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SEC Brings New York 'Pay-to-Play" Case Against Rattner

Bruce Carton | November 18, 2010

As I discussed in my most recent monthly column, "pay-to-play" is now an area of keen interest for the SEC. Today, the SEC added to its growing list of cases in this area with the announcement of a settled enforcement action against former Quadrangle Group principal Steven Rattner.

The SEC alleges that Rattner participated in a kickback scheme to obtain investments from the New York State Common Retirement Fund. According to the SEC, Rattner secured investments for Quadrangle from the Retirement Fund after he arranged for an affiliate of his firm to distribute the DVD of a low-budget film called "Chooch" that was produced by the Retirement Fund's chief investment officer and his brothers. Rattner also allegedly had Quadrangle retain Henry Morris, the top political advisor and chief fundraiser for former New York State Comptroller Alan Hevesi, as a "placement...

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