Bloomberg Hires Rattner to Manage Money

Steven Rattner doesn't have a ton of friends these days, but Michael Bloomberg is apparently one of them. New York's mayor has hired Rattner to manage his fortune and his philanthropic foundation, sources tell the New York Times, despite the kickback accusations swirling around him. Rattner, who briefly served as President Obama's car czar, has been accused of bribing an ex-comptroller to help land an investment contract for his private equity firm Quadrangle.

That's made Rattner something of a pariah, with even Quadrangle trying to distance itself from him, but it doesn't bother hizzoner. “He is a friend whose advice the mayor has and continues to rely on,” a Bloomberg spokesman said, though he wouldn't discuss Rattner's new job. Aides to Bloomberg say this is a pure act of friendship—the two were once neighbors, and Quadrangle has spent a couple years watching Bloomberg's money already. (More Steven Rattner stories.)