Is Steven Rattner's fall from grace about over? The SEC has apparently reached a tentative settlement with the founder of Quadrangle and big-time New York socialite, one that bans him from the securities industry for more than one year and requires a payment of $6 million. This deal has not been announced pending the outcome of parallel settlement talks with the New York attorney general's office, reports New York Times.

The state offered a settlement deal asking him to pay $20 million. Rattner objected, saying the fine was disproportionate to the wrong-doing. So, Andrew Cuomo has issued more subpoenas about the financial terms of his exit from Quadrangle and how much money he made while he was there. This may prolong the matter.

Rattner, of course, would like to talk about anything but his tenure at Quadrangle. He's been busying promoting his new book about the car industry buyout and working at Willett Advisors, an investment firm dedicated to managing the money of New York City Mayor Michael Bloomberg, a close friend.

For more:
- here's the article

Related Articles:
Kickback scheme gets Steve Rattner banned from Wall Street
Steve Rattner publishes a book as probe continues
Steve Rattner's fall from grace