Authorities are looking at an investment firm co-founded by the head of President Barack Obama‘s auto task force as part of an investigation into an alleged “pay to play” scheme to secure New York state pension business, but the White House is standing by its man.
Steve Rattner, the head of the auto task force, co-founded the investment firm Quadrangle Group in 2000. According to documents from the Securities and Exchange Commission, in January 2005 Quadrangle paid a fee of more than $1 million after receiving an investment from the New York State Common Retirement Fund.
As part of the probe that has already led to three indictments, authorities are looking into more than 20 investment firms to find out what they knew or should have known when they paid the fees.
Yet another one of Obama’s picks are under investigation for “pay to play”! Where or when will it end? Never seen this many investigations of a president’s people. Sure shows the kind of people Obama has hanging with him does it not?