Car Czar I, Steve Rattner, Steps Down! Now Up, Car Czar IIPosted by Al @ 12:47 am
Well, it didn’t take long for the well connected, tainted, controversial, and wealthy Steve Rattner to step down as Car Czar I. I don’t think it was an Obama issue, considering the haphazard policies and questionable appointments he’s made. I think it was the pressure from the NY State pension scandal, plus I’m sure he’s missing out on megabucks working for the government.
Rattner was accused of providing more than $1mil in unreported fees to Hank Morris, top adviser to the former NY state comptroller Alan Hevesi, to secure investments in both the state’s pension funds. This was in collusion with the fund’s manager David Loglisci. Aldus Equity founder Saul Meyer was also charged. Barrett Wissman, who runs a hedge fund HFV, pleaded guilty to conspiring with the aforementioned Hank Morris. Also named in the indictment was private equity firm Levine Leichtman. After it played out, The Carlyle Group was fined $20mil and, of course, got away with denying any wrongdoing. Of course, the Rattner(Quadrangle Group)-NY State pension fund association has been swept under the rug.
Even though he stepped down as a managing partner at Quadrangle Group in February 2009, the implications still lingered. Here’s the financial disclosure he submitted when appointed by Obama. Here are his campaign contributions for 2004-2008.
Quadrangle Group LLC is a private investment firm that invests in the global media and communications industries. While at Quadrangle Group Rattner’s company managed Michael Bloomberg’s personal wealth and philanthropy assets. Before founding Quadrangle, the Principals were Managing Directors at Lazard Frères & Co. LLC where Mr. Rattner was Deputy Chairman in the Media and Communications Group. Mr. Rattner founded Lazard’s Media and Communications Group in 1989.
Seeing that he’s worth somewhere between $108-$608mil, he probably would have an easier time enjoying life without scrutiny. Next up, Car Czar II featuring Ron Bloom, former special adviser to the president of the UAW.