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Steve Rattner’s Quadrangle To Shut Down, Reinvent Itself Under A Name Not Associated Fraud AllegationsBy Bess Levin
(An Indignant) Steve Rattner: Andrew Cuomo Is The First Person To Ever Question My Ethics Or IntegrityBy Bess Levin
Mike Bloomberg Would Love To Have A Financial Advisor Who’s Been Banned From The Securities IndustryBy Bess Levin
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After settling this morning with Andrew Cuomo and the SEC., Quadrangle issued a statement saying “we wholly disavow the conduct engaged in by Steve Rattner, who hired the New York State Comptroller’s political consultant, Hank Morris, to arrange an investment from the New York State Common Retirement Fund. That conduct was inappropriate, wrong, and unethical.” Damn that’s harsh. Read more »
So, it would be one thing if Steven Rattner’s firm was the only one accused of being tied up in a “pay to play” scandal for access to New York’s pension funds. It isn’t. Neither is Riverstone Holdings the only other fund stuck in the “fund my shitty movie distribution and I’ll send few hundred million your way” morass.
The New York Attorney General on Thursday charged Aldus Equity Partners managing partner Saul Meyer with violating the Martin Act. He surrendered to authorities and bail was set at $200,000.
Also on Thursday, the Securities and Exchange Commission asked a federal judge to add Aldus and Mr. Meyer as defendants in its complaint in the New York state pension fund investigation.
Paul Shechtman, Mr. Meyer’s lawyer, said: “I learned years ago that it’s far easier for a prosecutor to file a complaint than to prevail at trial. … It’s true and the evidence will show that Saul Meyer did no wrong.”
Aldus Managing Partner Charged in N.Y. Pension Probe [The Wall Street Journal]
If we were throwing $80,000 around here and there to buy up DVD distribution rights for award winning cinema like Chooch, we’d probably not be in a hurry to make a lot of detailed disclosures about the people, places and profits on the deal either. Quadrangle seems to be of the same mind.
New York City’s pension funds are probing whether private equity fund Quadrangle “intentionally misled” it about placement agents used to win pension fund business, a spokesman for the city’s comptroller said Tuesday.
Well of course they (allegedly) did. Have you seen the trailers?
NY City probes if Quadrangle misled pension funds [Reuters]
Earlier: When An (Alleged) Kickback Is Obviously An (Alleged) Kickback
What would a movie produced by New York’s Deputy Comptroller and his siblings look like? This trailer from the wry folks over at Cityfile should give you a hint. Think the shockingly bad Harold & Kumar Escape from Guantanamo Bay but with a lower budget and sung in an accent from Queens. No, we aren’t kidding. In other words, so eye wateringly bad, so indescribably abysmal that one could not possibly imagine $88,000 changing hands for its distribution rights but for the fact that this same $88,000 from an affiliate of Quadrangle was a kickback for something else.
What does this mean for Riverstone Holdings that supposedly invested $100,000 in the same film? We suppose it would imply not only that the deal was crooked, but that Riverstone’s kickback DCF valuation team scooped up their MBAs from the University of Phoenix.
We are thinking that as soon as the prosecutor wheels in the DVD Player the scratching of pens drafting plea allocutions will be loudly heard.
Rattner Involved In Inquity On Fees [The Wall Street Journal]