Steven Rattner, the Wall Street financier and Democratic donor who oversaw the Obama administration's auto-industry restructuring, is finalizing a deal with the Securities and Exchange Commission staff to resolve his role in a "pay to play" scandal involving New York state's public pension fund, people familiar with the matter said Wednesday.
Mr. Rattner would pay roughly $6 million and agree to a two-year ban from the securities industry, the people said. SEC commissioners are expected to vote on the deal with Mr. Rattner on Thursday. Until then, terms could change, and the deal could even fall apart. An SEC spokesman declined to comment. Through a representative, Mr. Rattner declined to comment.
A settlement with the federal securities regulator and a ban on his participation in the securities business would represent a significant comedown for Mr. Rattner, who rose to the No. 2 spot at top mergers and acquisitions firm Lazard Freres & Co. before leaving to co-found in March 2000 a private-equity firm that ended up ensnared in the pay-to-play probe.
Karma - Stick it to the bondholders of GM in favor of the unions. Hmmmm, wonder who paid for that?
This is my effort to help fit the pieces together to get a better picture of the capital markets.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
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