Somewhere under a “Mission Accomplished” banner on an aircraft carrier, former car czar Steve Rattner is starting to get a bit lonely. Reuters reports that the Securities and Exchange Commission is seeking a three year ban on Rattner that would prevent him from working in the securities field. The ban stems from a recently-settled investigation into kickback allegations at Rattner’s former investment firm Quadrangle Group (involving a distribution deal for his brother’s low-budget movie “Chooch,” no less).
Quadrangle has admitted that it engaged in inappropriate quid-pro-quo kickbacks in order to land a $100m investment from New York’s state pension fund. Quadrangle has publicly “disavowed” Rattner’s role in that scheme, indicating that (non-admission of guilt settlement aside) the illegal kickbacks were his work. If approved, the ban would prevent Rattner from managing New York City Mayor Michael Bloomberg’s fortune. Luckily, Rattner is far too busy patting himself on the back for his auto bailout brainchild to be bothered with such trivialities, although according to Reuters, Rattner has “fiercely resisted” the SEC ban.