McGuire, Raymond J

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      On King Holiday, New York’s Mayoral Hopefuls Vie for Attention

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      AdvertisementContinue reading the main storySupported byContinue reading the main storyOn King Holiday, New York’s Mayoral Hopefuls Vie for AttentionWith the Rev. Al Sharpton playing host in Harlem, the crowded field of Democratic candidates tried to sell themselves and inspire a battered city.Eric Adams, the Brooklyn borough president, emphasized his long-held ties to New York City, as a former police officer and as an elected official.Credit…Jose A. Alvarado Jr. for The New York TimesJan. 18, 2021, 7:22 p.m. ETIt was something of a familiar scene: One by one, the candidates running for mayor of New York City took a turn at the lectern at the Rev. Al Sharpton’s headquarters in Harlem to commemorate Martin Luther King Jr.’s Birthday.Eric Adams talked about being a Black police officer and invoked another officer’s memory: the one who saved Dr. Martin Luther King Jr.’s life after a stabbing in 1958.Raymond J. McGuire talked about how his goal was to get the Black community more than just “crumbs” when it comes to economic empowerment.And Andrew Yang recalled how he campaigned in Georgia in the U.S. Senate races with Martin Luther King III, who is now Mr. Yang’s campaign co-chairman.For three decades, lawmakers and would-be public servants have turned out at Mr. Sharpton’s National Action Network in Harlem on the third Monday in January to spend a few minutes speaking about Dr. King’s legacy and to court the Black vote, trying to draw church-like shouts of approval from one of the toughest assemblages north of 110th Street.But this year’s ceremony felt different. The country was days removed from a riot on Capitol Hill aimed at overturning the results of an election in which Black voters played a pivotal role in delivering a victory for the Democratic candidate.New York City — once the center of the coronavirus pandemic and still reeling unevenly from its effects — is five months away from holding its most consequential mayoral primary election in a generation.The gathering at the National Action Network in Harlem has become a must-attend event for many political hopefuls.Credit…Jose A. Alvarado Jr. for The New York TimesWith much of the mayoral campaign being conducted virtually, the Sharpton event was the first public gathering of many of the candidates, and many acknowledged the precarious moment, pledging to enact sweeping policies such as police reform, universal basic income and equity bonds for every child in New York City that would uplift the lives of the city’s most vulnerable.“We are ending in 48 hours the most bigoted and racist presidential term in our lifetime,” Mr. Sharpton told the audience.The candidates, he said later, have a tough road ahead with the myriad problems facing the country and the difficulties awaiting whoever is elected to succeed Mayor Bill de Blasio.“People feel vulnerable,” Mr. Sharpton said. “So we have to have a mayor that makes you feel comfortable that they understand that your basic existence is at stake.”In spite of the high stakes, the race for mayor is still a messy and amorphous affair. There are established politicians such as Mr. Adams, the Brooklyn borough president, and Scott M. Stringer, the city comptroller. They have both collected massive war chests and a string of important endorsements.There are wild card candidates like Mr. Yang, the former presidential candidate who attracted a storm of attention, both good and bad, when he entered the race last week; Maya Wiley, the former MSNBC commentator who bolstered her campaign by meeting fund-raising goals; and Mr. McGuire, a former Wall Street executive and favored candidate of the business community who raised $5 million in just three months.Andrew Yang has snared Martin Luther King III to become his campaign manager.Credit…Jose A. Alvarado Jr. for The New York TimesMr. Yang, the first mayoral candidate to speak, said that universal basic income, the proposal he is most associated with, was based on the beliefs and teachings of Dr. King.“It was what he was fighting for, what he was assassinated for, a universal basic income,” Mr. Yang said to polite applause.Mr. Yang added that Dr. King was a revolutionary thinker whose memory “has been sanitized.”Maya Wiley, a former MSNBC analyst who was counsel to Mayor Bill de Blasio, became the third mayoral candidate to qualify for public matching funds.Credit…Jose A. Alvarado Jr. for The New York TimesMs. Wiley said the country “stands at a crossroads” and was “staring down the face of white supremacy.” Falling back on her initial introduction as a police reformer she said that “we the people will tell you the police department what the job is and what the rules of the road are.”Mr. Adams told the crowd that he had been fighting for the Black community in New York City for decades, even when he was a police officer seeking to reform the department from within. He also recalled how a Harlem police officer, Al Howard, once came to Dr. King’s aid after he was stabbed in 1958.“I am not new to this, I am true to this,” he said, drawing some of the loudest applause of the day.Mr. Sharpton spoke highly of Mr. McGuire, defending his background in business and saying that he had secretly financed the efforts of activists to fight for civil rights and against police brutality.“A lot of us resent the stigmatizing of Black success,” Mr. Sharpton said. “Don’t beat a guy up because he’s successful in a city where we tell every white kid to be successful. He shouldn’t be subjected to a double standard.”Mr. McGuire leaned into his support from the business community and Wall Street background, saying that he was here to fix the city’s crisis in a way that benefited those who have not always shared in its economic success.“We’ve been outside for so long that they give us crumbs and want us to feel full,” Mr. McGuire said. “I’m not interested in crumbs. I’m not interested in cake. I’m interested in the bakery.”The Rev. Al Sharpton disclosed that Raymond McGuire had given Mr. Sharpton’s group some financial assistance when it was struggling.Credit…Jose A. Alvarado Jr. for The New York TimesThere were no clear winners among the candidates. Dianne Morales, a nonprofit executive and perhaps the most progressive candidate in the race, said the current tensions the city and nation are seeing are part of the ongoing struggle to realize Dr. King’s vision of a “radical redistribution of political and economic power.”Zach Iscol, a former Marine, spoke of how his combat experience had shaped him; Shaun Donovan, a former federal housing secretary under President Obama, suggested providing $1,000 “equity bonds” to every child in New York City, a proposal last heard from Senator Cory Booker of New Jersey during the presidential campaign.Loree Sutton, the former veteran affairs commissioner, slightly flubbed the melody and some lyrics when she led the crowd in a rendition of “We Shall Overcome,” but the crowd persevered, carrying her to the end of the song.AdvertisementContinue reading the main story More

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      Cash Is Pouring Into the N.Y.C. Mayoral Race. Here’s Who Has the Most.

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      #masthead-section-label, #masthead-bar-one { display: none }N.Y.C. Mayoral RaceA Look at the RaceAndrew Yang’s Candidacy5 TakeawaysWho’s Running?AdvertisementContinue reading the main storySupported byContinue reading the main storyCash Is Pouring Into the N.Y.C. Mayoral Race. Here’s Who Has the Most.Eric Adams and Scott Stringer, two of the best-known candidates, continue to far outpace the rest of the Democratic field in raising money.Eric Adams, the Brooklyn borough president, left, has raised the most money so far in the New York City mayor’s race.Credit…Hiroko Masuike/The New York TimesJan. 15, 2021Updated 8:58 p.m. ETFor several months, the New York City mayor’s race seemed to revolve around two presumed front-runners: Eric Adams, the Brooklyn borough president, and Scott M. Stringer, the city comptroller.The two Democrats had name recognition, ties to party leaders and established bases of political and financial support. They had far outpaced the rest of the field in raising money, and were the only two candidates who had raised enough to qualify for public matching funds.Another Democratic candidate, Maya Wiley, may have qualified for the matching-funds program on Friday by meeting the criteria of raising at least $250,000 from at least 1,000 donors, according to her campaign.The contours of the race changed this week with a double jolt of news from two other Democrats: Raymond J. McGuire, a former Citigroup executive, reported raising $5 million in three months, and Andrew Yang, a 2020 presidential candidate, officially joined the race.But the fund-raising numbers, which the city’s Campaign Finance Board released late Friday, offered even more shape to the crowded race, which has more than a dozen candidates.Mr. Adams has raised the most money overall so far, $8.6 million, and will have just over $8 million on hand once matching funds are distributed, his campaign said. He raised $438,000 in the most recent period, with $123,000 of it matchable, and expects a $1 million matching funds payment.Mr. Stringer was expected to have raised at least $8.3 million overall, and to have $7.5 million on hand after raising $458,000 in the latest period, keeping pace with Mr. Adams. Mr. Stringer’s campaign said it expects $1.57 million in matching funds. Ms. Wiley a former MSNBC analyst who served as counsel to Mayor Bill de Blasio, may have solidified her status as a contender by meeting the matching-funds threshold with her latest fund-raising figures. Ms. Wiley raised $715,000, $280,000 of it matchable, qualifying her for $2.2 million in public money, and bringing the total she has raised to almost $3 million, her campaign said.Ms. Wiley’s campaign flooded email inboxes and social media before this week’s deadline with desperate pleas for donations of as little as $10, offering “Maya for Mayor” bumper stickers to contributors and raising questions about whether she would qualify for matching funds.In a message to her supporters, Ms. Wiley celebrated meeting the threshold and said the fund-raising support she received showed that “we gon’ win this race.”.Mr. McGuire, the only mayoral candidate who is not participating in the matching-funds program, raised much of his money from the business community. At least 20 billionaires — including the hedge fund founder John Griffin and Howard Schultz, the former chief executive of Starbucks — appear on Mr. McGuire’s donor list, which also includes people who have been big contributors to Republican candidates. Mr. McGuire had $3.7 million on hand.Because Mr. McGuire has raised so much money, the spending cap for the June primary will probably be increased to $10.9 million from $7.3 million, meaning candidates like Mr. Adams and Mr. Stringer who were close to the spending limit can continue to raise money.The city’s public campaign-finance system is built to withstand that sort of shock because of the emphasis it places on small-dollar donors, said Matthew Sollars, a Campaign Finance Board spokesman.Democratic candidates who failed to meet the matching-funds threshold included Zach Iscol, a nonprofit entrepreneur and former Marine; Shaun Donovan, a former federal housing secretary under President Barack Obama; and Dianne Morales, a nonprofit executive.Mr. Donovan reported raising a total of $1.6 million and had $913,000 on hand. Mr. Iscol reported falling just short of qualifying for matching funds. Ms. Morales said she had missed the threshold by about $70,000. Ms. Morales told supporters that her campaign had raised $340,000 overall and had 4,100 contributors from the city who gave an average of $50. About 30 percent of Ms. Morales’s donors described themselves as unemployed, her campaign said. Ms. Morales’s campaign, which is focused on working-class and poor New Yorkers, expects to qualify for matching funds at the next deadline after a strong showing in raising money in the past week.“If we keep making money the standard for viability then you have to be connected to wealthy networks,” Ify Ike, a senior adviser for Ms. Morales, said. “We are not going to have a billionaire donate to our campaign.”Several other candidates, including Carlos Menchaca, a councilman from Brooklyn; Kathryn Garcia, a former sanitation commissioner; and Loree Sutton, a former veteran affairs commissioner, also failed to qualify for matching funds. Ms. Sutton’s campaign reported a $4,400 deficit.Mr. Yang, who entered the race officially on Thursday, is expected to be competitive with other leading candidates in raising funds. He had 21,000 donors from New York City during his presidential run, giving him a list of potential contributors that he is expected to tap into quickly.Before the pandemic, fund-raising had proceeded at a rapid pace, and face to face. Before he dropped out of the race in November, the City Council speaker, Corey Johnson, held 55 house parties from March 2019 to March 2020. Mr. Stringer held 65 house parties over the same period, including six events in January and February last year.Now, most candidates are holding virtual fund-raisers. Mr. McGuire’s son, Cole Anthony, who plays for the N.B.A.’s Orlando Magic, held a fund-raiser with a teammate, Mo Bamba. Mr. McGuire has had 41 fund-raising events in three months, his campaign said.The Campaign Finance Board could issue almost $5 million in taxpayer money to the three candidates who are accepting, and have qualified for, public funds, according to estimates from the candidates.The board must audit the donations before distributing any money, which it is scheduled to do next month based on the latest filings. Those filings covered money raised from July 12, 2020 to Jan. 11. That would bring the total of public funds to be distributed in the race to close to $14 million. Ioanna Niejelow, Mr. Donovan’s finance director, said was “very different” to be campaigning through a pandemic. Mr. Donovan has been holding hourlong virtual fund-raisers with 50 to 75 people to allow him to interact with attendees.“I know all about grip and grin, and there’s a real beauty to that,” said Ms. Niejelow, a veteran fund-raiser who has worked on campaigns for Hillary Clinton and John Kerry. “But given this environment, virtual has been remarkable in terms of getting out there and having great conversations.”AdvertisementContinue reading the main story More

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      Wall Street Favorite Raises $5 Million in Race for New York Mayor

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      #masthead-section-label, #masthead-bar-one { display: none }N.Y.C. Mayoral RaceA Look at the RaceAndrew Yang’s Candidacy5 TakeawaysWho’s Running?AdvertisementContinue reading the main storySupported byContinue reading the main storyWall Street Favorite Raises $5 Million in Race for New York MayorNew York’s business community is coalescing behind Raymond J. McGuire, an ex-Wall Street executive, but the support may turn off some left-leaning voters.At least 20 billionaires have donated to the mayoral campaign fund for Raymond J. McGuire, far left.Credit…Simbarashe Cha for The New York TimesJan. 13, 2021Updated 8:37 a.m. ETAs thousands of restaurants, Midtown office towers and Broadway theaters lay empty last summer, leaders of New York’s business community decided enough was enough: They wrote a scathing letter expressing no confidence in Mayor Bill de Blasio, and intensified efforts to find someone of their liking to replace him.They drafted Raymond J. McGuire, one of the longest-serving and highest-ranking Black executives on Wall Street, to run for mayor, and promised their assistance.Now, three months after announcing his candidacy, that support has come: Mr. McGuire’s campaign will report this week that it has already raised just over $5 million. It was an unusually high sum for such a short period, approaching the fund-raising totals of established candidates like Scott M. Stringer, the city comptroller, and Eric Adams, the Brooklyn borough president.The amount is likely to jolt the race, pushing Mr. McGuire to the forefront of the free-for-all Democratic primary contest, placing pressure on Mr. Adams and Mr. Stringer to keep pace, and damaging the hopes of the other dozen or so candidates still struggling to meet fund-raising minimums to qualify for public matching funds.Mr. McGuire’s donor list reads like an index from corporate America, Wall Street, the entertainment industry and real estate. There are at least 20 billionaires on the list, including owners of sports teams and oil company chief executives. There’s old money dating back to the Ottoman Empire, and new money earned with the kings and queens of hip-hop culture.While the support illustrates the potency of Mr. McGuire’s candidacy, the ties to big business may be anathema to many left-leaning Democratic voters in New York, a city where political pressure has torpedoed efforts to expand Industry City in Brooklyn, and discouraged Amazon from pursuing a headquarters in Queens.Indeed, prominent Republican donors are among Mr. McGuire’s supporters, including Ken Langone, one of the founders of Home Depot, and his wife, Elaine, who each donated the maximum amount of $5,100. Kara Ross, a jewelry designer and the wife of Stephen Ross, a friend and fund-raiser of President Trump who founded Related Companies, also donated $5,100, according to campaign finance data shared with The New York Times.Mr. McGuire also received large donations from James L. Dolan, a major Republican and Trump donor who owns the Knicks and Madison Square Garden; and Richard S. Fuld Jr., the last chief executive of Lehman Brothers, which declared the largest bankruptcy in United States history during the 2008 financial collapse, and his wife, Kathy.Mr. McGuire, a former vice chairman at Citigroup, did not shy away from his support in the business community.“New Yorkers of all walks of life have shown they believe in our movement to lead the greatest comeback this city has ever seen, and everyone will be a part of it, no matter your race or religion, ZIP code or bank account, ideology or orientation,” Mr. McGuire said in a statement this week.Mr. McGuire raised so much money that it will actually benefit the candidates participating in the city’s matching funds program; when a candidate who is not participating in the program — Mr. McGuire is not — raises or spends more than half of the spending cap for program participants, the $7.3 million spending limit for primary candidates may be increased by 50 percent, according to Campaign Finance Board regulations. The change would push the primary spending limit to $10.9 million.Mr. Adams, the Brooklyn borough president, and Mr. Stringer, the comptroller, are the only two candidates who have met the threshold for matching funds so far.Mr. McGuire’s campaign has more than 3,700 donors who gave an average amount of $1,100. About 575 donors contributed the maximum amount. At least 75 percent of donors live in New York City, mostly in Manhattan.Scott Stringer, the city’s comptroller, is one of two mayoral candidates with more campaign funds than Mr. McGuire.Credit…Chang W. Lee/The New York TimesPaul T. Schnell, a partner at the law firm Skadden, Arps, Slate, Meagher & Flom who oversees mergers and acquisitions, has known Mr. McGuire for 38 years and counts himself among the business leaders who nudged Mr. McGuire to run for mayor. Mr. Schnell and his family donated a total of $11,700 to Mr. McGuire. As the head of “Lawyers for Ray,” Mr. Schnell held a fund-raiser that raised more than $142,000, much of it from those who work at his law firm.“He’s got a combination of leadership, management and business skills but also great people skills and empathy,” Mr. Schnell said. “He will use those skills to restore the city’s economy and he’s going to do that for small businesses as well as large employers.”Mr. de Blasio has mostly avoided any relationships with business leaders, long priding himself on being a champion of the working class. When asked in December about equity in education, the mayor said that his “mission is to redistribute wealth.”As the 2021 mayoral field began to take shape, it became clear that none of the presumed front-runners seemed interested in working with business leaders, and Mr. McGuire was strongly encouraged to enter the race.A tipping point came last year, when the mayor was asked whether he worried that the wealthy were abandoning the city during the pandemic. The mayor responded, “We do not make decisions based on the wealthy few.”The frustration in the business community has now translated into keen support for Mr. McGuire. He received donations from prominent business leaders such as William A. Ackman, chief executive of Pershing Square Capital Management; Danny Meyer of the Union Square Hospitality Group; Steve Stoute, a former record executive turned marketing executive; and Robert Reffkin, a co-founder and chief executive of the real estate brokerage Compass.Hutham S. Olayan, a member of one of the wealthiest families in the Arab world, gave two donations of $2,500; there were 11 donations from members of the Tisch family and five donations from members of the Lauder family, including maximum donations from Leonard A. Lauder, the philanthropist and chairman emeritus of the Estée Lauder Companies, and his wife, Judy Glickman Lauder; his son William P. Lauder, executive chairman of the Estée Lauder Companies; and his niece Jane Lauder, who is also a high-ranking executive at the firm.Voters are not likely to be surprised that Mr. McGuire, a Wall Street executive, would turn to wealthy friends to raise money, though progressives could make an issue of it, said Bruce Gyory, a Democratic strategist.But with so many people vying for the Democratic nomination, including several progressive-minded candidates, it is not clear how much Mr. McGuire’s business ties will damage his chances, especially with ranked-choice voting allowing as many as five candidates to be chosen.Mr. Gyory said that Mr. McGuire’s credibility in the business world could shore up support among Black voters.“The question is can he take his fund-raising prowess and turn it into support in the Black community in Southeast Queens and the North Shore of Staten Island and create a message that resonates,” Mr. Gyory said. “African-American voters may say, we have a candidate who can compete and we should take a second look.”Mr. McGuire also leaned on his personal business connections. Charles Phillips, Mr. McGuire’s campaign co-chairman and the former president of Oracle who sits on several corporate boards, and William M. Lewis Jr., co-chairman of investment banking at Lazard, are both personal friends. They co-hosted the initial fund-raiser for the campaign, which raised more than $400,000. Both also made maximum contributions.Eric Adams, the Brooklyn borough president, leads all mayoral candidates in fund-raising.Credit…Hiroko Masuike/The New York TimesSeveral well-known people in the entertainment industry also donated money to Mr. McGuire, including the filmmaker Spike Lee and his wife, the producer Tonya Lee Lewis; Mr. Lee provided the narration for Mr. McGuire’s campaign launch video.Others included Michael Ovitz, co-founder of Creative Artists Agency; the ballerina Misty Copeland; Jessica Seinfeld, the cookbook author, philanthropist and wife of the comedian Jerry Seinfeld; Gwyneth Paltrow; Debra L. Lee, the former head of Black Entertainment Television; Valerie Jarrett, a former adviser to President Barack Obama; and the music executive Lyor Cohen.The campaign has approximately $3.7 million on hand, which means that Mr. McGuire has been spending about $442,000 per month to keep his campaign staff of 25 running. By comparison, Mr. Stringer has $5.7 million on hand and has spent just over $429,000. Mr. Adams has $6.6 million on hand and has spent just over $367,000, according to the most recent campaign finance filings.Carlos Menchaca, a councilman from Brooklyn, is one of the mayoral candidates who is not expected to reach the threshold for public matching funds. Mr. Menchaca, who was instrumental in turning back the proposed expansion and rezoning of Industry City, said that New York City is now committed to rejecting “candidates connected to toxic policy around development and Wall Street.”“I’m incredibly confident that New Yorkers will see through these campaigns that have not distanced themselves,” he said. “Viability is not connected to money.”AdvertisementContinue reading the main story More

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      5 Highlights of New York Mayor’s Race, as Spike Lee Weighs In

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      AdvertisementContinue reading the main storySupported byContinue reading the main story5 Highlights of New York Mayor’s Race, as Spike Lee Weighs InRay McGuire grabbed attention with a campaign launch video, as New Yorkers get to know the candidates who have not run for office before.Ray McGuire in his launch video announcing his candidacy for mayor.Credit…Ray McGuire for Mayor, Inc. By More