Head of Obama Auto Task Force Under Fire Into Role in Alleged Kickback Scheme
By MATTHEW JAFFE
April 17, 2009
Authorities are looking at an investment firm co-founded by the head of President Barack Obama's auto task force as part of an investigation into an alleged "pay to play" scheme to secure New York state pension business, but the White House is standing by its man.
Steve Rattner, the head of the auto task force, co-founded the investment firm Quadrangle Group in 2000. According to documents from the Securities and Exchange Commission, in January 2005 Quadrangle paid a fee of more than $1 million after receiving an investment from the New York State Common Retirement Fund.
As part of the probe that has already led to three indictments, authorities are looking into more than 20 investment firms to find out what they knew -- or should have known -- when they paid the fees.
Rattner is not named in the SEC documents, but the Wall Street Journal and The New York Times, each citing sources familiar with the matter, reported that Rattner is referred to in the documents as a "senior executive" at Quadrangle.
Is their anyone in Obama's administration that is not under investigation, indictment, or pays their taxes?
By MATTHEW JAFFE
April 17, 2009
Authorities are looking at an investment firm co-founded by the head of President Barack Obama's auto task force as part of an investigation into an alleged "pay to play" scheme to secure New York state pension business, but the White House is standing by its man.
Steve Rattner, the head of the auto task force, co-founded the investment firm Quadrangle Group in 2000. According to documents from the Securities and Exchange Commission, in January 2005 Quadrangle paid a fee of more than $1 million after receiving an investment from the New York State Common Retirement Fund.
As part of the probe that has already led to three indictments, authorities are looking into more than 20 investment firms to find out what they knew -- or should have known -- when they paid the fees.
Rattner is not named in the SEC documents, but the Wall Street Journal and The New York Times, each citing sources familiar with the matter, reported that Rattner is referred to in the documents as a "senior executive" at Quadrangle.
Is their anyone in Obama's administration that is not under investigation, indictment, or pays their taxes?