Ratt in a Trap

US watchdogs accused Steven Rattner of participating in a widespread kickback scheme to get investments from the New York State Common Retirement Fund, the city's biggest pension fund.

"Mr. Rattner will pay $10 million in restitution to the State of New York and be banned from appearing in any capacity before any public pension fund within the State of New York for five years," a statement from New York attorney general Andrew Cuomo said.

Rattner had earlier agreed to settle similar charges with the Securities and Exchange Commission, by paying $6.2 million, without admitting or denying guilt.

  Raw Story

Of course, most of us are going to take that huge payment as an admission of guilt, aren’t we?

Does the name Steven Rattner sound familiar? He’s the billionaire who was Obama’s “car czar” back when we bailed out the auto industries, for a very short while in early 2009. And Obama knew about the investigations into his schemes when he appointed him.

Time April 2009:

Steve Rattner had never focused on the auto industry before. So yes, he was an odd choice to be a special adviser to the Treasury Department on its dealings with Detroit car manufacturers. And even though he was known mostly for his work as a journalist and as an investor in various media companies, Rattner got right to work, reportedly helping to engineer the ouster of General Motors CEO Rick Wagoner just weeks after joining the Administration.

But now, the private equity firm Rattner co-founded is the focus of pay-to-play accusations made by the New York State Attorney General and Securities and Exchange Commission. While Rattner has not been charged with anything, he was an executive at the firm during the time the alleged misdeeds took place and reportedly may have met with those accused of criminal activity. Details remain scant, but the case involves payments to people who helped make business connections between Rattner's firm and the New York State pension fund. The Obama Administration claims it was aware of the pending investigation when it appointed Rattner.

  Time

Newsweek 2008:

Even some of his admirers accuse him of being a hypercareerist with the journalistic savvy to promote himself above all else (none would say so on the record, for fear of incurring Rattner's ire). For example, some point accusingly to Rattner's newfound support of Obama—he and White have been trying to bring Hillary holdouts to the fold, and they are looking to raise at least $1 million for him. "I think he and [wife] Maureen want to be in a position to have something out of it," says one Clinton fund-raiser on Wall Street.

  Newsweek

And they got it.

....but hey, do what you want....you will anyway.