Monday, Oct 05th

Last update05:56:52 AM GMT

You are here News Economy Former Obama Auto Industry Czar Steven Rattner Will Pay $10 Million in Restitution

Former Obama Auto Industry Czar Steven Rattner Will Pay $10 Million in Restitution

E-mail Print PDF

Steven RattnerSteven Rattner, the former principal of private equity firm Quadrangle Group LLC, will pay $10 million to settle a probe by New York Attorney General Andrew Cuomo of corruption at the state pension fund in a deal that largely ends a three-year investigation that has yielded eight guilty pleas.

Rattner's payment of restitution to the state of New York is less than half of the $26 million Cuomo sought. Rattner also agreed to be banned from appearing in any capacity before any public pension fund in the state for five years, the attorney general’s office said in an e-mailed statement. Cuomo, New York's governor -elect, sought a lifetime ban from the securities industry.

“I am gratified that we have been able to reach an agreement in this case, as it resolves the last major action of our multi-year investigation,” Cuomo said in the statement.

Rattner said in the same statement he was “pleased to have reached a settlement.”

“I apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult,” he said.


Most Recent Related Stories...

Oil and gas boomtown gone bust: Gonzales tries to cope

boomtown gone badOnly a year ago, with oil trading near $100 a barrel, residents of this proud and...

GE to move turbine jobs to Europe, China due to EXIM bank closure

GE sends jobs to Europe, ChinaGeneral Electric Co (GE.N) said on Tuesday it will move 500 U.S. power turbine manufacturing jobs...

Major banks investigated for collusion in precious metals market

Banks investigated for precious metalsThe Swiss competition watchdog has launched an investigation into possible collusion in the precious metals market...

Was Tom Hayes Running the Biggest Financial Conspiracy in History?

Tom HayesHayes was a phenom at UBS, one of the best the bank had at trading derivatives....
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!