October 16, 2010
The Media's Steve Rattner Blackout
On Thursday the NYT said an SEC deal with Rattner was close. Over 330 newspapers stories were written abou the deal on Friday. Since Saturday not one article about why the SEC delayed the deal.Bloomberg and Rattner (Gotham Gazette)
NY pension reneges on commitment to Morgan Stanley The New York State Common Retirement Fund is extricating itself from a $300 million commitment to Morgan Stanley's real estate investing group.(Crains NY)
October 28, 2010
Tense Call Led to Rattner Legal Standoff A tense phone call helped lead to a standoff between Andrew Cuomo and Steven Rattner in a pay-to-play investigation of the state's public pension fund.
"During that call, previously undisclosed, Mr. Cuomo said he was troubled that Mr. Rattner's former firm only recently had given investigators certain emails relevant to the probe, long after his office first asked for documents. Mr. Cuomo also questioned whether, based on these emails, Mr. Rattner may not have been fully forthcoming in testimony under oath in 2008 before a grand jury, people familiar with the call said. It isn't clear how his lawyers responded at the time. . . . During that call, previously undisclosed, Mr. Cuomo said he was troubled that Mr. Rattner's former firm only recently had given investigators certain emails relevant to the probe, long after his office first asked for documents. Mr. Cuomo also questioned whether, based on these emails, Mr. Rattner may not have been fully forthcoming in testimony under oath in 2008 before a grand jury, people familiar with the call said. It isn't clear how his lawyers responded at the time." (WSJ)* State Comptroller Tom DiNapoli on the pay-to-play pension fund scandal: “There was a problem with the office. I can’t make that history change, but what I can change is how we’re going to do things in the future.”
Friday, November 5, 2010
Pension Fund Scandal No Trial: Will the Full Story and Cost to New Yorkers Every Get Out?
Pension Fund Scandal No Trial
Will the Full Story and Cost to New Yorkers Every Get Out?
Hank Morris’ plea deal won’t be released.
NYT Skimps on Facts About Their Advisor Steve Rattner
Hevesi Adviser in Pension Scandal Makes Deal to Plead Guilty to Felony (NYT) Still unsettled is the question of Steven L. Rattner, the financier whose firm, the Quadrangle Group, has admitted to paying Mr. Morris $1.1 million as it sought business with the pension fund. Two weeks ago, Mr. Rattner rejected a settlement offer from Mr. Cuomo that would have required him to pay a $20 million fine, according to a person who had been briefed on the negotiations but was not authorized to discuss them. Mr. Morris is prepared to plead guilty to a single Class E felony under the Martin Act, a sweeping state securities law. He faces up to four years in prison under sentencing guidelines, though as a first-time offender, he may be given more lenient treatment. The S.E.C. has reached a tentative deal with Mr. Rattner, but has held off on finishing it while talks continue with Mr. Cuomo. No criminal charges are being pursued against Mr. Rattner.
Tense Call Led to Rattner Legal Standoff A tense phone call helped lead to a standoff between Andrew Cuomo and Steven Rattner in a pay-to-play investigation of the state's public pension fund.
"During that call, previously undisclosed, Mr. Cuomo said he was troubled that Mr. Rattner's former firm only recently had given investigators certain emails relevant to the probe, long after his office first asked for documents. Mr. Cuomo also questioned whether, based on these emails, Mr. Rattner may not have been fully forthcoming in testimony under oath in 2008 before a grand jury, people familiar with the call said. It isn't clear how his lawyers responded at the time. . . . During that call, previously undisclosed, Mr. Cuomo said he was troubled that Mr. Rattner's former firm only recently had given investigators certain emails relevant to the probe, long after his office first asked for documents. Mr. Cuomo also questioned whether, based on these emails, Mr. Rattner may not have been fully forthcoming in testimony under oath in 2008 before a grand jury, people familiar with the call said. It isn't clear how his lawyers responded at the time." (WSJ)* State Comptroller Tom DiNapoli on the pay-to-play pension fund scandal: “There was a problem with the office. I can’t make that history change, but what I can change is how we’re going to do things in the future.”
NY Post On the Pension Scandal
Albany pension perp admits state $cam Morris could receive as much as four years in prison under sentencing guidelines. Another hearing has been scheduled for Nov. 22. Cuomo's office said Morris may have pocketed as much as $19 million after squeezing massive brokerage fees out of equity and hedge funds that wanted a piece of the state's pension pot. Those companies included the Quadrangle Group, then run by Obama-administration auto-industry czar Steven Rattner.
WSJ Does Not Explain How Rattner Was Granted Criminal Immunity
Figure in N.Y. Pension Probe in Plea Deal (WSJ) The specific charge to which Mr. Morris agreed to plead guilty couldn't be determined. Nor was it clear whether he would pay restitution as others who pleaded guilty in the probe have. Mr. Rattner, for his part, has obtained criminal immunity for grand jury testimony in the probe, but Mr. Cuomo could file a civil lawsuit against him, people familiar with the matter have previously said. The two sides held negotiations in recent weeks, but failed to reach agreement even as Mr. Rattner struck a tentative deal in a corresponding civil probe by the Securities and Exchange Commission.
As Cuomo Checks Out New Desk, Pension Case Moves Toward Finish Wall Street Journal (blog)
Under the agreement, Morris would plead guilty to “a minor charge” that carries a maximum sentence of 1 1/3 to 4 years, New York State Supreme Court Justice Lewis Stone said at a hearing yesterday, according to a transcript of the proceeding
November 15, 2010
STEVE RATTNER PENSION SCAM CONTINUES . . .
Financier Is Said to Accept a Ban in Pension Case (NYT) * Cuomo Won’t Let Up On Rattner * Cuomo Issues New Subpoena to Quadrangle About Rattner
November `16, 2010
THE NEW YORK TIMES Celebrates the Expansion of DEALBOOK TYhe Four Seasons Restaurant, NYC • November 11, 2010 Arthrur Sulzburger, Lloyd Blankfein, Tom GlocerAndrew Cuomo is keeping up the heat on Steven Rattner.
Letter to the NYT on Rattner
Jane Smith
New York, NY
November 15th, 2010
Steve Rattner's new book has a chapter praising the work of the now defeated Republican candidate for New York State Comptroller, Harry Wilson. If he had not lost the election and assumed this role, Mr. Wilson would have served as the sole trustee of the NYS Pension Fund, the exact resource that Rattner is accused of misusing by AG Cuomo and the SEC. Steve Rattner enthusiasm shopping Wilson to his Wall Street and political contacts thru the campaign is well known. The New York Times was bold in its support for Wilson, on both the editorial pages and what was supposed to be their journalistic coverage (how many times in one article is it appropriate to mention a Harvard pedigree?). It should also be noted that not only does Rattner manage the funds of Mayor Bloomberg (also a supporter of Wilson's, go figure!) but the Times' own Arthur Sulzberger is a close personal friend and receives financial advising from Rattner. If that is not considered a journalistic breach- I don't know what is. I hope AG Cuomo holds Mr. Rattner accountable for the entitlement and misdeeds he participated in, and the Times comes clean on their role in covering this story. More Comments on NYT Site
November 18, 2010
Cuomo and SEC Break Ranks As He Goes After Rattner
Cuomo: Rattner Is ‘Worst Example’ Of Pay-To-Play Fraud
The attorney general filed two lawsuits, seeking at least $26 million from Mr. Rattner and a lifetime ban from the securities industry in New York.Suing Rattner, Cuomo Seeks to Bar Him From Industry (NYT)
Rattner Is Sued by Cuomo, Settles With S.E.C. (NYT)
The attorney general filed two lawsuits, seeking at least $26 million from Mr. Rattner and a lifetime ban from the securities industry in New York. Mr. Rattner was also added to a forfeiture action against Hank Morris, a top adviser to a former New York State comptroller, Alan G. Hevesi.
The lawsuits came as the Securities and Exchange Commission announced a settlement with Mr. Rattner in which he agreed to pay $6.2 million in disgorgement and penalties. He will also be banned from “associating with any investment adviser or broker dealer” for two years.
Rattner finds pal in Mike
True News Background to the Steve Rattner Pension ScandalThe pension scandal beyond Rattner
Rattner Lawsuit Politically Motivated
Really Steve? Really?
What exactly are the "political considerations" in play here? Maybe you could have played this card before November's elections, but not today. Cuomo won't be on the campaign trail until 2014, at which point no one will remember this episode one way or the other. Rattner responds... and it's ridiculous
* Rattner: "I Will Not Be Bullied"Portfolio.com (blog)
Steve Rattner and the terrible, horrible, very good day LA Times
Class Warfare? Is Cuomo Upset Rattner Funded Movies Stereotyping Italian Americans
Car Czar Steve Rattner Is All About "Chooch" - Chooch *
Steve Rattner, Obama's putative "car czar," was named in an SEC investigation claiming his investment firm funded distribution of a movie named "Chooch" in exchange for NY pension business. But what is "Chooch?Andrew Cuomo And Former Obama 'Auto Czar' Trade Barbs Over Lawsuit ABC News
Obama to Rattner: No Thanks for You on GM Wall Street Journal (blog)
Steven Rattner's Karma Comes Home to Roost ThePopTort
Rattner Cries to Businessweek Whose Owner is Mike Bloomberg and who employees Rattner to advise his charities
Rattner Seeks Damages From Quadrangle Over Pension Probe Conduct BusinessWeek
Friday, November 19, 2010
NYT Uses Its Newspaper to Defend Steve Rattner There Financial Advisor and Publisher Friend
Breaking: Over 95% of Plaintiffs Accept World Trade Center Settlement
The NYT article is written as if the paper was Rattner defense attorney not an objective institution of journalism. Financier Is Sued by Cuomo in Fraud Case (NYT)
"Conflict of interest is OK when you have a relationship with the publisher. The NYT story does not mention the relationship of Steve Rattner with the paper. It is written as a defense of the accused. The story starts by stating Rattner "oversaw the federal rescue of the auto industry. . . On the same day that Mr. Rattner was being celebrated on Wall Street for his role in turning around General Motors,"
Is the NYT trying to make excuses for his looting of the pension fund?
"Even as a resurgent G.M. went public again in a huge stock sale on Thursday, Mr. Cuomo sought to banish Mr. Rattner for life from the securities business in New York. "
"Indeed, the dispute between Mr. Rattner and Mr. Cuomo has devolved in recent months into hostilities.. . Mr. Rattner lashed out at Mr. Cuomo’s office on Thursday and accused the attorney general of political grandstanding. He also took aim at the private investment company he helped found, the Quadrangle Group, which settled with Mr. Cuomo and the S.E.C. several months ago. "
The NYT said that the AG was give emails by Quadrangle that indicated that Rattner was more involved in the pay to play than he indicated to Cuomo when he was granted immunity before a Grand Jury. What the NYT did not say was that Rattner according to news reports hid his involvement in funding a movie Chooch produced by the brother of Hevesi's pension fund manager.
Mr. Rattner's spokesman Davidson Goldin said "as any lawyer would advise, after the attorney general's threats of prosecution, he was left with no choice," but to plead the fifth. Mr. Cuomo hasn't charged Mr. Rattner with any crime. Former Car Czar Sued on GM's Big Day(WSJ) * Documents: Lawsuits Against Rattner * Deal Journal: Explaining the Charges * Obama thanks his auto team -- most of it, anyway USA Today * Rangel, Rattner Deserve To Share A Prison Cell Forbes (blog) *Morning Roundup: Rattner the AttackerNew York Observer * One Day in the Life . . . of Steve Rattnee Wall Street Journal (blog) *Ex-car czar Rattner sued by Cuomo, settles with SEC
November 20, 2010
'I don't think [Rattner] did anything wrong… I happen to think the charge against him is ridiculous... I've always stood up for anybody that works with me who gets attacked by the press.
Mike Bloomberg Kills Chances for White House by Sticking up for Rattner(CNBC)
November 22, 2010
Rattner Proves NY Press Elitist Protection Ways
NYT and Daily News who publishers both have ties with Steve Rattner do not report on Quadrangle the company at the center of the corruption scandal is going out of power. There are also silent on why the SEC who says it did not spot Madoff ponzi scheme settled with Rattner with a penalty to low for AG Cuomo. Did some of Rattner political friends pressure SEC to settle low? What about the public fight between Rattner and Cuomo. Where are the stories? Quadrangle kaput Firm that Rattner built is winding down: sources (NYP)
Morris Pleas Guilty
Disgraced pol Hank Morris pleads guilty in pension pay-to-play scandal (NYP) * Morris Plea May Be Worked Out to Judge’s Satisfaction (Bloomberg Businessweek) * Morris’ Plea, Allocution (YNN)
Now Rattner and His Media Friends Want to Spin It is PersonSince Rattner has all this high profile friends it is his right to pay a fine for paying to play in the pension funds and move on to the next scam for the right to make money.
Rattner vs. Cuomo, Is It Personal?
Financier and former Obama car czar Steve Rattner took some shots at Governor-elect Andrew Cuomo on Morning Joe earlier today, saying he has never been a part of Cuomo’s “fan club” and mentioning the AG’s ex wife, Kerry Kennedy. * Rattner: Cuomo is a bully * Rattner Resisted Cuomo's Charms, But Wife Gave In '06
Rattner's Quadrangle to Go Out, Phoenix-Style - New York Magazine
November 23, 2010
Press Blinders
How much money did Morris, Rattner and their co-cooks cost the pension funds in rips offs and bad investments? How much is the city and state forced to transfer from the general budget to the pension funds because of the deficit caused by the scandal? What reforms are needed to prevent future scandals. Cuomo wanted to the state pension fund to be run like the city with a board making all decisions? The state comptroller was against that and it was not even discussed in the press during the campaign. We hear from the NYP and something from the Daily News every time a retired firefighter runs in a race on how much that runner is ripping off the pension fund. We never hear about how Wall Street investers like Rattner are ripping off. The Stuy Town deal lost the nations pension funds over 3 billion dollars. That is a whole lot of firefighters running races.
Pension big cops to scam Hevesi pal guilty (NYP) * Adviser Pleads Guilty in Pay-to-Play Pension Scheme (NYT) * Morris Pleads Guilty in 'Pay to Play'(WSJ) * Morris statement | Plea agreement * Political Consultant Hank Morris Pleads Guilty To Securities Fraud (NY1)
Rattner on rampage Tosses verbal grenades at Cuomo (NYP) *
Rattner's legal strategy: Can he outfox Cuomo?
More from Rattner on Cuomo on Rose: The Greatest Interview Ever?New York Observer * Steve Rattner: I'm Not In Andrew Cuomo's Fan Club - ABC News *
Steve Rattner is it the right of the rich and conneted to misuse the middle class's pension funds? Where are the editorials boards yelling against this bum?
Rattner Says Cuomo's Lawsuit in New York Pension Case `Close to Extortion' (Bloomberg)
"We have people in jail today who would gladly return the money if they can stay out of jail. That is not justice. Rattner robbed millions from the New York tax payers." (NY)
Andrew Cuomo
Cuomo on Rattner's SEC Settlement: 'That's not justice.' [VIDEO] * Cuomo on Rattner attack: Crooks don't say, 'Yes I'm guilty'Newsday
Does Rattner Have A Italian American Thing?
Rattner: Cuomo’s People Mag Spot ‘Miscarriage Of Justice’
Wayne Barrett failed to ask Rattner what he thinks of Italian American. Does he think they are all drunks who go to Mexican whore houses. After all he funded the movie Chooch that had that scenario as it plot. He also does not think Cuomo is sexy Andrew Cuomo Sexy? Steve Rattner Begs to Differ(Village Voice) Rattner has apparently indicated a willingness to finance a movie based on the Sexiest Men issue if he is included in 2011, Liz Sporkin, executive editor of People Magazine said. According to newspaper reports it was Rattner grand jury testimony that granted him immunity and the emails that Cuomo office received after that showed Rattner was more involved in the funding of Chooch that is causing Cuomo to come down hard on the old media darling Rattner.
Bloomberg's Businessweek defends Rattner
Charlie the Puppet
Charlie Rose Talks to Steven Rattner Quadrangle's co-founder and Obama's car czar just settled with the SEC over the pay-to-play pension fund scandal. Now, Andrew Cuomo wants a piece of him (Bloomberg, Businessweek)
Earily this years the Charlie Rose Show was saved by Bloomberg TV after PBS cut funds
More from Rattner on Cuomo on Rose: The Greatest Interview Ever?There have been some excellent, low-voice, black-room Charlie Rose interviews this year, as always. Just last month, in fact, there was one with troubled financier
November 29, 2010
November 29, 2010
| Bloomberg Rattner Supporter Owner of the Charlie Rose Show |
A game of softball for Rattner (TU)
Tuesday, November 30, 2010
Rattner Press Spin Operations and Control of the Press Goes Into Overkill; Albany Does Nothing Again; Bloombnerg Gets Black
The is no New Yorkers who has positive spin in the press more than Steve Rattner who is accused by the AG of organizing the largest rip off of pension funds in history. Rattner has special close relationships with almost every media owner in the city. Rattner message of bis innocence and his attacks on Cuomo have been on the media outlets for weeks own by his defender and employeer Bloomberg to defend himself.
Rattner Says Cuomo's Lawsuit in New York Pension Case `Close to Extortion' (Bloomberg News)
Charlie Rose Talks to Steven Rattner Quadrangle's co-founder and Obama's car czar just settled with the SEC over the pay-to-play pension fund scandal. Now, Andrew Cuomo wants a piece of him (Bloomberg, Businessweek) * Rattner Assails Cuomo Offer (N YT)
Today's WSJ acts like Rattner Has not Got his message out:
Rattner Gives 'His Side' of Story After 18 months, Steven Rattner is speaking out about what he calls "his side" of the story behind Cuomo's probe into his efforts to win business from New York state's public pension fund.(WSJ) Dueling Remarks Escalate Feud With New York Governor-Elect; Cuomo Has Been 'Trashing My Reputation'
Rattner Friends on the Newspaper editorial board have not offered one editorial even after his guilty plea of ripping off the pension funds . . . Financial Advisor to Both the Owner of the News and NYT
Quadrangle says Rattner ‘failing to take responsibility for his actions’ (WNYC)A game of softball for Rattner (TU)
Cuomo Rattner War
"We have people in jail today who would gladly return the money if they can stay out of jail. That is not justice. Rattner robbed millions from the New York tax payers." (NY)
Andrew Cuomo
Cuomo on Rattner's SEC Settlement: 'That's not justice.' [VIDEO] * Cuomo on Rattner attack: Crooks don't say, 'Yes I'm guilty'Newsday
Not only does Rattner have special media friends, his public relations team working 24/7 he also lawyered up. Steve Rattner will file a lawsuit seeking personal emails from Andrew Cuomo and his staff, in an effort to show his case is politically motivated.
Cuomo’s pay-to-play state pension fund probe was partially behind Steven Rattner’s heretofore unexplained decision to leave his post as the Obama administration’s car czar in 2009. * In Midst of Lambasting Rattner, Cuomo Pitches New Law & Order Spinoff - New York Magazine * Newly released letter fuels Cuomo-Rattner '74 P'10 P'13 row The Brown Daily Herald
December 5, 2010
In his four years as New York's attorney general, Andrew Cuomo had his way with Wall Street, muscling banks and bankers into paying fines, making reforms and eating crow for their errors during the financial crisis.Few bothered to fight back. Most figured it was smarter to take their lumps than risk a public showdown, even in instances where Cuomo appeared to lack clear authority to investigate or regulate. But finally, Cuomo has a battle on his hands — just as he is leaving office.
Steve Rattner the Pension Rat, Rats on White House
After you rip of millions from the pension funds and your partner Hank Morris takes the fall while your powerful friends who include the Mayor and the publishers of the NYT and Daily News get you an escape job in the White House. What do you do when the WH dumps you after 6 months when they discover your past, attack the WH in a book. Under the hood Ex-car czar rear ends White House in new book.After losing control and stepping down just six months into the job, Rattner is attempting to repair his image while taking aim at Obama and other White House insiders in his forthcoming book, "Overhaul." (NYP) * The comptroller’s own Website offers tips on how to “maximize” your pension, which sounds an awful lot like padding. *"Most of the focus on former 'car czar' Steve Rattner's tome last week focused on his treatment of White House appointees such as Rahm Emanuel et al, but there is a section in which he discusses getting ensnared in Attorney General Andrew Cuomo's pension fund probe, and how he got there," notes Maghabe.
True News Steve Rattner Pension Scandal Roundup
Breaking News New York's Pay to Play Pension Scandal (True News)
Rattner: Toxic Conflict of Interest; Is the NYT at Risk?
The Wolf at Thompson's Door
Follow the Pension Money: NY Magazine Hangs Morris, Rattner Richardson Not Involved?
Bloomberg pensionMess
Steve Ratner Pension Mess
GMAC
Steve Rattner the Untouchable
NY PensionGate Explodes in New Mexico
Who Rob the People's PensionsPension Fund Pay to Play Hevesi Gotbaum: True News Exclusive
Who's Afraid of Steve Rattner? Everyone?
Steve Rattner the Untouchable
Tuesday, March 30, 2010
The Hidden Pension Blame
The Hidden Pension Blame
Investors Like Steve Rattner
The mayor and the NYP take after the FDNY First Deputy Commissioner Frank Cruthers for obtaining a 242,000 yearly pension. Both Bloomberg and the NYP blame the workers Mike: Stop these runaway pensions Why we're broke (NYP Ed) The mayor said "The issue that we have is that the whole pension system is something that we cannot afford."
Blaming the workers for the pen ions mess is a little like blaming the home owners for the sub prime mortgage melt down. Blame on that scandal rightly fell on the Wall Street investors who pay off the congress to allow the system to be set up where crooks like AIG made billions. The pension game works the same way. Billions were made by money managers, developers and investors who got their hands on the pension funds. Not a word in the NYP or by the mayor on pension fund investors. Could it be that many of those investors who gain from unlimited pension fund investments were developers and other power plays in the city. Look at the Stuy Town mess. Friends of the mayor. Even the mayor's own investor Michael Bloomberg Defends Steve Rattner: “A Great Public Servant ... *** Steve Ratner Pension Mess
The damage done to the city by the pension funds is the same as sub prime mortgages done to the nations economy. It just that the blame is selective and controlled. Manhattanites are leaving. In 2009, a net 2,545 residents decamped. Manhattan hadn't lost population since 1992. This year, New York will spend nearly $25 billion on pensions, health benefits and Medicaid alone -- plus the debt we need to pay it all and still have some infrastructure. That's more than half of city tax revenues -- and twice what these categories cost us (also after inflation) eight years ago.
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