Thursday, November 18, 2010
By Bob Hennelly
After years of working in lockstep on the blockbuster New York State pension scandal, the Securities and Exchange Commission and Attorney General Andrew Cuomo split over how to hold former auto czar Steven Rattner accountable for his alleged role in the scheme.
In his SEC settlement, Rattner will pay $6.2 million and accept a two-year ban from associating with investment advisors or broker dealers. But he admits no wrong doing. He must reapply to the SEC after his suspension.
Minutes after the SEC rolled out the details of their deal, Cuomo announced he was suing Rattner for $26 million and seeking to ban him for life from the securities business in New York.