Steve Rattner Has Called The American Rescue Plan “The Original Sin” Of Inflation And His Complaints About “Vast Amounts Of Government Rescue Aid” Have Been Cited By Senate Republican Leader Mitch McConnell.

 

Former Obama Administration Treasury Department Official Steven Rattner Has Blamed Government Spending For Inflation, Including Complaining About “Vast Amounts Of Government Rescue Aid” And Calling The American Rescue Plan “The Original Sin”—Even Though Multiple Studies Projected The Plan Would Dramatically Reduce Poverty In 2021.

Steve Rattner, Known As The “Quintessential Wall Street Democrat,” Was An Elite Banker, Founded His Own “Multibillion-Dollar” Private Equity Firm, And Was Involved In A “Kickback Scheme” That Reaped Millions In Fees From New York State’s Pension Fund—Ultimately Resulting In Rattner Paying Over $16 Million In Federal And State Settlements And Facing Bans From Financial Industries.

Steve Rattner, Called “The Quintessential Wall Street Democrat,” Was Once “One Of The Most Successful Bankers Of His Generation,” Earning Tens Of Millions Of Dollars From Mergers And Acquisitions And Founding His Own “Multibillion-Dollar” Private Equity Firm Before Joining The Obama Administration.

In 2010, Rattner Was Temporarily Banned From Certain Financial Industries And Agreed To Pay $16.2 Million To Settle Charges From The New York Attorney General And The Securities And Exchange Commission That He And His Private Equity Firm Engaged In A “Kickback Scheme” With New York State’s Pension Fund, With His Firm Collecting Over $13 Million In Fees From The State.

While He Led The Obama Administration’s Auto Industry Rescue Efforts, Rattner’s Disclosure Showed That He Was An “Investor In The Investment Fund That Controlled Chrysler And GMAC,” General Motors’ Financing Arm.

Steve Rattner Is Chairman And CEO Of Billionaire Michael Bloomberg’s “Byzantine” Investment Arm, Willett Advisors LLC, Which Rattner Said Has  Invested “‘A Lot In The Energy Sector'” And Could Have Benefited From Record Oil And Gas Prices.

Steven Rattner Is The Chairman And CEO Of Willett Advisors LLC, “The Investment Arm” Of Billionaire Michael Bloomberg’s “Personal And Philanthropic Assets.” “Steven Rattner is the Chairman and Chief Executive Officer of Willett Advisors LLC, the investment arm for former New York Mayor Michael R. Bloomberg’s personal and philanthropic assets.” [StevenRattner.com, accessed 05/11/22]

LinkedIn Profile for Steven Rattner

[LinkedIn Profile for Steven Rattner, accessed 05/11/22]

  • Michael Bloomberg Was The World’s 13th Richest Person As Of May 11, 2022, With A Net Worth Of $82 Billion:

Michael Bloomberg Was The World's 13th Richest Person As Of May 11, 2022, With A Net Worth Of $82 Billion:

[Forbes, accessed 05/11/22]

Bloomberg Is “The Sole, Ultimate Beneficial Owner Of Willett,'” Which Provides “Almost No Information On Its Website.” “Bloomberg’s personal and philanthropic wealth is managed by a company called Willett Advisors LLC, which is overseen by Steven Rattner, an investment manager and frequent television pundit. ‘Michael R. Bloomberg is the sole, ultimate beneficial owner of Willett,’ notes one Securities and Exchange Commission filing.” [The Intercept, 02/24/20]

  • Willett Discloses “Almost No Information On Its Website.” “Willett Advisors provides almost no information on its website. Neither Rattner nor the Bloomberg campaign responded to requests for comment.” [The Intercept, 02/24/20]

Willett Advisors Began Using A “Byzantine Structure” To Conceal Bloomberg’s Investments After A 2010 Story Revealed Ties To “Offshore Tax Havens” And An Oil Services Company Controlled By A Russian Oligarch. “In 2010, journalist Aram Roston found that Bloomberg’s foundation invested in a series of international funds, including hedge funds based in offshore tax havens and Geotech Oil Services, a Cyprus-based oil services company controlled by Russian oligarch Nikolai Levitsky. When asked about the offshore investments, Bloomberg dismissed the story. The funds, he noted in 2010, were ‘fully disclosed and they’re appropriate to maximize the assets which I’m giving away to charities.’ […] But far from full disclosure, after the story, Bloomberg’s philanthropy began using a byzantine structure that concealed the ultimate destination of his investment funds. The latest tax return, filed in 2017, for the Bloomberg Family Foundation shows Willett Advisors investing through corporate entities with opaque names such as ‘10413 Investment Holdings LLC’ and ‘20213 Investment Holdings,’ with no information about how the funds are used.” [The Intercept, 02/24/20]

Rattner Has Said “‘We Invest A Lot In The Energy Sector,'” Which Has Benefited From Record Prices,

While His Boss Michael Bloomberg Was Considering A 2020 Presidential Run, Steven Rattner Repeatedly Criticized Bloomberg’s Potential Democratic Primary Opponents In Major National Outlets With Little To No Disclosure Of His Role As Bloomberg’s Money Manager.

Steve Rattner And His Family Office Appear To Have Stakes In Companies And Investment Firms That Have Benefited From Pandemic Price Hikes, Including Fidelity National Financial, Uber, And Spotify.

 

In 2018, Steve Rattner Was Disclosed As The Beneficial Owner Of Over 355,000 Shares In FGL Holdings, Which Is Now Owned By Fidelity National Financial, A Major Title Insurance And Real Estate Transaction Company That Has Credited Price Actions For “Record Retail Sales.”

In 2020, The Rattner Family Office’s Chief Financial Officer Signed A Silas Holdings Filing Showing A $2.5 Million Investment In Dragoneer Growth Opportunities Corp., Which Has Invested In Price-Hiking Companies Like Spotify And Uber.

Steve Rattner, Who Had A Net Worth Of Up To $608 Million In 2009, Has Flown A “Luxury” Private Jet That Can Currently Cost Up To $8 Million To Buy, And Has Repeatedly Posted Photos From Billionaire David Geffen’s $590 Million “Megayacht,” Including One With A-List Celebrity Katy Perry.

Steve Rattner Had A Net Worth Of Up To $608 Million In 2009, With Disclosures Noted Ownership Of “A Fifth Avenue Apartment, An Airplane And A Horse Farm.”

Steve Rattner Had A Net Worth Of $188 Million To $608 Million As Of 2009. “In the last several months, Mr. Rattner — whose net worth was $188 million to $608 million, according to a 2009 disclosure filing — has been promoting his recent book on the restructuring of General Motors and Chrysler.”  [The New York Times, 12/30/10]

Rattner Owned “A Fifth Avenue Apartment, An Airplane And A Horse Farm” As Of 2009. “The disclosures, which are required of White House employees, covered only 2008 and the beginning of this year, but they listed Mr. Rattner’s earnings from various roles, including about $3 million for his role at his own investment firm and $250,000 for his role as a board member of IAC/InterActiveCorp, a media company. The income allowed him to purchase a Fifth Avenue apartment, an airplane and a horse farm in North Salem, N.Y.” [The New York Times, 05/27/09]

Steven Rattner Has Repeatedly Posted Photos From Billionaire David Geffen’s $590 Million “Megayacht,” Known As “A Playground For The Rich And Famous” That Has Hosted Amazon CEO Jeff Bezos, Goldman Sachs CEO Lloyd Blankfein, And A-List Celebrities Including Katy Perry, Oprah, And Leonardo DiCaprio.

Steve Rattner’s Lavish Properties Include A Fifth Avenue Co-Op In An “Opulent” Building, A $20.5 Million Martha’s Vineyard Estate With 27 Rooms Across Two Buildings, A Martha’s Vineyard Farm With A Horse Dressage Ring, And “Hundreds Of Acres” In A Town Known As New York’s “Billionaire’s Dirt Road.”

 

Rattner Owns A Coop Unit In Manhattan, Which Includes Amenities Such As Concierge, Doorman, And Courtyard, In A Building Where The “Opulent” Units Range From $16 Million to $27.5 Million.

Steve Rattner’s Family Office Still Appears To Own A Large Martha’s Vineyard Estate With An Assessed Value Of $20.5 Million, Featuring Two Buildings With A Total Of 27 Rooms, Including 10 Bedrooms And 11 Bathrooms.

Overall, Rattner Has Purchased “Hundreds Of Acres” In The So-Called “Billionaire’s Dirt Road” In North Haven, NY, Buying Up Property Once-Owned By The Late Philanthropist Ronald Stanton To Ensure “No One Else Developed The Land” And To Likely Get Tax Benefits.

In 2017, Rattner And Another North Haven Resident Purchased “Hundreds Of Acres” From The Late Philanthropist Ronald Stanton’s Estate To Ensure “No One Else Developed The Land” And Likely To Get Tax Benefits From Conservation Easements Or Agricultural Exemptions. “After philanthropist Ronald Stanton, founder of petrochemicals company Transammonia, died in 2016, two of his monied neighbors—Dinan and financier Steve Rattner—reportedly purchased his hundreds of acres to ensure that no one else developed the land. It also helps that nearly all of these wealthy landowners get tax benefits along with their huge parcels of land, either from putting acres into conservation easements or qualifying for agricultural exemptions.” [Forbes, 11/28/21]

Known As “Billionaire’s Dirt Road,” North Haven, NY Is “Located Just 55 Miles North Of New York City” And Is About The Same Size As Manhattan. “When Jenn Gates, the 25-year-old daughter of billionaires Bill and Melinda Gates, married Nayel Nassar last month at her $34 million, 146-acre estate in North Salem, New York, it shone a spotlight on the bucolic Westchester town. The area, which has its own ‘Billionaires’ Dirt Road,’ is located just 55 miles north of New York City and home to more than half of the county’s agricultural land. Stretched out over roughly 23 square miles, it is just about the same size as the island of Manhattan but with a population of roughly 5,200—not counting all the horses and alpacas. That combination of wide-open spaces, few people, and North Salem’s decades-long status as an equestrian mecca—it boasts at least 56 horse facilities, including nationally renowned Old Salem Farm—has long attracted a mix of Wall Street tycoons and celebrities drawn to its rural character.” [Forbes, 11/28/21]

back to top