California Governor Gavin Newsom criticized corporate leaders during the DealBook Summit, hosted by The New York Times. He expressed discontent over how some CEOs, particularly in Silicon Valley, have yielded to the demands of former President Donald Trump. Newsom highlighted the troubling implications of crony capitalism that this behavior reflects.
DealBook Summit Remarks
During the event, moderator Andrew Ross Sorkin shared Newsom’s social media posts that mocked Trump’s controversial statements. Newsom humorously noted his merchandise selling “kneepads” for executives, suggesting that many have compromised their integrity to gain favor with the Trump administration. He remarked, “Some of you may need to buy them in bulk.”
Crony Capitalism Concerns
Newsom argued that the practices of certain executives, like Apple CEO Tim Cook, exemplify crony capitalism. While acknowledging the necessity for CEOs to make decisions in the best interest of their shareholders, he criticized the special treatment received by large corporations compared to small businesses. Newsom stated, “My farmers and ranchers can’t pick up the phone and get exemptions from tariffs.” This behavior, he asserted, fundamentally undermines the principles of fair business practice.
- Newsom emphasized the disparity in influence, saying: “That is by definition crony capitalism.”
- He criticized the expectation that businesses must comply with administrative demands to secure contracts.
Ethical Issues in Tech
One target of his criticism was David Sacks, a tech entrepreneur and advisor on cryptocurrency and AI at the White House. Newsom referred to a recent New York Times profile, which raised ethical concerns about Sacks’ close ties to Trump. He described the situation as a “master class analysis” in self-dealing.
- Newsom pointed out the potential conflict of interest in Sacks’ role, particularly in light of his business associations.
- “This is a different level of grift than we have ever experienced in our lifetime,” he noted.
Critique of Media Responses
Newsom also addressed the media’s response to Trump’s social media activity, criticizing outlets like Fox News for their inconsistency. He expressed frustration over how Trump’s antics were often normalized while questioning the scrutiny on his own remarks. He said, “There’s nothing normal about this. He’s a man child.”
Political Future
As discussions shifted towards his political ambitions, Newsom was asked about a potential presidential run in 2028. While he acknowledged some consideration, he emphasized his focus on current challenges. He stated, “For me, it was all about fighting fire with fire, being accountable to address what Donald Trump is trying to do to this country.”
On Economic Policies
Despite his criticisms of the administration, Newsom distanced himself from certain left-leaning policies, like a wealth tax. He advocated for a pragmatic approach, saying, “You can’t isolate yourself from the 49 other states.” This perspective reflects his strategy to appeal to a broader range of voters.
In summary, Gavin Newsom’s remarks at the DealBook Summit encapsulate his concerns regarding corporate responsibility, ethical leadership, and the political landscape leading up to 2028. He remains focused on the implications of crony capitalism and its effects on American democracy and economic fairness.
