Citadel LLC founder and CEO Ken Griffin took aim at Sen. Bernie Sanders (I-Vt.) and New York City Mayor Zohran Mamdani, urging the self-described socialist politicians to “read a damn history book” while arguing that high taxes and poor public services are pushing Wall Street firms out of New York, according to audio from a Goldman Sachs symposium published by Fortune on Thursday.
Griffin questioned the growing popularity of socialism among younger Americans, arguing that history shows free-market capitalism has delivered better economic outcomes. Citing China’s shift toward open markets, he said the country’s economic reforms lifted hundreds of millions of people out of poverty.
“It’s the greatest success story in the history of humanity,” Griffin said, before adding that “whether it’s Bernie Sanders, whether it’s Mamdani,” they should “read a damn history book for once and then tell us how to run our country.”
Griffin Questions New York’s Business Climate
Griffin also criticized New York’s tax burden, saying the gap between the taxes businesses pay and the services they receive is “breathtaking.” He questioned, “Where is all this money being wasted?” while pointing to Citadel’s expansion in Miami and Goldman Sachs’ growing presence in Dallas as examples of firms investing in lower-tax, business-friendly locations.
Referring to Mamdani, Griffin said, “I believe Citadel will be a principal player in financial services for far longer than the mayor will be mayor. We intend to be here for decades. And he will be here for a few years.” He also revealed that he has not spoken with the New York City mayor.
The remarks build on Griffin’s earlier criticism of Mamdani’s economic agenda. In April, Citadel warned it could reconsider a planned $6 billion redevelopment project in New York after Mamdani promoted a “tax-the-rich” proposal using Griffin’s Manhattan penthouse in a campaign video.
Griffin also reiterated that Citadel intends to remain in Miami, where the firm relocated its headquarters after the pandemic and is constructing a 1.7 million-square-foot office tower.
Griffin also questioned the hype around artificial intelligence, saying many companies exaggerate its impact. Recalling a dinner with CEOs, he said he asked each to share how AI was transforming their business. “Not one involved AI,” he said, adding that AI is “a component of the story,” but only “a piece.”
Separately, Griffin warned that a Chinese blockade of Taiwan could push the U.S. economy into a modern “Great Depression” by disrupting access to advanced chips produced by Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM), highlighting what he described as one of the biggest strategic risks facing the U.S. economy.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Login to comment