Not long after falling victim to a multiple lawsuit attack and settlement combo from Andrew Cuomo and the SEC, the Post reports that Steve Rattner will have to watch his once-powerful Quadrangle Group fizzle out and be replaced by another entity. His co-founder Joshua Steiner is also expected to take a lesser role at the new firm (Rattner himself left last year to serve as Obama’s car czar), while managing principal Andrew Frey will be out altogether. A pair of new principals, Michael Huber and Peter Ezersky, will take over. The firm, which once managed $6 billion, is now down to about $2.5 billion. Leadership has had trouble finding a buyer, hence the leadership and name change, which are expected to take place over the next few weeks. RIP Quadrangle, 2000–2010.
Quadrangle kaput [NYP]