SEC Vacates Order Allowing Rattner to Work for Guggenheim

  • Agency voids March decree easing some finance-industry curbs
  • Rattner has said he is committed to his role at Willett

U.S. regulators have vacated a March order that allowed Steven Rattner to work on deals for the investment-banking unit at Guggenheim Partners.

The Securities and Exchange Commission announced the voiding of its earlier decision in an announcement late Friday on its website. Rattner, 63, has faced limits on his activities in the finance industry since a 2010 settlement with the SEC tied to allegations that his former firm paid kickbacks to win investments from a New York state pension fund.

Steve Rattner

Photographer: Chris Goodney/Bloomberg

Rattner withdrew an SEC application that was filed three years ago because he wasn’t going to use it, a spokesman said Saturday. The spokesman had said last month that Rattner anticipated remaining fully committed to his duties as chairman of Willett Advisors, which invests the personal assets and a family foundation tied to Michael Bloomberg. Bloomberg is the majority owner of Bloomberg News parent Bloomberg LP. 

Rattner agreed almost six years ago to pay $6.2 million to resolve the SEC’s claims, without admitting or denying wrongdoing. Quadrangle Group, his former firm, was accused by the agency of securing $150 million of investments in 2005 and 2006 after he arranged for an affiliate to distribute the DVD of a low-budget film co-produced by the chief investment officer of the New York State Retirement Fund.

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