Friday, November 19, 2010

Car czar to Cuomo---I'm too important to be sued

Just because he's never been publicly accused before doesn't mean he never did anything wrong.

“This episode is the first time during 35 years in business that anyone has questioned my ethics or integrity.” “I intend to clear my name by defending myself vigorously against this politically motivated lawsuit.”

"Mr. Rattner now has a lot to say as he spins his friends in the press, but when he was questioned under oath about his pension fund dealings he was much less talkative, taking the Fifth and refusing to answer questions 68 different times."
RICHARD BAMBERGER, a spokesman for Attorney General Andrew M. Cuomo of New York.

Financier Is Sued by Cuomo in Fraud Case

November 19, 2010

Steven L. Rattner, the financier who oversaw the federal rescue of the auto industry, was formally accused by New York’s attorney general, Andrew M. Cuomo, on Thursday of engaging in a kickback scheme involving the state’s pension system.

On the same day that Mr. Rattner was being celebrated on Wall Street for his role in turning around General Motors, he found himself embroiled in a bitter public battle with Mr. Cuomo, he settled similar charges with the Securities and Exchange Commission and he escalated a separate legal fight against his former investment firm.

Even as a resurgent G.M. went public again in a huge stock sale on Thursday, Mr. Cuomo sought to banish Mr. Rattner for life from the securities business in New York.

The civil fraud claims, which Mr. Rattner fiercely contested, came within moments of news that the financier had settled a related dispute with the S.E.C. In that case, Mr. Rattner accepted a two-year ban from certain Wall Street businesses and, without admitting or denying wrongdoing, agreed to pay a $6.2 million fine...

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