Morning Coffee Feb 21 2010

Bloomberg Maneuvering for a Presidential Run?

By julie steinberg

Even when New York mayor Michael Bloomberg isn't enacting various policy proposals, he's still making news.

He's decided to move his fortune out of the hands of PE shop Quadrangle Group, which was founded by his friend (and short-lived car czar) Steven Rattner, and into a new investment firm that will be focused on him alone. He's transferring about $5 billion away into the new fund, but about a dozen of Quadrangle's employees will go with the cash.

Quadrangle has been at the center of attention since the SEC and N.Y. Attorney General Andrew Cuomo singled out the firm for alleged pay-to-play action. No charges have been leveled at either Rattner (who has since left Quadrangle) or the firm, the firm remains under investigation.

Analysts speculate that Bloomberg's decision to move his billions might point to a 2012 presidential run. (NYT)

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