Treasury “Car Czar,” Steve Ratner: NY Pension Fund Kickback Scandal?

Apparently another member of Obama’s administration is caught in a compromising position. It seems that the Treasury Department is being run by a tax cheat and now its un-constitutional “car czar,” Steve Ratner, is implicated in paying off the state official in charge of investing pension monies.

From the SEC complaint:

    76. In or about October 2004, a senior executive of Quadrangle Group LLC (“Quadrangle”), a private equity firm specializing in media and communications investments, met with Loglisci to solicit an investment for Quadrangle from the Retirement Fund [Loglisci is the state official who made investment decisions for the fund. He has been charged in the kickback scheme. The WSJ says the Quadrangle executive is Steve Rattner]. Loglisci reacted favorably to the solicitation and began taking the necessary steps to secure approval for a large Retirement Fund investment directly with Quadrangle.

    In or about December 2004 -­ after Loglisci’s meeting with the Quadrangle executive –Morris [another defendant in the kickback scheme] met with the Quadrangle executive and solicited a finder fee arrangement between Quadrangle and Morris. Even though Quadrangle had already retained a placement agent, the Quadrangle affiliate that served as the general partner of the private equity fund in which the Retirement Fund invested, Quadrangle GP Investors II, L.P. (“Quadrangle GP”), entered into a written agreement, dated January 10, 2005, to pay Searle 1.1% ofany amount invested by the Retirement Fund with that private equity fund, Quadrangle Capital Partners IT Fund, L.P. (“Quadrangle Fund”).

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