Thursday, September 12, 2013

Reputation, Rattner, Reality

A Reputation, Once Sullied, Acquires a New Shine - " . . . accused of using “pay to play” practices while raising money from a New York state pension fund when he was still at Quadrangle. In 2010 he paid more than $16 million to Andrew M. Cuomo, who was then New York’s attorney general, and the Securities and Exchange Commission to settle the civil cases without admitting or denying wrongdoing. He was “banned from appearing in any capacity before any public pension fund within the State of New York for five years” and for “associating with any investment adviser or broker dealer” for two years, according to the suits. As the case proceeded, he stepped down from his position in the Obama administration. Among the cocktail party circuit in Manhattan, Mr. Rattner was Topic A. And the schadenfreude was thick. Mr. Rattner, the narrative developed, had become Wall Street’s Icarus, flying too close to the sun. The New Republic headlined one article: “Rattner Hoisted on His Own Petard.” The question was asked: Would he ever eat lunch in this town again? And what about Washington? Now, two years later, Mr. Rattner is lunching all over town. And, in truth, he may have never stopped. . . . "

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