• Oct 14th 2010 at 11:01AM
  • 12
According to Reuters, the Securities and Exchange Commission is set to settle with the former head of the Obama Administration's auto task force, Steven Rattner. Earlier this year, the SEC charged Rattner with participating in a pay-to-play pension program, but the commission is expected to announce today that the former car czar has agreed to pay a fine of more than $5 million and accept a multi-year ban from the securities industry.

New York Attorney General Andrew Cuomo has led an investigation into fraud surrounding the state's $132 billion pension fund that has resulted in seven guilty pleas. One of those pleas came from the former New York comptroller Alan Hevesi, who was charged with corruption.

Rattner, meanwhile, has been charged with unscrupulous activities associated with Quadrangle, LLC – a private equity fund he co-founded in 2000. The SEC alleges that the investment group gave kickbacks to officials if they directed state pension money into the fund. Since then, Quadrangle has agreed to pay $12 million in fines associated with that scheme. Rattner, meanwhile, missed out on those proceedings because he no longer worked for the fund at the time.

[Sources: Reuters, CNN Money | Image: Neilson Barnard/Getty for Fortune Magazine]


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    • 1 Second Ago
  • 12 Comments
      • 4 Years Ago
      Everything about this guys says rat....no seriously, look at him.
      • 4 Years Ago
      An unscrupulous Wall Street player? Those are as rare as hen's teeth!
      • 4 Years Ago
      ...hobbit
      • 4 Years Ago
      What a POS.
      • 4 Years Ago
      Maybe he'll write a book about this too.
      • 4 Years Ago
      ...hobbit
      • 4 Years Ago
      Wait Billy from Venture Bros is real!?
      • 4 Years Ago
      Nobody goes to jail? What a country!
      • 4 Years Ago
      Too bad GM didn’t know that all they had to do was pay to play with this guy, maybe then he would have allowed them to keep Pontiac! This is the guy that offed them after all. I’ll bet Lutz would have ponied up some green to keep the arrowhead on the balance sheet. RIP Pontiac.
      • 4 Years Ago
      The bad news/controversies just gets worse and worse with everyone surrounding this administration.
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