Steve Rattner's Gift From Obama and Cuomo: Ex-Car Czar Said to Settle With S.E.C. in Pension Case

The New York Times reports:

Steven Rattner, the former car czar, has agreed to a settlement with the Securities and Exchange Commission over kickback claims involving the New York State pension fund, a person with knowledge of the negotiation said Wednesday.

Mr. Rattner will accept a multiyear ban from the securities industry and pay a fine of more than $5 million, the person said. He is still in negotiations over a similar settlement with the office of the New York attorney general, Andrew M. Cuomo.

The settlement, which is expected to be announced on Thursday, caps a multiyear investigation by the government into kickbacks paid to officials with New York’s pension fund. Earlier this month, Alan G. Hevesi, the state’s former comptroller, pleaded guilty to a corruption charge involving the state fund.

The Quadrangle Group, the private equity firm co-founded by Mr. Rattner, settled with the S.E.C. and Mr. Cuomo’s office in the spring and issued a statement disavowing Mr. Rattner’s conduct. The firm agreed to pay $7 million to the pension fund and $5 million to the Securities and Exchange Commission.

Great moments in the Democrat party.