Giuliani Creates New Firm, Buys Arm of E&Y | AccountingWEB

Giuliani Creates New Firm, Buys Arm of E&Y

When he was a prosecutor in the 1980s, Rudy Giuliani was criticized as a publicity hound when he took on insider trading and securities fraud as key issues during his tenure as Manhattan's U.S. Attorney. Now Giuliani is getting into the investment banking business, the Associated Press reported.

The former New York City mayor, credited with guiding the city through the September 11 crisis and its aftermath, will launch Giuliani Capital Investors to offer advice to companies in the areas of mergers, acquisitions and other big deals, the AP reported.

As part of the deal, his private consulting firm, Giuliani Partners LLC will purchase the investment-banking arm of accounting firm Ernst & Young LLP. Terms were not disclosed, the AP reported. Giuliani Partners was founded after he left office at the end 2001 and advises firms on security, leadership and other issues.

Though Giuliani's name has been mentioned as a possible successor to departing Homeland Security Secretary Tom Ridge and he is seen as a possible Republican presidential candidate in 2008, he has expressed an interest in remaining in the private sector for now.

“I am committed to helping the firm grow and be as effective as possible. That is my goal for the next couple of years. This is not a point in my life that I want to go back to government,” Giuliani told The Wall Street Journal in an interview for Wednesday editions. "Long term, who knows?”

The AP reported that Steven D. Oesterle, managing director of Giuliani Partners, will serve as CEO of the investment-banking business. He is a former vice chairman of Ernst & Young.

"We are putting together a great team of seasoned executives from the financial community to work closely with business leaders on critical transaction issues," Giuliani said in a statement.

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