Steve Rattner, sometimes called Steven Rattner (or misspelled Ratner), was the managing director and head of DLJ Merchant Banking Partners. Rattner resigned in July 2008. An official spokesman for Rattner went on to say that Rattner resigned because he wanted to spend more time with his family.
The New York Times reported in August 2008 that Rattner stepped down after an Internet campaign by Tommii Cosgrove, the husband of Kelly Cosgrove, a woman Rattner had an affair with five years earlier. In a series of website posts and e-mails, Cosgrove accused Rattner of paying his wife half a million dollars to leave him.http://www.nytimes.com/2008/08/05/business/05sorkin.html?_r=1&ref=business&oref=slogin http://www.bloomberg.com/apps/news?pid=20601103&sid=aJSHaDkwdUQU&refer=us
Smear Tactics?
Beginning in June 2008, Tommii Cosgrove made posts on websites run by several New York-area media outlets, including the New York Observer and New York Magazine. Cosgrove called Rattner a "rich kid" who "paid my wife $500,000.00 to leave me." Cosgrove went further, saying Rattner met his wife, Kelly Cosgrove, "when she was working as a high class escort in London through Bella's escort services, where he finds all his girlfriends and where all his rich mates shop." The posts were also e-mailed to Rattner's coworkers and some of his clients.http://gawker.com/5033146/cuckolds-internet-revenge-against-top-banker http://www.nytimes.com/2008/08/05/business/05sorkin.html?_r=1&ref=business&oref=slogin
For his part, Rattner does not deny the affair, but was quoted in The New York Times as saying many of Cosgrove's claims are exaggerations. Rattner said, "I feel like the star of a bad made-for-TV movie."http://www.nytimes.com/2008/08/05/business/05sorkin.html?_r=1&ref=business&oref=slogin
Career
Rattner worked with DLJ Merchant Banking for 20 years before deciding to step down.http://www.bloomberg.com/apps/news?sid=aJSHaDkwdUQU&pid=newsarchive He joined the group in 1985 after graduating from the University of Pittsburgh. He went on in his education to receive an MBA from New York University.http://www.bloomberg.com/apps/news?sid=aJSHaDkwdUQU&pid=newsarchive While working for DLJ he founded the firm's leveraged-finance unit where he worked in sales and trading.http://www.bloomberg.com/apps/news?sid=aJSHaDkwdUQU&pid=newsarchive Rattner also served on the board of Warner Chilcott Ltd, a pharmaceutical company.http://www.bloomberg.com/apps/news?sid=aJSHaDkwdUQU&pid=newsarchive
Interview With Steven Rattner
At The Deal's Fifth Annual Private Capital Symposium, Steven Rattner of DLJ Merchant Banking Partners peaks about the effect the economy is having on the middle market. He explains that it is harder to get financing on new deals and the financing that is obtained is at a lower leverage.
References
Fast Facts
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Born
ca. 1960
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Hometown
Rye, New York
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Profession
Banker/Financier
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Alma mater
New York University
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Resigned DLJ Merchant Banking Partners
July 2008
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Fact:
Rattner has admitted to having an affair with Cosgrove's wife, Kelly Cosgrove
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2008
Tommii Cosgrove claimed Rattner paid his wife, Kelly Cosgrove, "$500,000 to leave" him
