Cuomo Sues Steven Rattner, Seeks Lifetime Ban; the S.E.C. Settles for Less

General Motors’ gargantuan initial public offering should have made this a good day for Steven Rattner, the troubled former car czar and private equity kingpin.

It has not been.

In one of his final acts as Attorney General, Governor-Elect Andrew Cuomo filed two lawsuits against Mr. Rattner, who co-founded the multibillion-dollar firm Quadrangle. Cuomo wants at least $26 million from Mr. Rattner, but also a lifetime ban from the securities industry. Mr. Rattner, allegedly, provided kickbacks to secure more than a hundred million dollars in investments from the New York State pension fund. He has been disavowed by Quadrangle.

“Steve Rattner was willing to do whatever it took to get his hands on pension fund money including paying kickbacks, orchestrating a movie deal, and funneling campaign contributions,” Cuomo’s announcement says. “Through these lawsuits, we will recover his ill gotten gains and hold Rattner accountable.”

The Securities and Exchange Commission, though, is not being as ferocious. Mr. Rattner settled with the S.E.C. today for a much more manageable $6.2 million in disgorgement and penalties, plus a two-year ban from “associating with any investment adviser or broker dealer.” Their settlement had been rumored for months.

But Mr. Rattner, who can still probably be called one of the city’s biggest power players, does appreciate Cuomo’s suit. “I will not be bullied simply because the attorney general’s office prefers political considerations instead of a reasoned assessment of the facts,” he told The Times, where he used to work. “This episode is the first time during 35 years in business that anyone has questioned my ethics or integrity.”

Cuomo Sues Steven Rattner, Seeks Lifetime Ban; the S.E.C. Settles for Less