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When members of the media have asked Rudy Giuliani in recent weeks if plans to run for governor, he's said that one of the complicating factors is what would happen to his law firm, Bracewell & Giuliani, and Giuliani Partners, his scandal-plagued security consulting business. Does the fact the latter is now taking on big new client mean Rudy has decided against making another bid for elected office?

Capitalizing on the panic coursing through the ranks of the ultra-wealthy in the wake of the Bernard Madoff Ponzi scheme scandal, former New York City Mayor Rudolph Giuliani is joining forces with Nine Thirty Capital in a new venture to vet hedge fund managers for fraudulent activity, according to an announcement being released today.

"It's no wonder that investors are extremely wary about where they should invest their money and are asking, 'Who can we trust?'" Giuliani said. "More than ever before, investors need to be sure that the people and funds they entrust with their assets aren't just saying all the right things, but are actually doing what has been promised."

Back in April, some Giuliani insiders suggested that the former mayor would be well advised to not take on any new clients if he were, in fact, planning to mount a bid:

Privately, several Giuliani boosters noted the bad economy is impacting every consulting firm. Some said not having a raft of new clients could be helpful should he run for statewide office — since his business dealings become fodder for opposition research during the presidential run.

So is this a sign that he's decided against running? Or is this just a attempt to make a little extra cash before he officially throws his hat into the ring. Either way, it's always a little alarming when Rudy trots out the "Who can you trust?" question, isn't it?

Giuliani Seeks To Cash In On Wealthy-Investor Fears [Forbes via Dealbreaker]
RUDY'S FIRM IN DECLINE [NYP]
Related: Rudy Continues to Play Coy [Cityfile]