SEC Sues Steven Rattner Over Kickback Scheme

The Wall Street Journal is reporting that the SEC will file a civil lawsuit against former New York Times reporter, car czar, and asshole Steven Rattner for his role in a pension kickback scheme. His downfall continues!

Rattner supposedly came to a settlement with the SEC over the case last month by promising not to sell securities for several years, but that appears to have fallen through. What's worse, New York Attorney General and governor-elect Andrew Cuomo also announced today that he's suing Rattner for $26 million, and a lifetime ban from the securities business, over the scheme, in which Rattner's firm Quadrangle Group paid officials in New York's Office of the Comptroller for access to state pension funds.

Ironically, news of the suits comes down on the very day of the rehabbed General Motors' initial public offering, which is attracting a lot of investors and raising tons of money. Good job, Rattner!