Obama's Former Car Czar Near Settlement With SEC for Corruption

Steve Rattner oversaw the nationalization bankruptcy of GM and handover to the UAW the bankruptcy of Chrysler for President Obama. Instead of following normal bankruptcy law, these deals were done the 'Chicago way.' In other words, the whole mess reeked of corruption. Team Obama seems to have gotten away with this outrage, but former car czar Steve Rattner has rolled snake eyes with the SEC for his previous business dealings. He is near a deal with the SEC to ban him from financial markets for two years and pay a $6 million fine for making a pay-off for investment in his former business Quadrangle Group LLC .

Bloomberg reported:

Quadrangle Group LLC co-founder Steven Rattner, the subject of state and federal investigations of corruption at New York state’s pension fund, is near a settlement with the U.S. Securities and Exchange Commission, according to a person familiar with the matter.

The proposed accord includes a two-year ban from the financial industry and a $6 million fine, according to the person, who declined to be identified because the talks are private. In June, the SEC proposed a three-year ban, while Rattner suggested one to two years, a person with knowledge of those negotiations said at the time.