Steven C. Rattner Investment Banking to Public Service

Steven C. Rattner's career is a testament to his ability to transition from the high-stakes world of investment banking to public service.

He began his career in investment banking, working at Lazard Frères in the 1980s. He then joined the private equity firm Quadrangle Group, where he served as a managing director.

Rattner's experience in investment banking laid the groundwork for his future roles in public service.

Steven C. Rattner's early life was marked by a family of artistic and entrepreneurial pursuits. His father, George Rattner, was the president of a small paint company and a playwright.

Growing up in Great Neck, New York, had a lasting impact on Rattner's life. He attended local public schools in Great Neck.

Rattner's academic achievements were impressive, as he received his A.B. with honors in economics from Brown University in 1974.

Rattner was born to a Jewish family in Great Neck, New York, the son of Selma and George Rattner.

His father was the president of a small paint company and a playwright who produced several Off-Broadway plays.

Growing up in a family with a strong artistic and entrepreneurial background likely had a significant impact on Rattner's future endeavors.

Rattner received his A.B. with honors in economics from Brown University in 1974 and was awarded the Harvey Baker Fellowship.

He also served as editor-in-chief of The Brown Daily Herald in 1973, demonstrating his leadership skills and ability to balance multiple responsibilities.

Rattner's educational background and extracurricular activities suggest that he was a driven and capable individual from a young age.

After leaving The New York Times in 1982, Rattner joined Lehman Brothers as an associate. He was recruited by Roger Altman.

At Lehman Brothers, Rattner worked alongside his boss Eric Gleacher and several colleagues. They would later follow Gleacher to Morgan Stanley in 1984.

Rattner founded Morgan Stanley's communications group. This was a significant move in his investment banking career.

In 1989, Rattner joined Lazard as a general partner. He worked alongside Lazard colleagues on numerous deals for large media conglomerates.

Rattner and Felix Rohatyn became Lazard's top rainmakers in the 1990s. This was a notable achievement in their careers.

In 1997, Michel David-Weill named Rattner Lazard's deputy chairman and deputy chief executive. This was a significant promotion in his role at the firm.

Rattner left Lazard in March 2000 to co-found the Quadrangle Group, a private equity firm, with three other Lazard partners.

Quadrangle Group initially focused on investing a $1 billion media-focused private equity fund.

Early investors in Quadrangle included Sulzberger and Mort Zuckerman.

The firm grew to manage over $6 billion across several business lines, including private equity, distressed securities, and hedge funds.

Quadrangle Group was headquartered in the Seagram Building.

The firm hosted an annual gathering for media executives called Foursquare, where notable 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, who was a close friend of Rattner's.

Rattner served on the corporate boards of several companies, including Cablevision, IAC/InterActiveCorp, and Protection One.

Steven C. Rattner's involvement in public service is a significant aspect of his career. He was appointed counselor to the United States Secretary of the Treasury and lead auto adviser in 2009, a role informally referred to as the "car czar".

Rattner's team developed a plan to save General Motors and Chrysler, which involved a government investment of $82 billion and controlled bankruptcies. The plan was successful, and both automakers emerged from bankruptcy by July 2009.

Rattner's experience in public service was marked by controversy, particularly in relation to his work with Quadrangle. He agreed to pay a placement fee of 1.1% to Hank Morris, a private placement agent, in order to secure investments from the New York State Common Retirement Fund.

In 2005, Quadrangle retained private placement agent Hank Morris to help 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. He 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. Quadrangle paid $7 million in April 2010 to settle the SEC investigation.

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. Rattner personally settled in November for $6.2 million without admitting or denying any wrongdoing.

Rattner has been a major fundraiser for Democratic Party candidates including Al Gore and Hillary Clinton. He 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. He was barred from appearing before a public pension fund in any capacity for five years.

The reputation of a Wall Street executive can be ruined by a single scandal.

In 2008, Lehman Brothers filed for bankruptcy, causing widespread panic and losses in the trillions.

A single bad decision can have far-reaching consequences.

The collapse of Enron in 2001 led to the downfall of its CEO, Jeffrey Skilling, who was sentenced to 24 years in prison.

Wall Street's reputation is built on trust, and when that trust is broken, it can be difficult to recover.

The Securities and Exchange Commission (SEC) has fined several major banks for their role in the 2008 financial crisis, including a $2.6 billion fine against JPMorgan Chase.

A company's reputation can also be damaged by a lack of transparency and accountability.

In the wake of the 2008 crisis, the SEC implemented new rules requiring companies to disclose more information about their financial dealings.

The U.S. auto bailout was a crucial decision that saved two major manufacturers from collapse. In 2009, General Motors and Chrysler were on the verge of bankruptcy, with the government facing a tough decision on how to proceed.

Rattner was appointed counselor to the U.S. Secretary of the Treasury and lead auto adviser, a role that involved assembling a team to address the financial problems of the two auto companies. He soon had a team of 14 professionals working on a plan to save the manufacturers and related suppliers and finance companies.

The plan involved a government investment of $82 billion in the sector, coupled with controlled bankruptcies for the two auto companies, new management for both, and the closure of 2,000 automobile dealerships. This decision was not taken lightly, as it would result in the loss of tens of thousands of related jobs.

Despite controversy surrounding the plan, Rattner's team worked tirelessly to implement it, and by July 2009, both automakers had emerged from bankruptcy and were on their way to profitability.

Steven Rattner is married to Maureen White, whom he wed in an interfaith service in 1986. They have four children together.

The couple owns several properties, including homes on Fifth Avenue in Manhattan and on Martha's Vineyard. They also have a horse farm in North Salem, New York.

Rattner has been involved with various civic and philanthropic organizations, serving as a board member or trustee for several groups. These include the Metropolitan Museum of Art, Brown University, and the Brookings Institution.

Through the Rattner Family Foundation, the couple has supported a range of educational and cultural institutions. These include the Sesame Workshop, Harvard Law School, and the Lower East Side Tenement Museum.

Steven Rattner is a devoted husband and father of four children, whom he married in 1986 in an interfaith service at the Lotos Club in Manhattan.

He has a strong sense of community, serving as a board member or trustee of various organizations, including the Metropolitan Museum of Art and Brown University.

Rattner's philanthropic efforts extend to education and culture, with his family's foundation supporting institutions like the Sesame Workshop and Lincoln Center for the Performing Arts.

His wife, Maureen White, has also made significant contributions, serving as finance chair for the Democratic National Committee and as a senior advisor on humanitarian issues in Afghanistan and Pakistan for the U.S. Department of State.

The Rattners own several homes, including properties on Fifth Avenue in Manhattan and Martha's Vineyard, as well as a horse farm in North Salem, New York.

Rattner's commitment to civic engagement is further evident in his membership in the Council on Foreign Relations.