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Bloomberg Moves Money From Pal's Firm, 2012 In Sight?
By
Jen Chung
Published Feb 20, 2010
Modified Feb 20, 2010
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By
Jen Chung
Published Feb 20, 2010
Modified Feb 20, 2010
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Mayor Bloomberg, the richest New Yorker and 8th richest American (according to Forbes), is moving his billions to a new place: The NY Times reports that Bloomberg "decided to remove his fortune from a private equity firm founded by his longtime friend, 10 months after that firm became embroiled in a scandal involving the state pension fund."
Bloomberg had about $5 billion in the Quadrangle Group, run by Steve Rattner. Last year, it was revealed that various funds—including Quadrangle—may have paid middleman to gain access to the NY State Comptroller in order to be included in the NY State pension fund (no charges were ever brought against Quadrangle).
The Times says that a dozen Quadrangle employees will now be installed at a firm "devoted solely to his interest and that of his charitable foundation" and suggests, "His decision to relocate his money may fuel speculation about his political ambitions: he is considered a potential candidate in the presidential campaign of 2012." When there were rumors about Bloomberg running in 2008, deputy mayor Kevin Sheekey said it would be a billion-dollar campaign.
Tagged
election 2012
fortune
mayor bloomberg
Quadrangle Group
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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