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Snapple co-founder dies at 85
NEW YORK, Feb. 20 (UPI) -- New York Mayor Michael Bloomberg is moving about $5 billion of his personal fortune from the Quadrangle Group to a new investment firm, a spokesman said.
The new firm is to be devoted solely to Bloomberg's interests and that of his charitable firm and will be run by financial strategists who are leaving Quadrangle for the new venture, said Jason Post, a spokesman for Bloomberg.
"The fact that the mayor will be hiring the same team Quadrangle put together to manage these funds shows how pleased he is with their performance, which has been excellent," Post said.
The move is a blow for Quadrangle, a private-equity and investment firm which lost its co-founder Steven Rattner to a post in the Obama administration and has been under investigation by the New York state attorney general as to how it secured an investment from New York state's pension fund, The Wall Street Journal reported Saturday.
Rattner, a close friend of Bloomberg, founded Quadrangle in 2000 as a media-focused private-equity and advisory firm. Bloomberg made his billions building media company Bloomberg LP before becoming mayor of New York.
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ALGIERS, Algeria, May 24 (UPI) --
Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
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ARLINGTON, Va., May 24 (UPI) --
BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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