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Thursday
Dec302010

Cuomo Announces Agreement with Former Car Czar in NY State Pension Probe

Photo Courtesy --Getty Images(NEW YORK) – On the eve of his inauguration as New York governor, outgoing Attorney General Andrew Cuomo has announced an agreement with a former Obama Car Czar as part of a multi-year pension probe.

Steve Rattner will pay $10 million in the settlement and has been issued a five year ban on public pension fund work.

In a statement, Attorney General Cuomo said the agreement concludes the last major aspect of the investigation.

“The state pension fund is a valuable asset held in trust for retirees and supported by taxpayers,” Cuomo said. “Through the many cases, pleas and settlements in this investigation, I believe we have been able to help restore and protect the integrity of the state pension fund.”

Rattner also released a statement Thursday, saying he is happy he can put the issue behind him.

“I apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult,” Rattner said. “I respect the work of the Attorney General and his staff to ensure that the New York State Common Retirement Fund operates properly and in the best interests of New Yorkers.”

Rattner, the former founding principal of private equity firm Quadrangle, had been faced with two lawsuits by the Attorney General’s Office regarding the nature of $150 million in investments in Quadrangle from the New York State Common Retirement Fund.

Cuomo launched an investigation into corruption at the pension fund last year.

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