Article

2009-07-15 Home Front: Politix

Auto Czar Leaves Washington Amid Pay-to-Play Probe Involving Former Firm

Whatever will GM and Chrysler do until a new czar is confirmed?

In the entire eight years of the evvvvvvil Bush administration we didn't have all the corruption and tax problems that the Bambi administration has had in six months ...

The White House stood by Steven Rattner back in April when reports surfaced that he was tied to a deal being investigated by the Securities and Exchange Commission and New York Attorney General Andrew Cuomo. But his departure as auto czar is raising questions about the course of the investigation.

The peculiar timing of Steven Rattner's departure as White House car czar has raised questions about the course of an investigation that has scrutinized his possible dealings with the New York state pension fund.

The probe into pay-to-play schemes, part of a long-running and wide-ranging investigation by the Securities and Exchange Commission and New York Attorney General Andrew Cuomo, reportedly has intensified as Cuomo's office seeks additional documents from a firm Rattner co-founded.

"Obviously he's been a player" in the probe, said a source familiar with the investigation.

The source confirmed to FOXNews.com that Cuomo has sought documents from Rattner's former firm, Quadrangle Group, though it's unclear when the most recent requests were made.

The Treasury Department announced Monday that Rattner was quitting as counselor to the treasury secretary, a post that made him head of a task force with a broad mandate to manage the bailout of General Motors and Chrysler Group.

The Wall Street Journal reported Tuesday that Cuomo's office had stepped up its scrutiny of both Quadrangle and Rattner.

That's after an SEC complaint in April detailed a "transaction" in which Quadrangle struck a deal worth $100 million with the state pension fund after a "senior executive" of the firm met with a former official under then-Comptroller Alan Hevesi. The complaint said the firm paid more than $1 million as part of the deal.

The Journal reported in April that the "senior executive" was Rattner.

Though two former officials in the comptroller's office -- David Loglisci, the former chief investment officer, and Hank Morris, a former adviser to the comptroller -- have been indicted on corruption charges, Rattner has so far not been accused of wrongdoing.
Not yet.

Posted by ed 2009-07-15 10:33|| || Front Page|| [11143 views ] Top

#1 Czars are not confirmed, they are appointed by the president and serve outside the usual executive cabinet officials.

Posted by bman 2009-07-15 12:03|| 2009-07-15 12:03|| Front Page Top

#2 How many czars does it take to destroy a representative government and the Constitution? There is no provision in the Constitution for these Czars but I don't think many of our elected officials are bothered by such trivia.

A way to consolidate power in the office of the President and to bypass the approval process of Congress.

Drug Czar,U.S. Border Czar,Urban Czar,Regulatory Czar,Stimulus Accountability Czar ,Iran Czar,Middle East Czar,Afghanistan-Pakistan Czar ,Cyber Security Czar,Bank Bailout/TARP Czar,Energy Czar,Technology Czar,Copyright Czar,Climate Czar,Health Care Czar,WMD Czar,Education Czar,Economic Czar,Housing Czar,Mortgage Czar,Pay Czar,Guantanamo closure Czar,Terrorism Czar, Car Czar and more?

Posted by JohnQC 2009-07-15 12:25|| 2009-07-15 12:25|| Front Page Top

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