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JPMorgan CEO, Detroit Mayor Discuss Election and Economy; Judge Warns DOJ It May Be Close to Mishandling Comey Evidence; Interview with Sen. Ruben Gallego (D-AZ): Democrats Sweep Major Races as Voters Send Message to GOP. Aired 3:30-4p ET

Aired November 05, 2025 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

ERIN BURNETT, CNN ANCHOR: So, Jamie, when you look to the total here, again, you're talking about $2 billion that you say you've put in here. In New York City, you've actually just invested $3 billion in that one new building for your new global headquarters, right? Sixty stories.

You've got 24,000 people total, I believe, in New York working there. Day one in that building, you're going to be working with a different mayor. And that mayor is going to be Zohran Mamdani, now the mayor- elect of New York.

Do you imagine that you could ever be sitting here, in an interview like this, next to him?

JAMIE DIMON, CEO, JPMORGAN CHASE: I consider myself patriotic, so I will help any mayor, any governor, in the way I feel appropriate. I'm not going to do what they want sometimes. And I've seen a lot of mayors and governors, political leaders, some grow into the job.

They fix the job. They fix the lights. They fix the crime. They fix the hospitals. They fix the ambulance times.

And I've seen a lot of them swell into the job. They never get around to it. They're so befuddled with politics and ideology. I'm hoping any mayor does what's right to help the citizens of that city.

And if you do it right, it benefits all the citizens. If you do it wrong, it hurts all the citizens. So yes, I would help someone if they wanted my help.

BURNETT: And I want to ask you more about that. But Mayor, The Washington Post --

DIMON: Right, right. I hope he calls up this governor, I mean, this mayor, because that's the way you learn.

You don't talk to them and say, how did you do it? What did you do?

BURNETT: So maybe he has called you, but I want to ask you about that, because The Washington Editorial Board said Mamdani could learn a lot from Mike Duggan, right? That's their exact quote. And they were saying that your example offers, again, lessons from other struggling large cities.

Back to how you guys started. You rolled out the red carpet. That included tax incentives for big businesses.

What are we hearing from Zohran Mamdani? We're hearing very specifically, I talked to him on election eve, tax increase for big businesses, right? The message that we're hearing so far is very different than what you did in Detroit.

But you did balance the budget, what, 11 years in a row?

MAYOR MIKE DUGGAN, (I) DETROIT: 11 straight years. 11 credit rating updates.

BURNETT: So what is your advice to him? And has he called you?

DUGGAN: So in relation with Eric Adams, I haven't heard from the new mayor since he got elected yesterday. But here's what I'd say. I embraced Jamie Dimon at a time people said this was maybe politically risky.

The way they came to town and embraced the community, low income housing and job training programs. We had a public event with 300 people where one of the loudest public protesters stood up and said to an audience of 300 people, you all need to move your money to Chase. They're the one helping Detroit.

There is a way to embrace a partner that the community buys into and that's what we did.

BURNETT: So third way is a center left political organization, OK? And I'm just putting that context on it because I think this is important. They just put out a memo overnight about Mamdani saying, His policies and message, which are radical and politically toxic outside the deep blue confines of New York City, do not translate. We therefore urge Democrats at all levels to resist the pressure to align with Mamdani's politics and agenda.

Now this made me think about you because you're a lifelong Democrat, right? But you are running for governor as an independent.

DUGGAN: Right.

BURNETT: You're not running as a Democrat.

DUGGAN: Right. I left the Democratic Party a year ago because of some of the things that I've seen as far as Democrats completely losing touch with average working people, farmers, rural areas. But we'll see what happens when Mamdani gets in there. People clearly want change.

I happened to be in New York yesterday and saw a lot of young people very energized.

BURNETT: So you were there on election day?

DUGGAN: I was there. There were a lot of young people, very energized, clearly dissatisfied. People want change. And now you have a new mayor who has a chance to deliver change.

I think you ought to be judged on what he does.

BURNETT: Did you did you vote yesterday or --

DIMON: Absentee.

BURNETT: You voted absentee.

DIMON: But I think it's very important, you know, saying things right, you know, having the right vision. That's that's great. But at one point, you've got to the army's got to execute. And competent execution of rational policy works.

And so we could all have the same vision, lift up society, make the schools better. But then you've got to execute. And I guess I've seen a lot of people when it comes to the execution part, they fall down so flat that it doesn't matter where their heart is.

They will fail to accomplish their goals.

BURNETT: So today, the Supreme Court is hearing one of the most consequential cases that there may be in this administration. It's about tariffs and whether President Trump has the authority to go ahead with them. Obviously, it has been the Republicans in the Senate that have said that his tariffs in Canada and Brazil specifically cannot fly, right? Republicans have stood up to him on that.

He believes this case matters greatly. He said it's literally -- that's his word -- literally life or death for our country. Now there are companies here in Detroit that are suing the Trump administration over tariffs and other other cases. So in a sense, this is ground zero.

You can look over the river. You can look at Canada. Right. It's back and forth. It's auto parts. It's all here.

Were the tariffs a mistake?

DUGGAN: So I live in Detroit. You don't have to explain anything to Detroiters about bad trade agreements America has made over the years. It's emptied out the manufacturing industry in Michigan.

And I think the right tariffs of Mexico and China could have helped. But you're right.

[15:35:13]

Right across the river from us is a whole bunch of Canadian auto supplier plants sending parts to the three manufacturing plants we have right here in the city of Detroit. So when you put a tax on Canada, you put a tax on Michigan cars. And I do think the Canadian tariffs need to be addressed because it is starting to hurt the Michigan economy.

BURNETT: Is it life or death? DIMON: I don't think so. If you look at the economy in the world and politics and this great country of ours, it's a factor. And it may not even be the deciding factor, whether we grow or not or something like that.

But I think they're starting to do a better job, particularly to look at what's working, what's not working, making adjustments, having the conversation with Canada and Mexico, having the conversation with China, you know, making adjustments they see fit. So I'm hopeful that we're making a lot of progress to get this in a place that's better for everybody.

BURNETT: All right. Thank you both very much. I really appreciate your time on this post-election day.

Thank you. And Boris and Brianna, back to you.

BORIS SANCHEZ, CNN HOST: I appreciate that conversation. Erin, you can catch more of her interview with JPMorgan Chase CEO Jamie Dimon tonight at 7 p.m. Eastern on Erin Burnett OutFront. So don't miss that.

Still ahead, the case against former FBI Director James Comey, a federal judge suggesting the Justice Department may be indicting first and investigating later. A new report in just moments.

[15:40:00]

(COMMERCIAL BREAK)

BRIANNA KEILAR, CNN HOST: Today, a warning to the Justice Department, a federal judge telling the DOJ that it may be close to mishandling evidence in the criminal case against former FBI Director James Comey. The judge warning prosecutors that he's feeling they have an indict first, investigate later approach.

SANCHEZ: And the cases already face internal concern from other prosecutors and public accusations of politicization at the DOJ. CNN's Evan Perez joins us now with more. So, Evan, what happened during the hearing?

EVAN PEREZ, CNN SENIOR JUSTICE CORRESPONDENT: Yes, these are extraordinary words for any prosecutor here to hear from a judge. And that's what happened today. It's certainly a warning to the government because this is they've had about five and a half years now to look at some of the evidence that they've collected in this case, Boris and Brianna.

And what the judge said today is that they should have by now figured out what needs to be turned over to to the defense. The defense, obviously, is looking to dismiss this case. And one of the concerns they've raised is that there is evidence that was collected from a leak investigation from 2019, 2020 involving Daniel Richman, who is a friend of James Comey, also his lawyer.

And so that raised the question of whether there was attorney client privilege material that prosecutors are intending to use or had looked at that they should not have. And so the defense is raising some concerns about that. And the judge warned the prosecutors, pointing out that they've had, again, about five and a half years to look at this stuff and that they should -- they should turn this over by Thursday.

He gave them a deadline of Thursday to turn over that material. So the question now is whether this material will prove to be fatal to this case, whether this case has been tainted. And keep in mind, there's other motions on the table from the defense, including that Comey was being targeted for vindictive and selective prosecution, because, of course, you know that President Trump has made clear that he wanted James Comey prosecuted no matter what.

So, again, we keep an eye on this case. It's due for trial in January. And so the real question is whether we even get there -- Brianna, Boris.

KEILAR: All right. Yes, big question there. Evan, thank you for the update.

A Democratic sweep on the East Coast and a major win out West. Next, how last night's elections are playing out on Capitol Hill amid the longest government shutdown in American history.

[15:45:00]

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SANCHEZ: Top Democrats say their party's sweeping election victories last night are sending a message directly to President Trump. Voters elected Democratic candidates up and down the ballot, in many cases dissolving gains Republicans made with many demographics in the 2024 presidential race.

With us now to discuss from Capitol Hill, Senator Ruben Gallego of Arizona. He campaigned for Mikie Sherrill in her election for governor of New Jersey. Senator, thank you so much for sharing part of your afternoon with us. On New Jersey, I want to zero in on Passaic County, because roughly 43 percent of the population there is Latino.

And we saw the county swing almost 20 points from 2020 to 2024 between Biden and Trump. Last night, Sherrill won it by 15 points. And we're seeing similar gains in other predominantly Latino areas like Hudson County, where you spent some time.

As your party tries to reverse losses among those voters, what do you think worked there? And can it be replicated in the midterms?

SEN. RUBEN GALLEGO (D-AZ): Well, as I was campaigning there, and I campaigned in the counties you're talking about and spoke to everyday working Latinos, the thing that they were talking about was promises broken. They are worried about the cost of living. They had taken a chance with Donald Trump that he was actually going to focus on their cost of living, and that had not occurred. They're also worried about what's happening with immigration enforcement right now. These are communities that understand that, yes, there are some bad people. There are some criminals that should be deported.

What they were told was that, you know, the administration was going to go after criminals, not family members, not fathers, not the fathers and mothers of U.S. citizens, not the fathers and mothers of U.S. veterans, not the, you know, members of our community, not the people that own businesses. They were going to go after criminals. And to add the fact that this administration is using racial profiling, where if you look Latino or are looking Latino and working at a working class job, that is gives enough right to people like ICE or Border Patrol to question you, hold you and detain you.

And this is what you're hearing and seeing all the time, not from the press, not from us politicians, but from their own people.

[15:50:00]

And they decided that the first opportunity for them to protest the fact that their cost of living is still high, that they're being racially profiled and made to feel like the other by this administration, that they're going to push back. And that's what you saw happen.

SANCHEZ: I want to ask you about Zohran Mamdani's victory in the New York City mayoral race. We spoke to a Republican strategist yesterday who said that already, even before he had won, they had been preparing a messaging tying him to vulnerable Democrats to essentially make him the party's de facto leader. In the meantime, you had someone that you campaigned with in Virginia, governor-elect Abigail Spanberger, saying that he faces immense pressure because he's not going to because some of the promises that he's made voters, these very big aspirational ideas, if they don't come to fruition, she's concerned, those voters may be disenchanted and they may turn on the party overall.

I wonder if you share those concerns and what you think about the pressure that Mamdani is now under as Republicans have hoisted him as a foil for their party.

GALLEGO: Well, look, I think any elected official, especially any new Democrat that's elected to office is going to have a certain amount of pressure on him. I wish him success. I wish, you know, Abigail Spanberger and Mikie Sherrill the same amount of success.

I don't think we need to get into this game, at least Democrats shouldn't get into this game, where we need to be fearing them tying us to people. They do this all the time. They've done it to every person.

Since I've been an elected official, I've been called everything under the book. At the end of the day, if you're an elected official, if you're a Democrat that's running on where the people are right now, where they are right now is they're scared. They're scared about how they're going to make the next mortgage payment. They're scared about how they're going to make the next rent payment. You know, we have the highest amount and largest amount of auto loan deficiencies that are happening right now. People are worried about paying the bills. Electricity bills are through the roof.

If we're the party that is answering to that, it doesn't matter who they compare us to, we're going to continue to win these elections. So let's not focus on who they want to demonize. Let's focus on actual solving problems for everyday working Americans. And as Democrats, if we do that, we will wipe out 2026.

SANCHEZ: Senator, on the shutdown, roughly a dozen Senate Democrats have privately signaled they're willing to vote to reopen the government in exchange for a promise that there would be a future vote on extending those expiring ACA subsidies. Are you backing that deal? Would you support it?

GALLEGO: No, and look, with all due respect to my fellow Democrats, I think they're doing things in the best interest of what they believe is the country. But there was a clear message that was sent yesterday, and there's been a clear message that I've been saying from day one, people are worried and scared about the cost of everything. Right now, we have an opportunity to arrest the cost, to stop the cost of premiums for 24 million American families from going up almost double overnight.

We cannot add this to that personal family checkbook. I grew up poor. I understand what's happening now in a lot of these houses.

They're right now playing the utility roulette. What can they pay right now so it doesn't get shut off before they can get enough money to pay another bill before that gets shut off. If we add an extra increase of premiums when it comes to health insurance, they're going to just not have health insurance, and they're going to go and put themselves in severe danger.

We need to fight, not for a show vote, but for real, real health care insurance, affordable health care insurance for these working families of this country, because they desperately, desperately need it.

SANCHEZ: Lastly, Senator, as you hear, President Trump suggests that Nicolas Maduro's days in Venezuela, as its leader, are numbered. And "The New York Times" reports that the Trump administration has developed a range of options for military action in Venezuela, including direct attacks on military units. I wonder, what do you think would happen if the U.S. deposed this dictator?

GALLEGO: Well, number one, I think we shouldn't do that at all. We should not be involving ourselves in military interventions overseas. We certainly should not be doing it, by the way, illegally, because he has not come and asked for permission from Congress to go and conduct war, which we will say no to affirmatively.

And also, you're just destabilizing a region, and you're only creating bad, bad relationships and reputations with South America that already has a history of us intervening. It just does not make us stronger. This does not make us more secure.

It only makes us the bully in the world, and that's not how we're going to have our end goals. This is only going to push South America and Latin America in general closer to China and Russia and away from us, all because Donald Trump doesn't really understand war, doesn't understand the consequences of war. He thinks the military is a play toy, and he's being played also by Marco Rubio, who's trying to essentially, you know, kill, you know, a generational problem that he has had from his history with the Cuban diaspora.

SANCHEZ: Senator Ruben Gallego, we have to leave the conversation there. Look forward to the next one.

GALLEGO: Thanks.

SANCHEZ: The more we learn about security at the Louvre, the more we are scratching our heads. We'll explain next.

[15:55:00]

(COMMERCIAL BREAK)

KEILAR: New revelations in the Louvre heist. According to the French newspaper Liberation, cybersecurity experts had warned museum officials about security issues for more than a decade.

SANCHEZ: Including the fact that the password for the museum's video surveillance system was simply Louvre. It isn't clear if those problems were addressed before thieves made off with priceless jewels last month.

[16:00:00]

Remember, four suspects are behind bars while investigators search for the missing gems.

It's like having your password be password.

KEILAR: Yes, a lot of people do that. Not recommended.

Highly recommended, "THE ARENA with Kasie Hunt," which starts right now.

END