Steven Rattner's Fall From Grace Nearly Complete

Steven Rattner went from New York Times reporter to well-connected financier and Democratic fundraiser to (temporary) auto czar. Now, he may be on the verge of being banned from the securities industry. It's enough to make you exclaim, "Ha."

The NYT reports this morning that as a consequence of the investigation into Rattner's role in an illegal kickback scheme, the SEC is seeking to ban him from working in the securities industry for up to three years. Rattner's already rich, of course, but the stigma that goes along with such a ban would be death to many of his political ambitions and, probably, his social life. The NYT says the SEC settlement could force Mike Bloomberg to quit using Rattner as a financial adviser. And a ban would surely make Rattner's friends like Harold Ford and The Clintons suddenly scarce.

Nobody much likes Steven Rattner as it is. This could be a tidy excuse for people to start avoiding him. But perhaps Rattner could use it as an excuse to go back into the media? Just like Henry Blodget.

[NYT]