Steven Rattner began Thursday basking in the glow of a job well-done, as the one-time auto czar watched General Motors Co. emerge from a government bailout to be warmly received by the stock market again.
Then, a nemesis took the shine off the day: New York Attorney General Andrew Cuomo filed a pair of lawsuits to ban Mr. Rattner, a Wall Street star, from the securities industry in New York for the rest of his life. And Mr. Cuomo wants to recover $26 million from him, too.
The suits—alleging that Mr. Rattner used special favors to win a $150 million investment from the state pension fund—were announced minutes after Mr. Rattner, who helped engineer the government-backed rescue of GM, concluded an early-morning CNBC appearance to celebrate the auto maker’s $23 billion initial public offering.
The back-and-forth was the latest in a legal skirmish that has turned venomous. It pits Mr. Rattner, a stalwart of Manhattan’s Democratic elite who manages the personal fortune of New York City Mayor Michael Bloomberg, against Mr. Cuomo, the state’s Democratic governor-elect.
Full Story: Cuomo Sues Rattner – WSJ.com
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