Ex-car czar under fire in NY pay-for-play scandal
Former Obama car czar Steven Rattner has agreed to pay $6.2 million to settle federal charges over his role in a "pay-to-play" scandal, but says he won't be "bullied" into accepting a harsher penalty from New York authorities.
New York Attorney General Andrew Cuomo filed two lawsuits Thursday accusing Rattner of paying illegal kickbacks to help his private equity firm land a $150 million investment from the state pension fund.
Cuomo is seeking at least $26 million from Rattner, and a lifetime ban from the securities industry.
Rattner said in a statement that the Securities and Exchange Commission settlement was necessary, but he "will not be bullied" by Cuomo, the state's governor-elect.
He accused Cuomo's office of letting "political considerations" get in the way of "a reasoned assessment of the facts."
'Tis the season for the NewsdayTV Holiday Show! The NewsdayTV team looks at the most wonderful time of the year and the traditions that make it special on LI.
'Tis the season for the NewsdayTV Holiday Show! The NewsdayTV team looks at the most wonderful time of the year and the traditions that make it special on LI.
