In fact, Giuliani had already stepped down as CEO and chairman of Giuliani Partners in June 2007, although this action was not disclosed publicly. On December 4, 2007, in the wake of the latest attention to the firm's client base, Giuliani Partners announced the stepping down, with Giuliani defending his work there, saying, "Everything I did at Giuliani Partners was totally legal, totally ethical. There's nothing for me to explain about. We acted honorably, decently." Giuliani maintained his equity interest in the firm.