America

Former 'Car Czar' Rattner Agrees To Pay $10M To State Of New York

Steven Rattner, who served as the Obama administration's "car czar," will pay "$10 million in restitution to the State of New York and be banned from appearing in any capacity before any public pension fund within the State of New York for five years," the office of New York State Attorney General Andrew Cuomo just announced.

As NPR's Jim Zarroli reported in October, Rattner had been accused of paying an associate of New York's state comptroller to steer state pension fund business toward his (Rattner's) private equity firm. Rattner previously agreed to pay $6.2 million to settle federal charges over the "pay-to-play" scandal.

His actions happened before he left the equity firm in 2009 to lead the White House task force that restructured General Motors and Chrysler. That assignment ended in July of this year.

Cuomo, a Democrat, is also New York's governor-elect.

In the statement released by Cuomo's office, Rattner is quoted saying:

"I am pleased to have reached a settlement with the New York Attorney General’s Office, which allows me to put this matter behind me. I apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult. I respect the work of the Attorney General and his staff to ensure that the New York State Common Retirement Fund operates properly and in the best interests of New Yorkers."

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