The Bloomberg Family Foundation, owned by the mayor of New York, Mike Bloomberg, lost $279 million in 2008, New York Daily News reports. Almost all the losses stemmed from investments in Quadrangle Group, an investment firm co-founded with friend, Steven Rattner.
The foundation lost $264 million invested in hedge fund, QAM Select Investors, $5.7 million in the QAM Private Investors fund and $10 million in stocks. Quadrangle received at least $4.9 million in fees in 2008.
Click here for the complete story.