It’s probably not the best idea to let somebody in the news for bribing public officals guest-host your news show.
Which CNBC presumably understands after this morning.
The network let former Obama administration senior official and private-equity dude (and way back when, former New York Times reporter) Steven Rattner, who just settled with the SEC for $6.2 million for paying kickbacks to get public-pension business (and who was in the news earlier this week when he got subpoenaed over the scandal), guest host “Squawk Box” this morning to talk about the GM IPO. I’m not kidding.
No sooner did Rattner get off the business-news broadcast then New York Attorney General Andrew Cuomo announced he’s suing Rattner for $26 million and seeking to ban him from the securities industry for life.
Which raises the question: Will that mean Rattner can’t go on CNBC anymore?
The application for an immediate securities ban is based on the fact that Rattner engaged in fraud and refused to answer 68 questions based on his fifth amendment privilege.
“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,” said Attorney General Cuomo. “Through these lawsuits, we will recover his ill gotten gains and hold Rattner accountable.”
Which raises a second question: What does a white-collar person have to do to go to trial, much less jail, these days?
(hat tip, ironically enough, to Henry Blodget)
What's the surprise about that? CNBC specializes in giving carte blanche appearances to thugs and manipulators. Hey they even let collusionary hedge fund managers run shows, and give highlighted appearances to the seedy street players who 'use' them to push their trades with their band of manipulating market buddies. And don't think CNBC does not know they do this. They have been called on it and still continue to spotlight these thugs. Rattner found his new home. Too bad CNBC hasn't figured out they are just as harmful to the market and the negligent SEC and corrupt exchange operators- their choice of pros who run shows like Fast Money and make stock bogus calls sealed their fate.
#1 Posted by Lar, CJR on Thu 18 Nov 2010 at 08:36 PM
....to continue my previous comment under Lar which stands for Larry, ( site cut off my name), Rattner was just Obamas man. Need proof the Dems are corrupt? Cuomo waits until after the media appearance to put out the goods in the press. We are all the dupes of corrupt men in power.
#2 Posted by Larry, CJR on Thu 18 Nov 2010 at 08:41 PM
But shouldn't the bigger question be how did he get to be Car Czar in the first place? It looks like the answer is political corruption. But of all the jobs he could have politically influenced himself into, why that one but not another? Was the Obama administration really not able to find someone else more qualified for such an important job?
#3 Posted by MB, CJR on Fri 19 Nov 2010 at 09:31 AM