Why Hasn't Cuomo Indicted Rattner?

[Policing Wall Street]

Steven Rattner, the current leader of President Obama's task force on the auto industry is an oleaginous sycophant of the Sulzberger family, the publishers of The New York Times; the newspaper protects Rattner.

So beholden is Rattner to the Sulzbergers that he even named his hedge fund the Quadrangle Group, after Quadrangle Publishing, which, few people know, was the name of a book publishing venture of The New York Times.

My own father Edward Sr., before his retirement, was the owner of a company that printed material for Quadrangle Publishing during the 1970s.

Rattner's foray into the world of private hedge funds has been a financial disaster--at least for Rattner's clients. So Rattner probably sought out state and municipal pension funds to sustain his self-marketing plan as a financial guru.

In the foray to attract new financing from state and municipal retirement funds for his hedge fund, Rattner stepped over the fine line between "pay to play" and an illegal payoff in at least one incident and possibly three others.

As widely reported, Rattner’s Quadrangle Group paid fees to Searle & Co. then the employer of political advisor Hank Morris to obtain contracts to manage pension funds for, not only the New York State Common Retirement Fund but also for an $85 million investment from the New York City Employee Retirement Fund, a $10 million investment from the Los Angeles Fire and Police Pension System, and the New Mexico State Investment Council.

As previously reported, Rattner arranged for a Quadrangle affiliate, GT Brands LLC, to pay $88,841 for the DVD distribution rights for Chooch, a movie produced by David Loglisci and his brother; David was the State of New York's Deputy Comptroller and Chief Investment Officer of the New York State Common Retirement Fund.

What's not been reported is how "Chooch" which is Italian slang for jackass, fared.

I can now report that Chooch did phenomenally; "The 2004 movie grossed $31,015 according to BoxOfficeMojo.com," says a report in the April 18, 2009 Los Angeles Times.

Consider the folllowing:

Rattner paid Loglisci and his brothers for the distribution right of the crappy film; it doesn't matter that it was only $88,841. Loglisci then clears Rattner's Quadrangle Fund to be eligible for the $100 million investment. This to me represents a payoff; in otherwords a bribe.

Now let's put this in the proper perspective. Let's make it hypothetical since William Thompson, Comptroller of the City of New York is an honest man and Charles Barron is an honest Councilman representing Brooklyn.

Now substitute the name Thompson for Logiscli and Barron for Rattner. Now assume that Barron had paid Thompson. What would have happened to Barron?

He would have been indicted in a hot minute and convicted by now. A press conference would have been held.Barron would be in prison. And The Times would publish a political obituary of Charles Barron.

But not Rattner. Rattner is always given favorable treatment because of his connections to the wealthy of New York society. Even now Quadrangle continues to handle the finances of Mayor Michael Bloomberg.

Most of all, Rattner has been given favorable treatment because of his connections to the former empire of the Sulzbergers.

My question: Is attorney general Andrew Cuomo taking a page from the drama of Eliot Spitzer when he went after Wall Street titans? Excoriate crooked billionaires but do not indict them?

Unless Wall Street operatives are treated like the rest of us; indicted when warranted, tried and convicted like the rest of us if warranted, there will be no reforms of the system.

Most importantly where is that self-proclaimed guardian of the public; The New York Times?

Or, is it as with Animal Farm, some animals are more equal than others?

As I learned studying Cicero in high school: "Cum tacent clamant." When they are silent, they shout.


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