Bloomberg Defends Rattner

Mayor Bloomberg is standing by one of his philanthropic advisers, Steven Rattner, who is reported to have been fined millions of dollars by the Securities and Exchange Commission for his role in a pension fund scandal. The mayor says he won't be replacing Rattner anytime soon.

"Steve Rattner's my friend, of course I'd keep him on. Why would you not? If he can do anything to help, I value his advice and he's a close friend of mine and you stick by your friends," Bloomberg said.

Rattner served as the nation's 'Car Czar' under President Barack Obama. He also ran a private-equity firm, the Quadrangle Group, which was accused of illegally obtaining business from the state's pension fund by bribing a political consultant.

The SEC is not commenting on the reports of a settlement with Rattner.