Ex-Hedge Fund Lawyer Loses New York Election Bid

Sep 11 2013 | 10:18am ET

Former hedge fund lawyer Reshma Saujani will not be New York City's next public advocate.

Saujani came in third place in yesterday's Democratic primary, failing to qualify for the runoff in three weeks that will be tantamount to election, as the Big Apple's vastly outnumbered Republicans are not fielding a candidate. Instead, City Council Member Leticia James—with whom Saujani had some testy exchanges during debates—and State Senator Daniel Squadron will square off for the nod.

With 98% of precincts reporting, Saujani had won 15% of the vote, to James' 36% and Squadron's 33.2%.

For Saujani, who formerly worked at Carlyle Blue Wave Partners and Fortress Investment Group, the loss is the second of her political career: In 2010, she challenged long-time Rep. Carolyn Maloney for the Democratic nomination to the Upper East Side-based seat. After that loss, she went to work for the public advocate, who serves as a watchdog over city government and is first in the line of succession to the mayoralty.

New Yorkers also selected candidates to succeed Michael Bloomberg as mayor, with Bill de Blasio, the current public advocate and the most liberal candidate in the race, apparently winning the Democratic nod and former Metropolitan Transit Authority Chairman Joseph Lhota the Republican. Disgraced former Congressman Anthony Weiner finished a distant fifth in the Democratic race. Voters also turned back a comeback attempt by former New York Gov. Eliot Spitzer, awarding the Democratic nomination for city comptroller to Manhattan Borough President Scott Stringer.

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