An investment firm founded by former Obama auto industry adviser Steven Rattner has agreed to pay $7 million to resolve allegations that it paid kickbacks while trying to drum up business from New York's giant government pension fund.
Quadrangle has acknowledged paying more than $1 million in finders fees to a political consultant in order to land a lucrative state investment contract.
Rattner organized those payments. He also had his company invest money in a low budget film produced by a relative of a top pension fund official.
Quadrangle said in a statement that Rattner's conduct was "unethical."