The Obama administration has expressed confidence in the head of the President’s Auto Task Force, Steven Rattner, amid a report investigating his role in a New York pension kickback scheme.
As reported by the New York Times and the Wall Street Journal this morning, Quadrangle Group LLC, a private equity firm which Mr. Rattner is co-founder of, is one of several companies under investigation by NY Attorney General Cuomo and the Securities and Exchange Commission for doing business with the state’s employee pension fund.
While not mentioned by name in the SEC documents, Rattner has been singled out for arranging for his investment firm to pay more than $1 million to obtain New York State pension business, per The New York Times.
Aboard Air Force One today traveling to Trinidad and Tobago, White House Press Secretary Robert Gibbs said that the President does have confidence in Mr. Rattner. Gibbs added that this is not news to the administration, they were informed of the investigation during the transition period.
“He’s not accused of doing any wrongdoing and is not likely to face either criminal or civil charges as it relates to this, and a pending investigation was something that he brought up to us,” Gibbs said, also disputing the notion that this hangs a cloud over Rattner’s head.
Rattner was chosen as Obama’s top auto adviser in late February.
-Jake Tapper and Sunlen Miller