Former Obama car czar Steven Rattner has agreed to pay $6.2 million to settle federal charges over his role in a “pay-to-play” scandal, but said he will not be “bullied” into accepting a harsher penalty from New York’s attorney general.
The Securities and Exchange Commission announced yesterday that Mr. Rattner had accepted the fine and a two-year ban from the securities industry to resolve allegations that he paid illegal kickbacks to help his private equity firm land a lucrative investment from a state pension fund.
