Steven Rattner, a.k.a The Car Czar, has been in the news lately where he has made a settlement deal to the tune of $10 million dollars, but no jail time, for his role in a series of kickback allegations related to the NY Pension Fund. Interesting since these allegations come after Rattner touted his faith that his company was in great shape and would do fine without him.
Let’s take a look at who Steven Rattner is:
Founding partner of the Quadrangle Group; a private investment firm focused on – you guessed it – private equity and income. He left this company in a jam in order to rush to Obama’s call to be Car Czar on February 23rd, 2009 and conflict of interest could be claimed from his auto industry investments. Don’t worry too much about Quadrangle, Bloomberg came to the rescue.
Rattner left the post 6 months later. Speculation that the reason behind the departure was Andrew Cuomo investigating him for a pay-to-play situation with the pension fund. Seeing current headlines, that seems accurate, although there were many calling into question the amount of authority vested in Rattner as well as interference by the Obama administration into GM decision-making.
Some of his friends can be found here. Geithner and Bloomy are close pals apparently. Bloomberg had become less chummy a year after Rattner took the Car post. Coincidence? Probably not since Cuomo had been building a case for three years. You’d think a Wall Street Veteran like Rattner would hide his tracks better. His wife’s DUI maybe distracted him. You wouldn’t read about that in the NY Times though. He’s a former contributor and pal with the man behind the newspaper.
In case you didn’t know, he’s married to Maureen White. Sound familiar? It should, she was the Chief Fundraiser for the Democratic National Committee and was the Co-chair for finance in Hillary Clinton’s run against Obama for the Oval Office.
Of course, maybe the pair of them dropped the ball when they, along with their pal Mayor Bloomberg and Rupert Murdoch, tried to put the fix in against Gillibrand.
And now for some clips: