Quadrangle Slams Steve Rattner, Settles with Cuomo and SEC
This is not a good day for Steve Rattner. The SEC this morning sued his former firm, Quadrangle Group, for a kick-back scheme related to the New York State pay-to-play scandal. In related news, Quadrangle agreed to repay $7 million to the State of New York, via an agreement with AG Andrew Cuomo. As part of the latter deal, Quadrangle said the following: "We wholly disavow the conduct engaged in by Steve Rattner, who hired the New York State Comptroller’s political consultant, Hank Morris, to arrange an investment from the New York State Common Retirement Fund. That conduct was inappropriate, wrong, and unethical. We embrace the reforms in the Attorney General’s Code of Conduct, including the campaign contribution and placement agent ban, which are vitally necessary to eliminate pay-to-play practices from the public pension fund investment process. We urge others in the industry to follow.” You can read the SEC's complaint by clicking here. More info after the break...
