November 19, 2010
The Obama Administration named Steven Rattner it's "Car Czar" in February 2009. The NY Times describes Mr. Rattner as a "financier." The Securities & Exchange Commission says Rattner paid kickbacks to secure investment business, and fined him $6 million. NYS Governor-elect Andrew Cuomo, in his current role as Attorney General, says Rattner is guilty of fraud and seeks to ban him from the investment business for life.
Busy guy, this Rattner.
Rich guy, too. Rattner is worth between $188,000,000 and $608,000,000 according to disclosure forms he filed with the US Treasury when he became the Car Czar. He has proclaimed his innocence, though President Obama wisely avoided joining Rattner's avowals. Here's hoping he can't buy his way out of this. The six million bucks he has agreed to pay the SEC is chump change for him. Andrew Cuomo should pursue Rattner for every dime he can get, and send him to jail if a jury will agree. Bribes and kickbacks to get business from New York State are a textbook example of one leg of the trifecta that all politicians like to say they'll go after: waste, fraud, and abuse. Bravo to Mr. Cuomo for going after this fraud.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).