Corporation fellow Steven Rattner '74 P'10 P'13 has settled a corruption case with the Securities and Exchange Commission, the New York Times reported Wednesday.
The investigation focused on his role in kickbacks paid by Quadrangle Group, an investment firm that he co-founded, to win deals with New York's pension fund.
Rattner, a financier and the Obama administration's former "car czar," will incur a fine of over $5 million and be banned from the securities industry for several years, according to the article.
Quadrangle settled with the SEC in the spring, but the settlement excluded Rattner, a former Herald editor-in-chief. The firm then cooperated with the government in its investigation of Rattner's role in the kickbacks.
Rattner is negotiating another settlement with the New York Office of the Attorney General, according to the article.
Neither Rattner nor his attorney could be reached for comment Wednesday evening.
