NYT – New York City Mayor Michael Bloomberg is pulling about $5 billion of his own money from Quadrangle Group’s asset-management arm, reports The Wall Street Journal’s Peter Lattman, citing people familiar with the matter.
The development is another blow to Quadrangle, a New York-based private-equity and investment firm, which is under investigation by the New York state attorney general into how it secured an investment from New York state’s pension fund, and whose co-founder Steven Rattner left early in 2009 to lead the Obama administatrtion’s efforts to rebuild the U.S. car industry.
