The New York Times and the rehabilitation of Steven Rattner

Columbia Journalism Review reports:

The New York Times is declaring that disgraced private equity mogul Steven Rattner has gotten his reputation back in the Manhattan lunch circles that matter. This was probably only a matter of time given that it was the Times itself that played a leading role in his rehabilitation.

It’s Andrew Ross Sorkin, naturally, who pronounces the cleansing complete, even wondering aloud if Rattner could be a Treasury secretary someday.

This about a guy who just two years ago paid $16 million to settle SEC and New York lawsuits against him for taking part in a kickback scheme with public officials to get $150 million in pension-fund business. His firm, Quadrangle, coughed up another $12 million and said what Rattner did was “inappropriate, wrong and unethical.” They might have added “corrupt.”

Recall that Rattner was Obama’s car czar responsible for bailing out and overseeing GM and Chrysler. Three months into the administration, it emerged that Rattner was under investigation by Andrew Cuomo, then the New York Attorney General, and by the SEC for paying kickbacks to get business from the giant New York pension fund. Rattner originally got immunity in the investigation until Cuomo caught him covering up his own involvement.

Steve Rattner, master rent-seeker.