Giuliani launches banking firm

0 Comments | Deseret News (Salt Lake City), Dec 2, 2004 | by Erin McClam Associated Press

NEW YORK -- Former New York Mayor Rudolph Giuliani, who aggressively targeted insider trading during his days as a federal prosecutor, is hoping to become a player on Wall Street -- launching his own investment-banking firm.

Giuliani Capital Advisors will offer advice to companies on mergers, acquisitions and other major deals.

The ex-mayor announced Wednesday that Giuliani Partners LLC, his private consulting firm, will buy the investment-banking arm of accounting firm Ernst & Young LLP as part of the deal. Terms were not disclosed.

Giuliani gained national renown as he led the city through the aftermath of the Sept. 11, 2001, terrorist attacks and has been mentioned as a possible Republican presidential candidate in 2008.

"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?"

Just this week, Giuliani's name surfaced as a possible successor to Homeland Security Secretary Tom Ridge, who announced he will step down early next year.

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.

The foray into banking is an intriguing turn for Giuliani, who was criticized by some on Wall Street as publicity-hungry when he cracked down on securities fraud as Manhattan U.S. attorney in the 1980s.

Since leaving the mayor's office at the end of 2001, Giuliani has built a successful consulting business in Giuliani Partners, advising firms on security, leadership and other issues.