Ex-auto czar paying $6.2M in SEC settlement

[dixiegrrrrl]

Source: Associated Press

The Obama administration's former auto czar agreed Thursday to pay $6.2 million to settle civil charges over his role in an influence-peddling scandal involving New York state's public pension fund.

The Securities and Exchange Commission announced the settlement with investment banker Steven Rattner. As part of the settlement, Rattner will also be barred for at least two years from working in the securities industry.

The SEC alleged that Rattner and his private-equity firm Quadrangle Group provided kickbacks, political favors and personal benefits in 2004-05 to get access to business from the state's $125 billion pension fund.

Read more: http://news.yahoo.com/s/ap/20101118/ap_on_re_us/us_sec_rattner

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Remember Pres. Obama's "Car Czar"? and that he left his post suddenly last year?

SEC just fined him, no one is pressing criminal charges ( WHY NOT???!!!)
AND

The money Rattner is paying to settle the charges represents a fraction of his wealth. He reported net worth last year of between $188 million and $608 million. But banning him from the industry, even a temporarily, could greatly limit his earning potential.

[Angry Dragon]

1. This is load of bull

He should be barred from securities for life
He should be facing prison time
The fine should be so much higher

Where is the justice in this country??
You half a bag of drugs on you for personal use and you get 5-10 years

[dixiegrrrrl]

2. But defraud pensions and the government, you get a government job!!!!