The company's assets will be cut by more than half after Bloomberg's divestment

Summary: After Bloomberg withdrew, the company's assets will be cut by more than half. The quartet was created by an old friend of Bloomberg, Steven, who led the Obama administration's Auto rescue team last year after leaving office.

Michael Bloomberg, founder of Bloomberg, New York mayor Bloomberg

Michael Bloomberg, the US mayor of New York, decided to withdraw 5 billion of dollars of personal assets from private equity "quartet" (quadrangle) and create a new investment company dedicated to the interests of his personal and charitable foundations. The quartet was created by an old friend of Bloomberg, but was embroiled in a U.S. state pension scandal 10 months ago.

With Bloomberg withdrawing funds, the company's 10 employees will join the new investment company. This suggests that the reason for Bloomberg to take this action is not to change the investment strategy. According to a letter sent by the Quartet to its investors in Friday, Bloomberg wants to keep its investment secret and more flexible.

After Bloomberg withdrew, the company's assets would be cut by more than half. The quartet was created by Steven Rattner, an old friend of Bloomberg, who led the Obama administration's auto rescue team after he left office last year, Steven.

Ratner resigned within a few months of his appointment because he was involved in the New York State pension scandal. To date, neither the New York State Justice Department nor the Securities and Exchange Commission has prosecuted Ratner and Sifang companies. Both agencies are currently investigating the links between the Quartet and the New York State pension fund.

Mayor Bloomberg's personal assets come from his media company Bloomberg (Bloomberg L.P). He won an unimaginable victory in the 2001 mayoral election in New York and was re-elected last summer, thanks to his huge assets.

Bloomberg's decision to shift funds could fuel speculation about his political ambitions: he may be considering running for president in 2012. If he were to run, he would surely run for his own pocket, and it must be a staggering amount. His assistant used to say that the president's bid was 1 billion dollars.