Ex-Obama Aide Settles Kickback Probe

Thursday, Apr 15, 2010  |  Updated 2:30 PM EDT
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Ex-Obama Aide Settles Kickback Probe

Steven Rattner is latest in a string of Obama appointees with skeletons in their closet.

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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.

Attorney General Andrew Cuomo announced Thursday that the Quadrangle Group and a handful of other firms had settled their role in the corruption investigation.

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."

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