Steve Rattner is passing word to his friends and associates that he will join the Treasury Department as counselor to the secretary, according to one source who has heard the news. Rattner, the co-founder of private-equity firm Quadrangle Group, is telling people what The Journal reported earlier today, that he will advise Secretary Timothy Geithner on a variety of economic and financial matters and that he will head up the team advising Geithner and National Economic Council Director Lawrence Summers on the automobile sector.
Here's the email Rattner sent out a few minutes ago.
With apologies for the impersonal nature of this, I wanted to let you know directly that after 26 fulfilling years on Wall Street — capped by the opportunity to help form Quadrangle Group with so many talented colleagues — I have begun a new phase of my life, in the public sector. Below is the official description of my responsibilities: Steven Rattner is joining the Treasury Department as Counselor to the Secretary. In that capacity, he will advise Secretary Timothy Geithner regarding a variety of economic and financial matters and will lead the team advising Secretary Geithner and National Economic Council Director Lawrence Summers on the automobile sector. We are obviously at a critical moment in our nation’s history, particularly with regard to our economy, and I am honored to have this opportunity to serve my country in a meaningful way. I value our friendship and hope we can stay in touch in the years ahead. Best,Steve