Steven Lawrence Rattner (born July 5, 1952) is an American investor, media commentator, and former journalist. He is currently chairman and chief executive officer of Willett Advisors, the private investment firm that manages billionaire former New York mayor Michael Bloomberg's personal and philanthropic assets. He began his career as an economic reporter for The New York Times before moving to a career in investment banking at Lehman Brothers, Morgan Stanley, and Lazard Freres & Co., where he rose to deputy chairman and deputy chief executive officer. He then became a managing principal of the Quadrangle Group, a private equity investment firm that specialized in the media and communications industries.

In 2009, Rattner was named lead adviser to the Presidential Task Force on the Auto Industry. He has also been an economic analyst for MSNBC's Morning Joe, and as a contributing opinion writer for The New York Times op-ed page.

Early life and education

Rattner was born to a Jewish family in Great Neck, New York, the son of Selma and George Rattner. He attended local public schools in Great Neck. Rattner received his A.B. with honors in economics from Brown University in 1974 and was awarded the Harvey Baker Fellowship. While at Brown, he served as editor-in-chief of The Brown Daily Herald in 1973.

Journalism career

Upon graduating from Brown, Rattner was hired in Washington, D.C., as a news clerk to James Reston, New York Times columnist and former executive editor. He concluded his service to The New York Times with two years in London as its European economic correspondent.

Financial career

Investment banking

At the end of 1982, Rattner left The New York Times and was recruited by Roger Altman to join the investment bank Lehman Brothers as an associate. After Lehman was sold to American Express in 1984, he followed his boss Eric Gleacher and several colleagues to Morgan Stanley, where he founded the firm's communications group. In 1989, after Morgan Stanley filed for an initial public offering, he joined Lazard as a general partner and with Lazard colleagues advised on numerous deals for large media conglomerates such as Viacom and Comcast. Alongside Felix Rohatyn, Rattner became Lazard's top rainmaker in the 1990s. Michel David-Weill named him the firm's deputy chairman and deputy chief executive in 1997. Early investors in Quadrangle included Sulzberger, and Mort Zuckerman. Headquartered in the Seagram Building, Quadrangle grew to manage more than $6 billion across several business lines, including private equity, distressed securities, and hedge funds. The firm also hosted an annual gathering for media executives called Foursquare, where speakers included Rupert Murdoch and Mark Zuckerberg. In 2008, the firm's asset management division was selected to invest the personal and philanthropic assets of New York Mayor Michael Bloomberg, Rattner's close friend.

Throughout his business career, Rattner has served on several corporate boards, including Cablevision, IAC/InterActiveCorp, and Protection One.

Public service

thumb|upright=1.2|Advisors sit-in on phone calls between President Obama and regional politicians concerning the next day's announcement about General Motors filing for bankruptcy (May 31, 2009). From left: Treasury advisor Harry Wilson; Ron Bloom, auto industry advisor; Steven Rattner, Treasury Department auto industry advisor; Brian Deese, National Economic Council; Gene Sperling, economic advisor; and Larry Summers, Director of the National Economic Council.

During his tenure with The New York Times in Washington D.C., Rattner developed an interest in economic policy, drawing him to politics and public service. In the mid-1990s, he began to work actively on behalf of Democratic candidates, beginning with President Bill Clinton. In 2008, Newsweek reported that he had long aspired to a cabinet position. A White & Case lawyer claimed that Rattner had threatened the reputation of Perella Weinberg if they continued to oppose the controlled bankruptcies; however Parella Weinberg denied this claim and The New York Times found that Rattner had never spoken with the lawyer who made the claim.

Rattner later stated that the toughest decision for President Obama about the two auto companies was whether to save Chrysler. There was, however, no disagreement about asking GM CEO Richard Wagoner to step aside.

By July 2009, both automakers had emerged from bankruptcy, had new management and were on their way to profitability. And in June 2011, he was named a contributing writer to The New York Times Op-Ed page, publishing his first column on how government policies drive up corn prices.

He is currently chairman and chief executive officer of Willett Advisors, the private investment group that manages billionaire former New York mayor Michael Bloomberg's personal and philanthropic assets.

New York pension fund investigation and settlements

In 2005, Quadrangle retained private placement agent Hank Morris to help Quadrangle raise money for its second buyout fund. Morris had come highly recommended to Rattner from U.S. Senator Charles Schumer. Morris was the chief political advisor to Alan Hevesi, the New York State Comptroller and manager of the New York State Common Retirement Fund (CRF), which invests in many private equity funds. Morris told Rattner he could increase the size of the CRF investment in Quadrangle's second buyout fund. Rattner agreed to pay Morris a placement fee of 1.1% of any investments greater than $25 million from the CRF.

In 2009, Quadrangle and other investment firms were investigated by the U.S. Securities and Exchange Commission for their arrangements with Morris. The SEC viewed the payments as "kickbacks" in order to receive investments from the CRF since Morris was also the chief political advisor to Hevesi.

The case drew significant media attention when the office of Andrew Cuomo, the New York State Attorney General, also sought penalties from Rattner. Rattner has been a major fundraiser for Democratic Party candidates including Al Gore and Hillary Clinton.

In an appearance on the Charlie Rose Show, Rattner asserted that hiring Morris as a placement agent was "legal then, legal now, and done properly."

On December 30, 2010, Rattner settled with the New York Attorney General's office by agreeing to pay $10 million in restitution. As part of the settlement, Rattner was barred from appearing before a public pension fund in any capacity for five years. Rattner did not admit any wrongdoing and continued to assert his innocence.

Personal life

In 1986, Rattner married Maureen White in an interfaith service at the Lotos Club in Manhattan. They have four children. , Rattner and his wife own homes on Fifth Avenue in Manhattan and on Martha's Vineyard.

Rattner has served as a board member or trustee of a number of civic and philanthropic organizations, including the Educational Broadcasting Corporation as chairman, Mayor's Fund to Advance New York City as chairman, Metropolitan Museum of Art, Brown University, Brookings Institution and the New America Foundation. Rattner is also member of the Council on Foreign Relations. Rattner supported various educational and cultural institutions through the Rattner Family Foundation, including the Sesame Workshop, Harvard Law School, the Lower East Side Tenement Museum, Lincoln Center for the Performing Arts and others. White served for five years as finance chair for the Democratic National Committee and then as a senior advisor on humanitarian issues in Afghanistan and Pakistan for the U.S. Department of State.