Before the Czar’s Fall: Drew Friedman Does Steve Rattner!

At a party where Jamie Dimon gabbed with Lloyd Blankfein and the mayor cracked wise about George Clooney, the most important people in New York City gathered this month to celebrate Steven Rattner, the former private equity guru and car czar. Within 24 hours, the news that Mr. Rattner was settling longstanding charges connected to the gruesome New York State pension fund scandal–by agreeing to a multi-year ban from the securities industry–had broken.

Drew Friedman, whose wildly good work for The Observer over the years has covered Obama, Spanx, Peter W. Kaplan, David Paterson and also Faulkner, illustrated the strange scene for this week’s paper. Click on it to see more.

From Mr. Friedman’s caption: “On Tuesday, Oct. 12, one of the biggest collections of New York power players in recent memory gathered at the Grill Room of the Four Seasons to salute one of their own: Steven Rattner, former investment banker and current financial adviser to our current mayor. Mayor Bloomberg and Arthur Sulzberger Jr., publisher of The Times, co-hosted the event, attracting swells ranging from Tina Brown to Henry Kravis and Barry Diller. Mr. Rattner thanked his agent (his new book about the car business is just out) and his hosts, but left one thing out–that he had just reached a settlement with the S.E.C. over a pay-for-play scandal involving the New York pension fund. Mr. Sulzberger’s Times would run a front-page piece, the morning after the party… As for tonight, cheers!”

The work adds to a growing New York Observer Rattner oeuvre. Be sure to check out this for Barry Blitt’s happier portrait of the czar, and this for another perspiring Steve Rattner from Edel Rodriguez. Before the Czar’s Fall: Drew Friedman Does Steve Rattner!