Source:
Associated PressThe 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
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.