The Life and Career of Steven Rattner

Steven Rattner is a name you might not know, but his impact on the world of finance is undeniable. He's a seasoned investment banker and a key player in the 2008 auto bailout.

Born in 1957 in New York City, Steven Rattner grew up in a family of modest means. His parents were both educators, and his father was a professor at Columbia University.

Rattner's early career in finance was marked by a stint at Lehman Brothers, where he worked for 15 years. He then moved on to Lazard Frères & Co., where he became a partner in 1991.

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Steven Rattner was born to a Jewish family in Great Neck, New York.

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

His mother, Selma Rattner, was an architecture preservationist and vice president of the Victorian Society of America.

Rattner attended local public schools in Great Neck.

He received his A.B. with honors in economics from Brown University in 1974.

Rattner was awarded the Harvey Baker Fellowship while at Brown.

He served as editor-in-chief of The Brown Daily Herald in 1973.

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Steven Rattner's career is a fascinating blend of journalism and private equity. He graduated from Brown and was hired as a news clerk to James Reston, a New York Times columnist and former executive editor.

Rattner's time at the New York Times spanned several decades, during which he held various positions including chief Washington economic correspondent and European economic correspondent. He became close friends with Arthur Ochs Sulzberger Jr., who was then the Times publisher.

Rattner left the Times to co-found the Quadrangle Group in 2000, a private equity firm that managed over $6 billion across several business lines.

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Rattner's journalism career was marked by a series of prestigious roles. He was hired as a news clerk to James Reston, a New York Times columnist and former executive editor, in Washington, D.C.

After a year, Rattner moved to New York as a reporter to cover business and energy. He became friends with colleague Paul Goldberger during this time.

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In 1977, Rattner was transferred back to Washington to cover the energy crisis. He was just 27 years old at the time.

Rattner's hard work paid off when he became the paper's chief Washington economic correspondent at age 27. He formed a close friendship with Arthur Ochs Sulzberger Jr., who was then the Times publisher.

Rattner's final role at The New York Times was as its European economic correspondent in London.

Rattner co-founded the Quadrangle Group in March 2000 with three Lazard partners, including Joshua Steiner. The firm 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 more than $6 billion across several business lines, including private equity, distressed securities, and hedge funds.

Quadrangle hosted an annual gathering for media executives called Foursquare, where speakers included Rupert Murdoch and Mark Zuckerberg.

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After leaving the government, Rattner continued to make a name for himself in the public eye.

He wrote a book about his experiences, titled Overhaul: An Insider's Account of the Obama Administration's Emergency Auto Rescue, which detailed the automotive industry crisis of 2008-2010.

Rattner has been a regular contributor to various publications, including the Financial Times, where he writes a monthly column on economic issues.

He's also been a guest on the MSNBC news show Morning Joe, where he shares his expertise as an economic analyst.

In addition to his writing and TV appearances, Rattner was named a contributing writer to The New York Times Op-Ed page in June 2011, where he published a column on how government policies drive up corn prices.

Steven Rattner's career has been marked by controversy and high-stakes investigations. He was involved in a major scandal surrounding a private placement agent named Hank Morris, who helped Rattner raise money for Quadrangle's second buyout fund.

In 2009, the U.S. Securities and Exchange Commission launched an investigation into Quadrangle and other investment firms for their arrangements with Morris. The SEC viewed the payments as "kickbacks" in order to receive investments from the New York State Common Retirement Fund.

Rattner agreed to pay Hank Morris a placement fee of 1.1% of any investments greater than $25 million from the CRF. This arrangement raised red flags with regulators.

Quadrangle paid $7 million in April 2010 to settle the SEC investigation. Rattner personally settled in November for $6.2 million without admitting or denying any wrongdoing.

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.

Rattner claimed that hiring Morris as a placement agent was "legal then, legal now, and done properly." However, his assertion was met with skepticism by many.

In the end, 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.

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Steven Rattner's personal life is quite impressive. He married Maureen White in 1986 in an interfaith service at the Lotos Club in Manhattan.

They have four children together. Rattner and his wife own homes on Fifth Avenue in Manhattan and on Martha's Vineyard, as well as a horse farm in North Salem, New York.

He's also very involved in various civic and philanthropic organizations. Rattner has served as a board member or trustee of the Educational Broadcasting Corporation, the Mayor's Fund to Advance New York City, and the Metropolitan Museum of Art, among others.

White, his wife, has a strong background in finance and politics. She served as finance chair for the Democratic National Committee for five years and as a senior advisor on humanitarian issues in Afghanistan and Pakistan for the U.S. Department of State.

Rattner's family foundation, the Rattner Family Foundation, supports various educational and cultural institutions. Some of the organizations they've helped include the Sesame Workshop, Harvard Law School, and the Lower East Side Tenement Museum.

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Steve Rattner's expertise in the financial sector is well-documented. He is a former New York Times financial reporter.

As a top-tier investment banker and corporate expert, Rattner brings a unique perspective to the table. He has worked with some of the biggest players in the industry.

Rattner's experience in saving the auto industry is a testament to his skills. He was brought in by President Obama to lead the historic auto-industry intervention.

Here are some of his notable publications:

Rattner's work on Chrysler and General Motors is a remarkable achievement. He and his team made tough choices to keep the companies in operation.