Steven Rattner

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Steven Rattner
Steven Rattner.jpg
Occupation Chairman
Employer Willett Advisors
Location New York

Steven Rattner is the chairman of Willett Advisors LLC, the investment arm for former New York Mayor Michael R. Bloomberg’s personal and philanthropic assets.[1]

He previously served as a counselor to Treasury Secretary Timothy Geithner, where he led a team advising the Obama administration on the automobile sector, and administering a $17.4 billion bailout of General Motors Corp. and Chrysler LLC.[2]

Rattner also a co-founded a private-equity firm, Quadrangle Group, but he left the firm in the midst of legal troubles over his alleged role in a pay-to-play arrangement involving New York state’s flagship pension fund.[3]

Journalist, Investment Banker, Political Activist, Car Czar?

Rattner started out as a financial reporter for The New York Times and has been active in New York’s Democratic Party, originally backing Hillary Clinton for President. His wife, Maureen White, was a co-chairwoman of finance for Mrs. Clinton’s campaign.

Rattner also worked as a mergers and acquisitions specialist at Lehman Brothers, Morgan Stanley and Lazard before co-founding Quadrangle in 2000. In 2009, he was tapped by President Obama to oversee the auto bailout.[4]

Rattner was thought to be the prime candidate for the role of "car czar," but the Obama administration eliminated the idea of a “car czar” to supervise negotiations among the car makers, unions and others involved in the bailout. Instead, Rattner returned to the private equity firm that would eventually get him barred from the securities industry.

In Hot Water

Rattner was accused of doing favors for and paying money to state officials in connection with a $150 million investment that Quadrangle obtained from the New York State Common Retirement Fund in 2005 and 2006. In 2010, he settled the case with the SEC, which banned him from working for a brokerage firm or investment adviser for two years, but allowed him to reapply after serving that time on the sidelines.[5]

In March 2016, he requested a readmission to the industry in order to work for Guggenheim Securities. Though the move was initially supported by the industry self-regulator FINRA, after an inquiry by SEC Commissioner Michael Piwowar, he rescinded the request and assumed the role as Willett chairman.

Media Pundit, Author, Philanthropist

In 2010, Rattner published Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry, which chronicled his efforts to restructure the automobile sector in the wake of the GM and Chrysler bankruptcies.

He also writes for the Op-Ed page in the New York Times, and serves as an economic analyst for MSNBC.


Rattner graduated in 1974 from Brown University with honors in economics and was awarded the Harvey Baker Fellowship.


  1. Rattner to Join Treasury as Auto-Industry Adviser. The Wall Street Journal.
  2. Rattner to Join Treasury as Auto-Industry Adviser. The Wall Street Journal.
  3. SEC to reverse order allowing Steven Rattner to rejoin Wall Street. MarketWatch.
  4. Rattner to Serve as Lead Adviser on Auto Bailout. Dealbook.
  5. SEC to Withdraw Order Granting Steven Rattner’s Return to Wall Street. Wall Street Journal.