Steve Rattner

SEC, NY AG Sue Former Car Czar Steve Rattner

Rachel Slajda | November 18, 2010, 11:19AM

Steven Rattner, formerly the Chief Adviser to President Obama's automotive task force

The Securities and Exchange Commission and New York Attorney General (and governor-elect) Andrew Cuomo announced today that they are suing Steve Rattner for kickbacks he allegedly paid in exchange for investments in his equity firm from New York state's pension fund.

Rattner, who helped the Obama administration orchestrate the auto industry bailout, has already agreed to settle the SEC suit by paying $6.2 million and agreeing to stay away from investment advisers and broker-dealers for two years.

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