WASHINGTON — Steven Rattner, chief of the Obama administration's automotive task force, was described in media reports as the executive who arranged for his firm to pay more than $1.1 million to obtain New York state pension business.
The issue surfaced last week in a Securities and Exchange Commission complaint. The SEC document alleged that "a senior executive" of Quadrangle Group, the private equity firm Rattner co-founded, met in 2004 with a New York state official to solicit an investment. Quadrangle secured that pension-fund investment of $100 million, the complaint said.
The SEC said a Quadrangle executive was involved but did not name Rattner. However, The Wall Street Journal and The New York Times reported last week that Rattner was that executive, citing unnamed sources.
Rattner, 56, and Quadrangle have not been accused of wrongdoing. But the disclosure could complicate the Treasury Department's bailout negotiations with General Motors and Chrysler, which already are steeped in uncertainty, an analyst said.