It's Time for SEC/Cuomo To Put Up or Shut Up on Steve Rattner
The NY Times today reports that the SEC is seeking to bar Steve Rattner from the securities biz for up to three years, based on his connection to the New York pay-to-play scandal. It also says Rattner is “fiercely” resisting the suspension, as is his M.O. What’s fascinating (to me) here is that Rattner still hasn’t been charged with anything. Not by the SEC nor by New York AG Andrew Cuomo. Both the SEC and Cuomo previously sued Rattner’s former firm – Quadrangle Group – for actions taken while he was still a partner, effectively alleging that Rattner was the bad actor (Quadrangle has since settled). Isn’t the next logical step a suit against Rattner himself? If not, why not? Cuomo may have given Rattner immunity from criminal prosecution (as reported), but not from civil prosecution. Is Rattner simply tougher to scare than Quadrangle, Carlyle Group, etc?
