Steven Rattner, the financier and former Obama Administration car czar, was sued today by New York Attorney General Andrew Cuomo for Rattner's alleged role in a long-running pension fund scandal.
The complaint alleges (read it here) that Rattner "paid kickbacks in order to obtain $150 million in investments in Quadrangle [Rattner's private equity firm] from the New York State Common Retirement Fund." The activity in question occurred in 2004-5, well before Obama named Rattner car czar, a position from which he stepped down this summer.
Probably the juiciest section of the charges involves Rattner's alleged role in orchestrating a DVD distribution deal for the terrible movie "Chooch," which was produced by the brother of an official with the state retirement fund.
"Chooch" tells the tale of an Italian-American man from Queens who goes on an ill-fated vacation to Cancun after he costs his softball team a game against rival Hoboken. The Times concluded it was not "worth anyone's time."
Rattner, who denies the allegations against him, also agreed today to pay $6.2 million to settle similar charges with the SEC.
Somehow through all of this Rattner has remained a member of polite society, regularly commenting on economic matters on television (he was on CNBC this morning) and also going on a media tour to promote his book about the Obama Administration and the auto industry.
Here's the trailer for Chooch:
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