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Report: SEC to withdraw order allowing Rattner's new role with Guggenheim

The SEC intends to announce as soon as the week of April 25 thatit is withdrawing an orderthat would have allowed Steven Rattner to work for Guggenheim Securities LLC, The Wall Street Journal reported April 26, citing "people familiarwith the matter."

The SEC's initial order was approved by the agency's lower-levelstaff; however, SEC Commissioners Michael Piwowar and Kara Stein later separatelyquestioned the decision, saying they were not informed of the deal, according tothe report. Sources also told the news outlet that Rattner and Guggenheim were theninformed that the SEC commissioners would set aside the earlier order and determinethe case themselves.

The SEC in March reportedly granted approval to Rattner to workin a dealmaking role for Guggenheim. Rattner in 2010 had agreed to SEC charges alleging his involvementin a widespread kickback scheme to obtain investments from a New York state pensionfund.

Upon learning of the SEC commissioners' reconsideration of theorder, Rattner conveyed to the SEC that he wanted to withdraw his request to bereinstated to the brokerage industry and work for Guggenheim, according to the report.Rattner is now chairman of Willett Advisors, which manages the assets of formerNew York City mayor Michael Bloomberg, and Bloomberg Philanthropies, the Journal said, citing a spokesman for Rattner.

A Guggenheim spokesman declined to comment, the news outlet added.

Guggenheim Securities is the investment banking and capital marketsdivision of Guggenheim Partners LLC.