GoFuckYourself.com - Adult Webmaster Forum - Barack H.Obama's "Car Czar" Fined By SEC And Sued By New York State!

More from the criminal administration of The Chosen One!

http://www.reuters.com/article/idUSTRE6AH3HB20101118

From the citation:
By Jonathan Stempel and Megan Davies

NEW YORK | Thu Nov 18, 2010 5:43pm EST

NEW YORK (Reuters) - Former Obama administration auto industry czar Steven Rattner was sued by New York's attorney general on Thursday for allegedly paying kickbacks to win investments from the state's $130 billion pension fund.

Rattner separately settled a related U.S. Securities and Exchange Commission civil lawsuit, agreeing to pay $6.2 million and accept a two-year ban from working with an investment adviser or broker-dealer.

The former investment banker led the federal government's auto task force that oversaw the restructuring and bankruptcy of General Motors Co.

The lawsuit was filed by Andrew Cuomo, the New York attorney general and governor-elect, on the same day that GM began trading on the New York Stock Exchange.

Only hours before the suit was filed, Rattner had been on CNBC television talking about the revamped GM's stock market debut.

The allegations date back to when Rattner worked at Quadrangle, the private equity firm he co-founded. Relations between the firm and Rattner have become strained, however.

Court papers showed on Thursday that he is pursuing arbitration proceedings to recover money he believes Quadrangle owes him. He also accuses his former employer of trying to "shift responsibility for its penalty" to him.

In a letter to investors obtained by Reuters, Quadrangle said it was vigorously defending itself against Rattner's claims, and that Rattner's conduct "continues his pattern of failing to take responsibility for his actions".

"WILL NOT BE BULLIED"

Cuomo filed two lawsuits seeking to recover at least $26 million from Rattner and permanently bar him from the securities industry in the state.

Cuomo and the SEC alleged that Rattner entered quid pro quo arrangements with the New York State Common Retirement Fund to win $150 million in business for Quadrangle in 2005 and 2006.

The attorney general's allegations include fraud charges under the Martin Act, a powerful state law used to combat securities fraud.

"Steve Rattner was willing to do whatever it took to get his hands on pension fund money," Cuomo said in a statement. "Through these lawsuits, we will recover his ill-gotten gains and hold Rattner accountable."

Rattner, 58, said he would fight Cuomo's lawsuits, which he called "politically motivated," and clear his name.

"This episode is the first time during 35 years in business that anyone has questioned my ethics or integrity," Rattner said in a statement. "I will not be bullied simply because the Attorney General's office prefers political considerations instead of a reasoned assessment of the facts......."