Thursday, 29 January 2015
Last updated 5 hours ago
Mar 12 2010 | 8:08am ET
Quadrangle Group co-founder Steven Rattner is in talks with New York Attorney General Andrew Cuomo to settle his role in a pay-to-play probe of the state’s largest public pension fund.
Rattner, who until the summer served as President Barack Obama’s top adviser on restructuring the U.S. auto industry, has not been charged with any wrongdoing. Cuomo yesterday called his probe of Rattner and Quadrangle an “ongoing matter.”
Quadrangle paid about $1.1 million in allegedly bogus finder-fees to Henry Morris, the top political consultant to former New York Comptroller Alan Hevesi, whose office oversees the New York State Common Retirement Fund. In exchange for the alleged kickbacks, Morris had the pension fund invest $100 million in the private equity firm.
Quandrangle was also involved in the distribution of a movie produced by the brother of David Loglisci, the former Common Retirement Fund chief investment officer, who pleaded guilty this week to involvement in the scam.
Morris has pleaded not guilty.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…