Ex-Treasury Restructuring Chief Millstein Starts Own Firm

Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer who helped oversee the bailouts of American International Group Inc. and Citigroup Inc., is forming a turnaround advisory firm.

Millstein, who left the government in February after joining in 2009, plans to focus on restructuring and raising a distressed-debt fund. The former Lazard Ltd. banker, who was an aide to Treasury Secretary Timothy F. Geithner, will base Millstein & Co. in Washington. He weighed returning to Treasury to work on restructuring Fannie Mae and Freddie Mac or to take a senior-level job at another firm.