Saturday, June 5, 2010

Bloomie's guy may be banned from Wall Street

From the NY Times:

As it investigates a suspected kickback scheme in New York’s pension system, the Securities and Exchange Commission has been pushing to bar Steven L. Rattner, a prominent financier and former adviser to the Obama administration on the auto industry, from working in the securities industry for up to three years, according to three people told of the discussions.

But Mr. Rattner has fiercely resisted the proposed penalty, setting up a face-off with the federal government, according to these people, who spoke on the condition of anonymity because the negotiations are intended to be confidential.

It would be the most severe penalty for any of the Wall Street executives ensnared in the wide-ranging pension investigation, and it would carry a significant stigma for Mr. Rattner, whose rise in high finance catapulted him to the top of New York’s social and political hierarchy.

Even being barred temporarily would be a blow to Mr. Rattner’s career and could endanger several of his pursuits. He will soon publish a book about his experience trying to restructure the American auto industry, which was widely praised. And he is playing a vital role in creating an investment office for Mayor Michael R. Bloomberg of New York, which will oversee billions of dollars for the mayor’s ambitious new philanthropic foundation.

Under the proposed S.E.C. settlement, Mr. Rattner, 57, would most likely be barred from advising Mr. Bloomberg on his finances, people briefed on the matter said. A spokesman for the mayor declined to comment.

3 comments:

Anonymous said...

Poor Bloomie, will have to find another crook to cook the books for him and find tax havens

Anonymous said...

Bloomrat and his blooming rat should get cooked

Anonymous said...

Maybe bloombucks can get the old chairman of the SEC Harvey Pitt to help out. Typical activity in the SEC connected to the financial industry they should be overseeing.

http://whatreallyhappened.com/WRHARTICLES/sec_gao.html

ENRON CONFLICTS OF INTEREST IN SEC AND GAO THREATEN CREDIBILITY OF INVESTIGATIONS

Enron Exploding - May Connect to Money Laundering

BIGGER BUSH ADMINISTRATION CONFLICTS OF INTEREST LOOM AFTER ASHCROFT RECUSES FROM ENRON INVESTIGATION

by Michael C. Ruppert