Bloomberg Pulls Personal Investment Out of Quadrangle

This week, Mayor Michael Bloomberg decided to withdraw $5 billion of his fortune from the Quadrangle Group, an investment firm founded by his close friend Steven Rattner. The company is the subject of an ongoing criminal probe by New York Attorney General Andrew Cuomo. The mayor told reporters yesterday he'd rather not address his personal finances.

"It's not something that should be discussed in the public domain and I don't plan to," he said. "I was very satisfied with what Quadrangle did. They built an organization that I wanted and the plan was always for me to take it over and I did it. Whatever I do with my money is something that I will keep in my domain."

Click on the audio above to hear WNYC's Bob Hennelly discuss the significance of the mayor's move.