Steven Rattner, an auto czar working in the Obama administration formerly hardly refused to part with $6.2 million as settlement to civil charges after he had a role in a scandal involving the use of influence in the State of New York’s public fund pension.

The announcement was made by the Securities and Exchange Commission as Rattner ended up being barred from working in the securities industry for at least two years.

The allegations have stemmed from accusations that SEC said Rattner used his private-equity Quadrangle Group in questionable dealings in 2004-05 to get business out of the state’s $125 billion fund.

The accused refused to reply to the charges in the federal court of Manhattan, but said he would abide to the law future. The courts are yet to approve the settment that calls for him to part with a fine of $3million accompanied by restitution of $3.2million.
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Rattner seems to have more time in court as yet another case has been filed against him by the New York Attorney General, this time requiring him to pay for illegal favors he got from the pension fund as he helped Quadrangle get a hefty investment.

The Attorney General this time round wants at least $26 million from the accused and have him handed a life time ban from ever dealing in the securities industry.

The Democrat fund raiser and influential policy figure, Rattner, left the firm last year to be the new co-leader of the White House task force on the General Motors and Chrysler. He began promoting his latest book on the auto industry after leaving the government in July.

The payments will not be an issue to the man since he quite wealthy as the charges hardly reflect a fraction of his wealth, since his reported net worth in 2009 was between $188 and $608 million. Banning him from the industry even for a short period could affect his earnings.
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