Mayor Bloomberg's multi-billion dollar fortune will be managed a company the Mayor owns. The disclosure came yesterday in a City Conflicts of Interest Board filing.
Bloomberg told the Board that the people managing his investments at Willett Advisors LLC, would be the same individuals that handled his holdings at Quadrangle, a firm that has been snared in the pay-to-play pension probe that has already produced several convictions. Earlier this year Quadrangle paid $12 million is state and federal fines.
Quadrangle was co-founded by long-time Bloomberg confidant Steven Rattner, a former New York Times reporter and heavy Democratic Party donor. He was tapped by the Obama Administration to rescue the auto industry.
Bloomberg has consistently expressed confidence in Rattner, who is still under scrutiny by state and federal authorities. Earlier this month, Rattner told WNYC he's "working for the mayor."
Since taking office, Bloomberg has worked with the city's Conflicts of Interest Board to manage his fortune -- and avoid problems that could arise between city business and companies he's invested in.
Fred Mogul has been covering healthcare and medicine for WNYC since 2002. His beat takes him to hospitals, community clinics, doctors offices, health agencies, public schools and research labs across the metropolitan area. His work has appeared on NPR and in the New York Times, Time magazine and Philadelphia Inquirer, among others.
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