Wednesday, 27 August 2014
Last updated 30 min ago
Oct 14 2010 | 10:12am ET
Steven Rattner, the founder of alternative investments firm Quadrangle Group, will accept a two-year ban from the securities industry to settle charges stemming from an alleged kickbacks scheme at New York’s largest public pension fund.
Rattner, who until last summer served as President Barack Obama’s top adviser on restructuring the U.S. auto industry, will also pay a $6 million fine for allegedly paying $1.1 million in finder fees to Henry Morris, the chief political consultant to former New York Comptroller Alan Hevesi. Hevesi’s office oversaw the New York State Common Retirement Fund, which invested $100 million in a Quadrangle private equity fund, earning the firm $7 million in fees.
Hevesi himself pleaded guilty to criminal corruption charges last week.
The deal with Rattner comes more than three months after the SEC first proposed a three-year bar. Rattner countered that he would accept a one- or two-year ban.
Rattner left Quadrangle to serve as Obama’s auto czar. The New York-based firm agreed to pay $7 million to settle a probe by New York State Attorney General Andrew Cuomo in April, and at the time said, “we wholly disavow the conduct engaged in by Steven Rattner.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...