altman who sent a, sent a note over Slack.

[Squawkbox Host / Interviewer]

Yeah. To his employees.

[Andrew Ross Sorkin]

To his employees. But you are seeing, you know, we've talked about our corporate leaders saying anything about these things. What kind of role are they playing? If they're, if they are, if they do have the ear of the president, are they using that ear to speak about any of these issues? And I think that given a lot of the backlash that had come at Tim, in fact, there was a view that if you were this close to the president and you were not using your proximity to try to speak about this in some way, what were you doing? And I think that's what this was an effort to try to dispel.

[Squawkbox Host / Interviewer]

Right. In the meantime, authorities have arrested a 55 year old man in Minneapolis after he sprayed an unknown substance on Democratic Representative Ilhan Omar during a town hall event last night. Just before that incident, Omar had called for the abolishment of Immigration and Customs Enforcement and the resignation or impeachment of Homeland Security Secretary Kristi Ngo. The man was booked for third degree assault and you can see the video here. How that all played out.

[Andrew Ross Sorkin]

I don't know.

[Sharon Epperson]

We're going to keep talking.

[Squawkbox Host / Interviewer]

SoftBank is in talks to invest up to $30 billion more in open AI. That's according to several reports which say the infusion would be part of a fundraise of up to $100 billion that values OpenAI around 300 or $830 billion. SoftBank's chief Masa San is betting big on artificial intelligence through his investment in OpenAI. In December, SoftBank said that it had completed a $41 billion investment in Sam Altman's company that gave it an 11% stake. Remember, it was a big deal because he sold Nvidia shares to finance that and said he was almost crying over the idea of having to do that. But it will be interesting to watch to see which bet pays off or how he would have done if he stayed at Nvidia.

[Andrew Ross Sorkin]

It's, it's going to be an interesting one to watch. And he did. He made those investments before the Claude mania and before the Gemini mania. So there's going to be a lot of questions about sort of what comes Next. Meantime, fellow AI startup Anthropic closing its latest funding round of between 10 and $15 billion. Is it now a $350 billion valuation? According to sources who spoke with CNBC, that figure could grow if Microsoft and Nvidia decide to contribute to that fundraising. CO2 in Singapore Sovereign wealth funds GIC are leading that financing round. Meantime, in a memo to OpenAI employees, co founder Sam Altman saying what's happening with ICE has gone too far. And on Sunday, CEOs of 60 major Minnesota based companies including Target and Best Buy signed a letter urging, quote, an immediate de escalation of tensions. Leaders across the country are considering the situation and the risks of speaking out. Sharon Epperson joins us this morning now with the results from a new CNBC Flash survey on the topic.

[Sharon Epperson]

Andrew In a poll of C Suite executives we heard from 34 firms and one leader said their organization had spoken out publicly about the situation in Minneapolis. Here's how the other 33 leaders responded when asked why their organization has not publicly addressed the situation. Three percent of the leaders are not opposed to ICE's conduct. In Minnesota, 9% are still contemplating 18% are worried about backlash from the Trump administration. And 1/3, 33%, responded that it is not relevant to their business. As one executive wrote in response to the survey, quote, it would be a breach of management's fiduciary duty to use our business for such tangential political purposes. We do not view our silence as an endorsement of current administration policy, action or personality. The overwhelming majority of leaders in the survey agree that it's not an easy call. 56% responded that it is a lot more challenging to speak out today compared to previous occasions when corporations have weighed in on social or political causes for more than a quarter, 29%, it's somewhat more challenging. And 12% responded it's about the same. Only 3% said it's a lot easier now. This flash survey of cnbc Council members, CEO, CFOs, technology and workforce executives was conducted over the past two days. Andrew.

[Andrew Ross Sorkin]

Okay, so I have a whole bunch of questions. That CNBC poll shows how leaders are responding. So then the question is, what are the consultants say they should be doing or not doing? And by the way, should we be listening to consultants at all? But there is a whole, there is a whole view of that consulting ecosystem.

[Sharon Epperson]

Exactly. But I think that this is an important thing that many of the consultants we talked to brought up is 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. That's what you want to make sure that you articulate to your workers as well as other stakeholders. And then also to make sure that you are informing and making sure all of the leadership team is involved, particularly the chief Human Resource officer, so that you really have a pulse of what's happening throughout the company.

[Andrew Ross Sorkin]

Can I ask a different question? Which is I've been talking about how I think certain CEOs should speak out, not all CEOs. And the question is it speaks to this survey, which is there's some CEOs say this is just not tangential. This is tangential to my business. Either I don't do business in Minneapolis or I'm just so far afield from this space. What do I have to say about any of this? And then There are other CEOs like Tim Cook, frankly. Right. And Sam Altman and others who've spent a lot of time with the president quite publicly and this administration. And whether there's a distinction in either your mind or you think the public's mind, consumers and Even employees minds about the role that leaders who are more engaged in politics, if you will, should speak out. Whether you think there's a distinction in how to think about that.

[Sharon Epperson]

Well, I think what has come out from our reporting is that they're, you're looking at when you speak out, it's not going to be the only time. So you have to make sure that you're consistent about what you're saying and what your message is. And so those who are choosing to be silent are saying, we're not going to weigh in on this because this is not part of our business. Those who are saying this is part of who we are to make sure that our employees know that we're standing up for them. Because in some cases employees want you to take a stand and, and they're asking for that. There have been many out there saying that to that. But, and there's always blowbacks. There's often blowback.

[Andrew Ross Sorkin]

You go back, look at, I think the last couple of years, including after George Floyd, and just the sort of, this goes back to the go woke, go broke catchphrase that if you, 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.

[Sharon Epperson]

Yeah. So it's basically the way the company, the country is so polarized in, it's evident in the workforce too. And so you're going to anger 50% or 50%, that's what some of the leaders are saying. We don't want to get involved.

[Squawkbox Host / Interviewer]

Or do you say something without trying to anger either side?

[Sharon Epperson]

That's a call you have to make and you have to be okay with whatever that response is. And I think that's what some are saying that they're not sure yet. And others are saying we don't care. We're going to make sure that we say something.

[Andrew Ross Sorkin]

Well, and then the question is the statements themselves, some of them are, yes, relatively anodyne, dare I say others are more provocative, if you will. Right. And sort of how far are you going? You know, Tim Cook's statement arguably in my mind was relatively anodyne. It was not saying much about much. You know, Sam Altman, I give him great credit for saying what he said to the employees, but it came effectively after the pivot by the administration, some of these things. So it wasn't, you know. Yeah, there's a nuance.

[Sharon Epperson]

So that's why, that's why some leaders are saying they're taking a beat for now, that they're still contemplating what they're going to do because we have seen just in the last several days the turn that the administration has taken on this and the changes that have happened and what's happening on the ground there in ice and who's there from the government. So I think that's part of what is happening as well. The concern is that there's unfortunately seems like there's always a next time and that next chapter is going to be very interesting to watch.

[Andrew Ross Sorkin]

Thank you. Sure appreciate it.

[AI Voice / Podcast Music]

Tease will be next.

[Becky Quick]

Coming up on Squawk Pod Andrew Ross Sorkin travels through the still snow packed streets of New York to City hall to sit down with Mayor Zoran Mamdani about his goals for the Big Apple.

[Zoran Mamdani]

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.

[AT&T Business Wireless Narrator]

Not every sale happens at the register before AT&T business Wireless checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sale or two. Sometimes I do miss the bonding time.

[Andrew Ross Sorkin]

Sometimes AT&T business Wireless connecting changes everything.

[AI Voice / Podcast Music]

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[Zoran Mamdani]

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[Zoran Mamdani]

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[Becky Quick]

You'Re listening to Squawkpod from CNBC. Here's Andrew Ross Sorkin.

[Andrew Ross Sorkin]

I am downtown at City hall this morning, and joining me right now in an exclusive interview is New York City Mayor Zoran Mandani. We've wanted to talk to you for a very long time about so many different issues going on with the city. But I know that you've been working on the budget and that is one of your first priorities. And so let's go there.

[Zoran Mamdani]

Absolutely.

[Andrew Ross Sorkin]

Because I know that this morning I believe you're planning to make some announcements about the budget.

[Zoran Mamdani]

Yes. Well, first I want to say it's a real pleasure to be on.

[Andrew Ross Sorkin]

Thank you.

[Zoran Mamdani]

And today you're right. We're going to be sharing the truth with New Yorkers that has sadly been hidden from them for far too long, which is that the prior mayoral administration has left us with a $12 billion fiscal deficit. And this is at a scale that's actually greater than what we saw here in New York City during the Great Recession. And it's something that is attributable to gross fiscal mismanagement, to a refusal to actually budget honestly and be direct with New Yorkers. And that's what we're going to actually do today.

[Andrew Ross Sorkin]

Okay. So the big question is assuming that that is the hole, how do you fix the hole?

[Zoran Mamdani]

Well, I think the first way is you actually be honest about it. And the reason that that's important is what we saw in the last year from the mayoral administration was there was a recognition about the scale of this crisis, but instead of actually being direct with New Yorkers, it was trying to shift those costs out of view. We had cash assistance, for example, where we were budgeting only for about 50% of its cost on the books, keeping about 50% of its cost off the books. The second thing is, is about actually making the case for how we fix structural imbalances in this city. We're talking about a $12 billion deficit that is a result of not just the fiscal mismanagement, but also the decades long effort of then Governor Cuomo to shift costs from the state to the city. So we need to change our relationship to the state. We also need to change our relationship to the wealthiest residents and most profitable corporations here in New York City.

[Andrew Ross Sorkin]

Let's speak to that, because that's something you run on raising taxes on the wealthy in New York. And how much.

[Zoran Mamdani]

I know that's very popular on this program.

[Andrew Ross Sorkin]

When you look, though, at the. At the budget and this hole you're talking about, how much do you look at this hole and say, I can solve this because there are things in here that I can cut. There's zombie programs, other things. And how much do you think it is absolutely necessary for you to raise taxes on the wealthiest?

[Zoran Mamdani]

I think the scale of this crisis is one where we have to pursue all of these things. I have to show that this city government is not just serious about public goods, but also public excellence and public efficiency. And so we have to make sure every dollar that's being spent is actually being spent in a worthwhile way. I'll give you an example. The previous administration launched an AI chatbot that is basically unusable. Cost the city close to half a million dollars. Right? That's the kind of money that is going down the drain. At the same time, $12 billion of a fiscal deficit requires the kinds of increased revenue on the top 1% of New Yorkers who make a million dollars a year or more, increasing their taxes by 2%. It also means that we look at the relationship between the city and the state, where New York City is the economic engine of the state of the country, and yet While we contribute 54.5% of the state's revenue, we only receive 40.5% in return. And if we had actually bridged that gap over the Cuomo years, we'd be talking about receiving an $8 billion additional every single year.

[Andrew Ross Sorkin]

Do you go after that money first, or do you go after the additional tax dollars on the wealthiest New Yorkers first?

[Zoran Mamdani]

I think as a New Yorker, you always have to do all of the above. And so we have to both increase taxes on the wealthiest. We have to also change the relationship with the state, and we have to pursue these kinds of savings and efficiencies here in our city.

[Andrew Ross Sorkin]

Okay, speak to this, because one of the biggest issues about taxing the wealthiest New Yorkers is the possibility that they leave New York. So the top 1% of New Yorkers pay somewhere between 40 and 48% of the total revenue of for New York City taxes. If a couple hundred of them are mobile, have a private plane, and can leave, live in Florida and come here, you know, 150 days a year. That's a problem. What do you do about that?

[Zoran Mamdani]

I think you get back to first the facts, because capital flight is always spoken about. Whenever we talk about the potential of increasing taxes on the wealthy, what we've seen is that since 2021, when New York state increases tax, increased taxes on the wealthiest New Yorkers, the number of millionaires actually increased in this state. And so it has to be, to get back to the facts, the second thing also has to be we are increasing revenue also to be able to increase quality of service. Right. We're sitting here right now in one of the coldest stretches in New York City weather history. One of the reasons why the city could start to get back on its feet was because we had a sanitation department that was staffed by thousands of people. To the extent that we could have 2,500 workers on every 12 hour shift. That's only possible when you're actually investing in, in public service.

[Andrew Ross Sorkin]

You talk about more millionaires in New York City and that's true, but at the very tip, tip of the tip of the spear, I'm talking maybe even the billionaires, their ability to be mobile seems higher. And so the question is, you know, you look at a state like New Jersey, David Tepper was a hedge fund manager in New Jersey who left the state all of a sudden they lost something like $140 million in revenue annually. And so the question is, you know, if you lose a couple of those people, is that in your mind, okay, Is that a cost of doing business and, or is that a problem? And what do you do about that?

[Zoran Mamdani]

Well, I think I have to prove that this increased revenue leads to an increased quality of life. And frankly, we also have to get through the kind of fear mongering that typically takes place in this. The other day I was speaking to a New Yorker who self identified themself as someone who would be taxed by our proposals. They said, I've heard that you're going to tax millionaires that Troy. I said, yeah, that's what we want to do. We want to increase personal income taxes by 2%. They said, I'm going to leave like you're saying. I said, I don't think you will. They said, why? I said, because it's a 2% increase. We're talking about $20,000 on an income of a million dol. They said, that's actually much less than I thought it would be. I wouldn't actually be making a financial decision on the basis of that kind of an increase.

[Andrew Ross Sorkin]

I'VE got a philosophical question for you. Come on, hit me. If you look at the top marginal tax rate for somebody who lives in New York City, this is somebody at the tip of the tip. Right now you could be paying somewhere around 52, 53%. Is there an invisible line in your mind where you say actually that the average New Yorker, not even average New Yorker, but the wealthy New Yorker says no mas. This is just. There's a number. I'm happy to give 50% of my income over annually, but after this, it's just. It's just too much.

[Zoran Mamdani]

I really think the invisible line comes from whether working people can afford to live in the city. And what I mean by that is for all of the talk about capital flight, the potential of it, we lose sight of the fact that there is an exodus of people from the city. It's working people, right? We're talking about so many who are leaving because of housing costs, childcare costs. And also, we tend to talk about this as if it's a conversation about a collective versus capital. But even when I sit down with business leaders, I ask them, what are some of your greatest retention issues? They'll tell me childcare. They'll tell me that when their business invests in childcare in the business setting, they see their retention rates increase. And part of the reason they have to invest is because the city has refused to acknowledge its own responsibility in this.

[Andrew Ross Sorkin]

Well, I think the question is, can you do it without. Without increasing taxes? I mean, you know, de Blasio ran on increasing wealth taxes and got pre k through without an additional tax rate.

[Zoran Mamdani]

You know, I think that we've shown that we are advancing universal childcare. We're doing it with existing state revenue, and that was on day eight of our administration. However, we're also inheriting the largest fiscal crisis that we've seen since the Great Recession. And I think that here in the most expensive city in the United States of America, also the wealthiest city, we have one in four people living in poverty. And I think the last point I'd make kind of more at the philosophical level as well, is that everyone benefits from a stronger city. And what I mean by that is that though you may not think that the programs we're speaking about might directly benefit you, the benefit it has to the strength of this society is one that is immeasurable just in terms of peace of mind.

[Andrew Ross Sorkin]

And I don't think people disagree with that. Business leaders don't disagree with that. I think the question is, how do you make this a super Attractive place to do business. And so I want to ask you about this, which is part of the issue is about people talk about the flight, the exodus. The other piece is the incentive to come to the city to start a new business in the city. You know, JP Morgan just built a big building on Park Avenue. It's very hard for them to go. Right. They're locked in place. But for a lot of their other business, for example, they're moving to Texas, they're moving to Florida. And so the thought isn't necessarily, do they leave? So much as do they come?

[Zoran Mamdani]

And I think that, to me, is the health and vitality of the city is not by protecting what it has, but continuing to grow. And for too long in our politics, there's been this kind of reverse New York exceptionalism, where we say things that worked elsewhere, could never work here. We're in New York, we're always going to be great. We have to earn that greatness every day. And, and so part of my point here is that 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. That is something that can be transformative. It's only possible, however, if we reckon with these structural issues.

[Andrew Ross Sorkin]

Let me ask you about this. President Trump says that he is worried about an exodus as well. He told a radio show this week, I got along very well with him. That's you says you have a very good personality, by the way, I want to see New York be successful. And if he could make it successful, make it much more successful, because now it's heading in the wrong direction, losing people. You saw, I said the New York Stock Exchange, having a major stock exchange built in Dallas is not a good thing. How do you react to that?

[Zoran Mamdani]

Well, look, I think the President and I had a productive meeting at the Oval Office. And after that meeting, he said, we, when New York does better, he's happier. I think that for everything that we have firm and fundamental disagreements about, 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. And I think even when we talk about the cost of childcare, it's $25,000 a year, and that's considered a good deal in New York. City, you could be earning 2, $300,000 a year. That cost could still push you out of the city. And so I do think we need to take this affordability crisis seriously. I also think we have to pierce through the fiction and get to the fact of what's actually happening.

[Andrew Ross Sorkin]

We're talking a lot about wealth taxes. We're not really talking about corporate taxes, which actually also have a big impact, not just on big corporations, even though they're called corporate taxes, but on small businesses and bodegas and the like. And the question I have for you is, I know you want to raise corporate taxes and you want to make that, you know, what you say is similar to New Jersey, but at the same time, by default, that is going to have a demonstrable impact on those corporations to employ people.

[Zoran Mamdani]

So the corporate tax that I've been speaking about is the highest echelon of profitability. We're not talking about the bodega, where you're getting your egg and cheese and jalapeno on a roll. We're talking about corporations that are making an immense amount of profit. And what this is about is redirecting to ensure that that profit is also something that helps the city remain strong, that helps the city also get back on a firm financial footing. Because right now, what we're seeing is there's an immense amount of money being made in the city, but that prosperity is not reaching enough. New Yorkers lives.

[Andrew Ross Sorkin]

One of the big issues nationally is the question of ice. What we've all seen happen in Minneapolis, but there's a big question about whether ICE is going to come to New York. And I'm curious about what kind of conversations you've been having with the president or the administration about that possibility and how you think you would be reacting.

[Zoran Mamdani]

You know, I said to the President directly that these ICE raids are cruel and inhumane and that they do nothing to actually serve the interests of public safety. And that public safety is of paramount importance to us. It's the cornerstone of an affordability agenda. But to use it as a justification to pull people out of their cars, out of their homes, out of their lives, it is completely contradictory to what New Yorkers are seeing and what Americans are seeing. And I think what we've seen is that there is a fear that has gripped hold of so many. And this is a fear that is without respect to anyone's documentation. A friend of mine the other day told me that if ICE was to come here at the kind of presence that we're seeing elsewhere, they Wouldn't. They wouldn't feel comfortable with their mother, a US Citizen, leaving the house because they wouldn't know if she would be profiled. That's how people are living.

[Andrew Ross Sorkin]

Do you think ICE is coming to New York City?

[Zoran Mamdani]

We're going to do everything in our power to ensure that we see elsewhere. What is that we keep making the case directly, directly to the President, directly to New Yorkers, to Americans, that these kinds of actions, they are the actions of a reckless agency that is operating with impunity, one that deserves to be abolished, frankly, and that they do nothing to actually serve public interest. The other thing I'd say is you have to prepare in advance in the same way that with this snowstorm, the reason we're able to actually respond to it on the day of the storm is not because sanitation's there on the morning of. It's because Friday morning, they've brined all the highways and major roadways. Similarly, if we're talking about the prospect of ICE coming here, we have to ensure New Yorkers actually know their rights. New Yorkers know what it means to be a sanctuary city, that we have a law department that's ready to use the courts as one form of the battleground. That's what we're also preparing for.

[Andrew Ross Sorkin]

Now that you're the mayor, how has your relationship changed with the business community? And how do you feel about billionaires today who are now your constituents, who you represent, because you've talked about them in ways that, frankly, a lot of them don't like? And I'm curious if you think that being in the seat today changes your view in any way or changes your disposition about how to approach this.

[Zoran Mamdani]

Well, I think being the mayor of this city is to be the mayor of all eight and a half million people of this city. And I've made very clear to members of the business community that my definition of success is not that anyone leaves this city. It's not that there's some kind of a win in a narrative war. It's that everyone stays and that we have more room for others to join as well. And I think there was this moment I was speaking with a real estate leader, and he was kind of portioning out where the profits of his company come from. He pointed back to his office. He said, About 20% of what we make comes from what we do in the office. And then he pointed outside the window and he said, and about 40% comes from what you do out there. So he said, you know, whether I like you or not, our fates are intertwined. And I think no matter the scale of policy disagreement, what brings us together is a love of this city. That's what we're going to pursue with these policies.

[Andrew Ross Sorkin]

Mr. Mayor, thank you for being on the broadcast. As we get to continue this conversation, lots of big questions about capitalism and socialism and all sorts of things.

[Zoran Mamdani]

Never heard about any of that.

[Andrew Ross Sorkin]

So we'll do that more. But thank you this morning.

[Becky Quick]

Next on Squawk Pod, former Citigroup CEO Sandy Weil with a landmark donation for veterinary help awarding 120 million to an institution that once treated his sick dog.

[Sandy Weil]

I've been married for 70 years, and all that time we've had dogs, my wife loves dogs, and we finally now have a dog that likes me. But basically our previous dog, angel, had lymphoma.

[Becky Quick]

We'll be right back.

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[Becky Quick]

Welcome back to Squawk Pod. And here's Becky Quick with our next interview.

[Squawkbox Host / Interviewer]

This morning, the Weill Family foundation is announcing a $120 million gift to the UC Davis School School of Veterinary Medicine. That is the largest donation in the university's history. Joining us right now is Sandy Weil. He's the chairman and CEO of the Weil Family Foundation, Chairman emeritus of Citigroup and CEO of Casa Rosa Ventures. University of California, Davis Chancellor Gary May is here as well. And so is Mark Stetter. He is the UC Davis School of Veterinary Medicine dean and professor and gentlemen. Welcome to all of you. It's great to have you here.

[Gary May]

Thank you for having us.

[Squawkbox Host / Interviewer]

Sandy, this is a big deal. We spoke about it a little while ago, and you laid out why you're doing this. What happened? How did you come about? Because I think of you giving in a lot of different places, whether that be philanthropy, to Carnegie hall, whether that be some of the medical things that you've come on and talked with us about before with cancer, with all kinds of different research that you're doing in autism and beyond. How did you get to the veterinary school? That kind of came out of left field when I heard about it at first.

[Sandy Weil]

Well, I've been married for 70 years, and all that time we've had dogs. My wife loves dogs. And we finally now have a dog that likes me, which took a while and has become part of our family. But basically our previous dog, angel, had had lymphoma, and we didn't know what to do, but we had heard about UC Davis, so we decided to go there and see what they would do and could they be helpful. And they turned out to be terrific people, very knowledgeable about what they were doing. And we entered her into a clinical trial where the trial was terrific, and she had some good results for a while, but unfortunately, the medicines weren't developed enough for a small animal at that point in time. But what I learned was that animals have a lot of the same. Small animals have a lot of the same characteristics as people, and they get the same diseases like cancer and cardio and some of the neurodegenerative diseases, diseases. And I found out that no place in the world is better than UC Davis. And that's how I started. And I met terrific people like Gary May and went on the board and watched the growth of the university in its reputation. And I'm really very. I've never been happier because now I think it makes so much sense to work with animals in experimenting on different things when they have diseases and being able to do things that are much tougher to do with humans, with all the regulations and stuff like that. And I think great things are going to happen from institutions like UC Davis and working with other great research institutions with people.

[Squawkbox Host / Interviewer]

That's what hooked me. Mark, I'll come to you on this, because when Sandy first told me that he was giving this huge gift to a veterinary school, I thought, wow, that's great. I love animals. But it wasn't until he Laid out the potential benefits for humans that I really thought, okay, this is something that I understand that I get more about. Why don't you lay out what you're able to do at the veterinary school that helps you kind of find, figure out things that might eventually help humans with some of these advances in medicine, too.

[AI Voice / Podcast Music]

Well, Becky, you know, we have over 100 million dogs and cats that are family members across the country. Many of them are probably on beds and on couches and in the kitchen watching us today. And they get the same diseases as Sandy said, whether that be cancer or heart disease. And we see 50,000 cases in our hospital, our veterinary teaching hospital every year. Those animals come in and are getting cutting edge treatment. And the things that we learn from those diseases and animals can absolutely help people. And we have a variety of collaborative projects with medical schools, with other programs that help elevate not only the animal health, but the human health. And so it's a real win, win situation.

[Squawkbox Host / Interviewer]

Yeah. Sandy, I think what you told me is when angel came in, you were able to get angel into a clinical trial that was cutting edge, I think. Was it Johnson Johnson? They had a treatment that was there, and these are things that are helping angel and these other pets. But the idea that this is research that then goes back to Johnson and Johnson or other medical companies that they would not necessarily be able to do through trials. And by the way, you're not giving the animal the disease. You're experimenting on animals that already have these diseases, trying to help them.

[Sandy Weil]

Right. And one of the things that convinced me even more is a place like ucsf, which is a great research institution, loves working with UC Davis and the veterinary school. And when you hear good things from people in the business, like in the neurosciences at UCSF or in cancer at ucsf, I mean, you really see how things can happen where you can come to discover things in one year working in a vet school, that might take you 10 years going through the regulations. And therefore, I think it's going to help over the next decade and are coming up with a lot of things that's going to help human life.

[Squawkbox Host / Interviewer]

Gary, can you talk a little bit about that? The partnership that you have with other schools like uc, UCSF and what that can mean for the speed and advancement for getting medicines to market more quickly.

[Gary May]

Yes, sure. Thank you for having us, Becky. This gift is going to be a game changer for UC Davis. And it will not only impact the work that we do with other universities, but will also help to connect the collaborations between our Basic scientists, our clinicians, our vets, and our physicians. We do a lot of work across the UC system. UCSF is a great partner, but we also collaborate with other public universities across the country. We're very pleased to be among the top 10 publics in the United States.

[Sandy Weil]

Why don't you say top five?

[Gary May]

I would say top two.

[Sandy Weil]

Top two.

[Gary 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, number one in agriculture, number one in sustainability. But this gift is going to be something that allows us to get a really strong head start on a brand new $750 million veterinary medical complex. And I can't say enough about how grateful we are to Sandy and Joan for a long friendship with the university, a personal friendship. And this gift will just be the beginning. We hope to find some like minded partners similar to Sandy and Joan to help us get across the finish line. But as has been said, human and animal medicine have a very strong connection. And some of the treatments we have been able to perfect for animals have been applicable to humans and changing lives.

[Squawkbox Host / Interviewer]

Mark, what's the most exciting one or two things that you've seen in terms of potential advancements in medicine that can make their way from what you're doing with animals to eventually to humans?

[AI Voice / Podcast Music]

Well, one of the most heartwarming collaborations that we've seen is with stem cells. And stem cells have really been one of these things that we know have incredible potential, but we still have a lot to learn about how to utilize them. Somebody once gave me the analogy of 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. Stem cells are the same way. Right. So we have a lot to learn about how to motivate those stem cells to do the right things. I think you may be aware of some of the work we've done with spina bifida. And what we found is that if you have a puppy that's born with spina bifida, which is the same disease as in people, and you can use stem cells right after they're born and be able to put them in that lesion in their spinal cord, which otherwise they'd have to be euthanized because they couldn't walk, they'd be incontinent. And we learned that with these puppies. And then amazingly, we were able to say to our medical school colleagues, why don't you look at being able to use this with humans? And they took it one step further, which meant that they were able to use the stem cells in utero before the baby was born. And these kids that usually would be in a wheelchair for the rest of their life wouldn't be able to walk, wouldn't be able to do many of the things that we think about. Suddenly we're able to walk and have a normal life. And so that's a great example of something that we all would have had concerns about, trying this for the first time with a kid without knowing if it was going to work, and being able to use it with animals first, animals that get the disease naturally, helping them, and then taking it to the next level and being able to say to the fda, to the regulators, this will work. And now it's off to a much larger clinical trial.

[Squawkbox Host / Interviewer]

That's fantastic. Sandy, I know you look at philanthropy the same way you always looked at Citi, at Citigroup when you were building it, you wanted to turn it into a supercenter, a financial supercenter. How does that apply when you're looking at philanthropy?

[Sandy Weil]

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. And I just find that in the business world, we put a lot of companies together that really work very well. And I was lucky enough to make some money as the stock went up over a long period of time. Here I'm doing the same thing, except here I have to pay to play. What I mean by that is I have to make that first contribution that gets other people to think that this might be a good thing. And we're working with such smart people working together. It is the greatest pleasure I've had in my life.

[Squawkbox Host / Interviewer]

That's wonderful to hear. While you're here, I want to ask you a couple of questions about the markets. What you're seeing with financials right now, there is this new move from the administration or a proposal that President, President Trump has put forth to cap credit card interest rates at 10% for a year. What do you think of that proposal?

[Sandy Weil]

You know, I think a lot of people pay a lot less than 10% now. I think that the world is better when the private sector can operate and do what they think is right, rather than to have to follow regulations all the time. But, you know, this would be a project that would be tried if it happens for One year. I think it could be disturbing. If it is, it'll change. But we have a president now that changes his mind from time to time.

[Squawkbox Host / Interviewer]

Yes, he does. So you think that this is a proposal that won't necessarily make its way onto the books?

[Sandy Weil]

I think you never know.

[Squawkbox Host / Interviewer]

You never know.

[Sandy Weil]

You know, Congress is so divided, it's very hard to get anything to pass.

[Squawkbox Host / Interviewer]

That's true. We'll see if the government remains open towards the end of this week. And, Sandy, I know you've talked to us in the past about Jamie Dimon and said that it was probably your biggest mistake. I think you told us that in 2014 when you were here.

[Sandy Weil]

You've got a good memory.

[Squawkbox Host / Interviewer]

I do. I went back and looked it up. When you watch what Jamie has built today, what do you think? 20 years on, JP Morgan is probably the size of the next three biggest banks that are out there. What do you think when you see all of that?

[Sandy Weil]

Well, Jamie was working with me in 1997 when we spoke to JP Morgan about merging with our company, where a bank and an insurance company had never done anything together. JP Morgan felt that all their people were brighter than every one of our people. And I said, you really think that's true about Jamie, too? He said, yep, everybody. And that was the end of our thinking about doing that merger. And watching Jamie now, I am so proud of what he's built. It's. It's phenomenal. And God bless.

[Squawkbox Host / Interviewer]

Yeah, that's right. What do you think when you look at the market, do you pay that much attention to them these days? I mean, on some level, I would imagine it fuels what you're giving away in philanthropy.

[Sandy Weil]

That's correct. 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.

[Squawkbox Host / Interviewer]

Wow. $2 billion over the last.

[Sandy Weil]

Well, 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.

[Squawkbox Host / Interviewer]

Few more zeros on the checks these days. Sandy, I want to thank you very much for being with us today. I want to thank you, Gary and Mark, and I can't wait to see what you guys are doing with this, because I think the potential for what this can mean for speeding up cures is a really fantastic thing. Thank you, Sandy, for bringing this to us today. Keep us updated.

[Sandy Weil]

Thank you.

[Squawkbox Host / Interviewer]

On where things go. We appreciate it.

[Sandy Weil]

Thank you for what you do.

[Squawkbox Host / Interviewer]

Thank you.

[Sandy Weil]

And keeping everybody educated okay.

[Sharon Epperson]

Thank you.

[Andrew Ross Sorkin]

Thanks for having me.

[Becky Quick]

And that is Squawk Pod for today. Thanks for listening. Squawkpox is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6 Eastern or get the smartest takes and and analysis from our TV show right into your ears when you follow Squawk Pod wherever you like to get your podcasts. Have a great Wednesday. We'll meet you right back here tomorrow.

[AI Voice / Podcast Music]

We are clear. Thanks, guys.

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