Ex-Obama car czar near SEC settlement

By CNNMoney.com staff


LONDON (CNNMoney.com) -- Steven Rattner, President Obama's former car czar, is close to reaching a deal with the Securities and Exchange Commission over his role in a "pay-to-play" scandal involving the New York state pension fund, according to published reports.

Under the deal being negotiated, Rattner would pay around $5 million and be banned from the securities industry for two years, the Financial Times and New York Times said, citing people familiar with the situation.

A deal reportedly could be announced Thursday. A spokesman for Rattner declined to comment, the reports said, and the SEC declined to comment to media, including CNN.

The SEC has been investigating Rattner's activities during his time at Quadrangle Group, the private equity firm he co-founded in 2000. Regulators alleged Quadrangle gave kickbacks to officials if they directed state pension money to the fund.

In April, Quadrangle agreed to pay a total of $12 million to settle charges by the SEC and the New York State Attorney General over the pension fund scheme case. Rattner, who no longer works at Quadrangle, was not part of that settlement.

Rattner left Quadrangle early last year when he was tapped by Obama to help oversee the restructuring of the auto industry in the wake of the financial crisis. His tenure as head of the government's auto task force was brief. He stepped down from the position in July of last year amid talk of his involvement in the pension fund scheme.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Sponsors

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.