Raymond McGuire explained

Ray McGuire
Birth Date:23 January 1957
Birth Place:Dayton, Ohio, U.S.
Party:Democratic
Spouse:Crystal McCrary
Children:3, including Cole Anthony (step-son)
Education:Harvard University (AB, JD, MBA)

Raymond J. McGuire (born January 23, 1957)[1] is an American businessman and political candidate who worked as an executive at Citigroup. McGuire was an unsuccessful candidate in the 2021 New York City Democratic mayoral primary.

Early life and education

McGuire was born in Dayton, Ohio and raised by his mother and grandparents.[2] Through scholarships, he attended the Hotchkiss School in Lakeville, Connecticut.[3] He then graduated with a B.A. from Harvard College in 1979. McGuire attended the University of Nice in France on a Rotary Fellowship in 1980.[4] In 1984, he received an M.B.A. from Harvard Business School and a Juris Doctor from Harvard Law School.[5]

Career

McGuire began working in finance in 1982 at First Boston. He was one of the original members of Wasserstein Perella & Co., Inc., and worked at Merrill Lynch & Co., Inc.[6] He spent several years at Morgan Stanley before moving to Citigroup in 2005, where he worked as the global co-head of investment banking.[7] [8]

Prior to announcing his candidacy for mayor, McGuire was one of the highest-ranking and longest-serving African American business executives on Wall Street.[9] McGuire was also named as a candidate to serve as the president of the Federal Reserve Bank of New York, but the job went to John C. Williams. During his tenure at Citigroup, McGuire has served as a business advisor for the Time Warner Cable split, ConocoPhillips' acquisition of Burlington Resources, Koch Industries' acquisition of Georgia-Pacific, the sale of Electronic Data Systems to Hewlett-Packard, and others.[10]

An art collector, McGuire is the chairman of the Studio Museum in Harlem.[11] He was a bundler to Barack Obama's presidential campaigns, and mentioned as a possible candidate for a position in the U.S. Department of the Treasury in 2013.[12]

2021 mayoral election

See main article: 2021 New York City Democratic mayoral primary. In October 2020, McGuire announced he would run for Mayor of New York City in 2021.[13] Valerie Jarrett was announced to serve as a co-chair of McGuire's campaign.[14] [15] McGuire has pledged to focus his campaign on racial unrest amid the George Floyd protests and economic recovery from the COVID-19 pandemic.[16] [17] [18] [19] [20]

Three months after beginning his campaign, McGuire had raised $5 million with notable contributions from the business community.[21]

In a May 2021 interview with The New York Times, McGuire greatly underestimated the median cost of a home in Brooklyn. Nicole Gelinas, a senior fellow at the Manhattan Institute, characterized his estimate as being "out of touch with what’s going on in the city."[22]

McGuire ultimately finished in seventh place, with 2.3% of the vote.[23]

Personal life

McGuire's wife, Crystal McCrary McGuire, is a television producer and novelist. She has three children—one with McGuire and two from a previous marriage. McGuire has two step-children, including Cole Anthony, a National Basketball Association (NBA) player for the Orlando Magic and the son of Greg Anthony.[24] [25] [26]

References

  1. Web site: Raymond J. McGuire's Biography. 2020-10-16. The HistoryMakers. en.
  2. Web site: 2020-10-15. Wall Street executive Ray McGuire joins NYC mayor's race. 2020-10-16. AP NEWS.
  3. News: Mays. Jeffery C.. 2020-10-15. Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race. en-US. The New York Times. 2020-10-16. 0362-4331.
  4. Web site: Citibank's Ray McGuire to run for NYC mayor. Sumner. Park. September 30, 2020. FOXBusiness.
  5. Web site: Five things to know about Ray McGuire. October 21, 2020. City & State NY.
  6. Web site: Citigroup Executives Mark Mason and Raymond McGuire Named to Black Enterprise's "100 Most Powerful Executives in Corporate America" List. www.citigroup.com.
  7. Web site: Top Citi executive resigns to run for mayor. October 15, 2020. Crain's New York Business.
  8. News: Sorkin. Andrew Ross. 2005-06-10. Panache on Wall Street (Published 2005). en-US. The New York Times. 2020-10-16. 0362-4331.
  9. Web site: 2020-09-27. Citigroup exec may announce mayoral run this week. 2020-10-16. www.radio.com. en.
  10. Web site: Raymond J. McGuire - Recent Speakers - The Economic Club of New York. 2020-10-16. www.econclubny.org.
  11. Web site: Durón. Maximilíano. 2020-10-15. Raymond J. McGuire, Top Art Collector, Announces Run for New York City Mayor. 2020-10-16. ARTnews.com. en-US.
  12. News: Obama Said to Cinsider McGuire and Kramer for Treasury. en. Bloomberg.com. 2020-10-16.
  13. Web site: Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor's Race . New York Times . October 15, 2020 . October 15, 2020.
  14. Web site: Castronuovo. Celine. 2020-10-16. Jacobin Editor-at-Large: Valerie Jarrett's support for Citigroup executive's mayoral campaign 'microcosm' of Democrats' relationship with Wall Street. 2020-10-16. TheHill. en.
  15. News: 2020-10-16. Will New York Go for Another Wall Streeter as Mayor?. en-US. The New York Times. 2020-10-16. 0362-4331.
  16. Web site: Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says. 2020-10-16. NPR.org. en.
  17. Web site: Schwartz. Brian. 2020-01-14. Citigroup executive Ray McGuire, a political moderate, considers running for mayor of New York. 2020-10-16. CNBC. en.
  18. Web site: Goldenberg. Sally. Anuta. Joe. Citigroup exec Ray McGuire jumps into NYC mayor's race. 2020-10-16. Politico PRO. October 15, 2020 . en.
  19. News: 2020-10-15. Top Citi Banker Ray McGuire Leaves to Pursue NYC Mayoral Run. en. Bloomberg.com. 2020-10-16.
  20. Cohan. William D.. "I Could Easily Be George Floyd": Wall Street's Senior Black Banker Talks About Biggie and the Hope of BLM. 2020-10-16. Vanity Fair. June 30, 2020. en-us.
  21. News: Mays. Jeffrey. 2021-01-13. Wall Street Favorite Raises $5 Million in Race for New York Mayor . The New York Times . 2021-01-13.
  22. Web site: Mihir Zaveri. Mihir. 2021-05-11. It's a Home in Brooklyn. What Could It Cost? $100,000?. New York Times. 2021-05-12.
  23. Web site: Ray McGuire Appears to Wind Down NYC Mayoral Campaign. June 29, 2021.
  24. Web site: Ray McGuire on Housing, Real Estate and His Story. January 14, 2021.
  25. Web site: Dauster. Rob. 2019-11-06. Rising Son: Cole Anthony remains grounded as he follows his father's footsteps. 2020-10-16. College Basketball NBC Sports. en-US.
  26. Web site: Schultz. Abby. Collecting Pioneer. 2020-10-16. www.barrons.com. en-US.

Bibliography