It’s never been a secret that former Lazard leader and Quadrangle founder–not to mention Mayor Bloomberg’s asset manager–has had political ambitions. Early on in the Presidential race, he hitched his wagon to Hillary Clinton’s star in the hopes of becoming Treasury Secretary. Now he’s taking a poorly-defined, low visibility job as an adviser to Larry Summers. That’s dedication. So the question becomes, is Rattner simply determined to carve out a place for himself in the government-financial power structure that will surely grow over the next 4-8 years? Rattner is a canny and far-sighted player. Does this portend a financial mandarinate emerging that will operate the economy from DC? Or is this is sign that alternative asset world’s best days are behind it?

Here’s an excerpt from Rattner’s email announcing the move:

Rattner said he’d “begun a new phase of my life, in the public sector.”

“We are obviously at a critical moment in our nation’s history, particularly with regard to our economy, and I am honored to have this opportunity to serve my country in a meaningful way,” Rattner wrote in the e-mail.

Source:

Quadrangle Picks Steiner, Huber to Run Firm as Rattner Departs ^[1]
by JASON KELLY and REBECCA CHRISTIE
Bloomberg; February 24, 2009

http://www.bloomberg.com/apps/news?pid=20601087&sid=auxPvaTXjHsg&refer=home