Rattner fights proposed SEC ban

By Laurie Bennett

June 2, 2010 at 7:41am

Journalist-turned-financier-turned-auto-czar Steven Rattner is vigorously opposing efforts by the SEC to bar him from the securities industry for up to three years, The New York Times reports today.

The proposed penalty stems from probes by the SEC and the New York attorney general into pay-for-play schemes between financial firms and the New York State pension fund.

Quadrangle Group, Rattner’s former firm, reached a deal in April to pay $12 million in fines to settle investigations into its role. At the time, the company released a statement critizing Rattner’s behavior as “inappropriate, wrong, and unethical.”

The Times reports that Rattner was excluded from the agreement because he would not accept the work ban.

Rattner left Quadrangle to head President Obama’s automotive task force, a job he resigned in July.

Should he be banished from Wall Street, the embarrassment would reflect not only on the Obama administration, but on the many Democratic candidates he has helped over the years. His wife, Maureen White, was an Obama bundler and national finance chair for the Democratic National Committee.

As the Open Secrets blog notes today, the Rattners have contributed more than $1 million over the years to Democrats.

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