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Ear to the Ground

Former Car Czar Pays Steep Settlement Fine

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Posted on Dec 30, 2010
AP /J. David Ake

Steven Rattner, former head of the Obama administration’s task force on the auto industry, delivers the keynote address on the auto bailout at the National Press Club in Washington in October 2009.

President Obama’s erstwhile “car czar,” Steven Rattner, has paid a high price—$10 million, to be exact, not to mention his former position in the current administration—for his investment group’s involvement in a shady pension fund scheme. The news that Rattner had ponied up the fine to the New York attorney general’s office hit the wires Thursday—just in time for the New Year’s holiday.  —KA

CNN Money:

Rattner was accused of a “pay-to-play” scheme involving New York’s pension fund, in which Rattner’s Quadrangle allegedly gave kickbacks to officials if they directed state pension money to the fund.

Steven Rattner, founding partner of Quadrangle and former Obama administration ‘auto czar’ settled a pension fund scheme allegation for $10 million.

In addition to the fine, Rattner was also banned from appearing before any public pension fund within New York for five years.

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By samosamo, January 1, 2011 at 3:08 pm Link to this comment

****************


Ah, baloney. $10,000,000.00 is chump change
and then he will resurface in another state and
set up his ‘lottery’ there. Real fine example of
human kindness and surely he is one of god’s
favorite and chosen denizens.

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By minutemenmedia, January 1, 2011 at 9:12 am Link to this comment

And we are supposed to believe his leading role in the dismantling of the US Auto Industry was actually in the best interest of the Automakers and the Taxpayers.
Right ... Now GM makes more cars in China than the US, and more the 2,000 dealerships have closed.

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By Maani, December 31, 2010 at 6:16 pm Link to this comment

“Steep?”  That depends on his net worth, which is HUNDREDS of millions.  Remember when Michael Milken went to jail and paid a 500 MILLION dollar fine?  He did not even blink, since, when he got out, he still had about a BILLION dollars left.

Rattner gets a slap on the wrist, and TD calls it a “high price?”  What, exactly, would they consider a “low” price?

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By frecklefever, December 31, 2010 at 3:46 pm Link to this comment

NOT GIVING THESE CRIMINALS JAIL TIME..ONLY ENCOURAGES MORE CRIMINALITY..BEING
COMPASSIONATE IS NOT FITTING WHEN THE PERPETRATOR GETS THE BREAK AND VICTIMS HAVE
TO PURSUE JUSTICE…WHICH IS STANDARD PRACTICE IN CIVIL CASES..IT WOULD BE WISE TO END
THE DISTINCTION BETWEN CRIMINAL AND CIVIL LAW..WE ALL KNOW HOW CIVIL CASES LETS THE
WHITE COLLAR CRIMINAL SLIDE..

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