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Obama Appointee Described By SEC As Arranging $1M Pay-for-Play Payoff

It's all so damned incestuous, isn't it? The man leading the Obama administration’s efforts to restructure the auto industry has been described in

It's all so damned incestuous, isn't it?

The man leading the Obama administration’s efforts to restructure the auto industry has been described in Securities and Exchange Commission documents as having arranged for his investment firm to pay more than $1 million to obtain New York State pension business.

Although he is not named in the documents, a person with knowledge of the inquiry said the investment executive is Steven Rattner, co-founder of the Quadrangle Group, the prominent private equity firm.

The S.E.C. complaint, filed as part of an expansive state and federal investigation into corruption at the state pension fund, details the efforts of Quadrangle to gain business from the pension fund beginning in 2004.

The person who received most of the $1 million-plus payment has been indicted, accused of selling access to the fund.

There is no indication in the complaint that Mr. Rattner faces criminal or civil charges in connection with the inquiry.

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