Quadrangle Says Its Founder's behaviour Was: "Inappropriate, Wrong, And Unethical"

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Big and surprising development in the ongoing pay-for-play scandal involving PE firm Quadrangle and the New York State pension system.

Here it is in a nutshell.

Quadrangle is settling with Cuomo, but the suit does not include Stephen Rattner, who left the firm to be Obama’s car czar.

And the interesting part is that Quadrangle is specifically calling out Rattner.

The best to follow this story is Dan Primack at peHUB.  Here, he live-blogs Andrew Cuomo’s conference call >

Here’s the nut comment:

“We wholly disavow the conduct engaged in by Steve Rattner, who hired the New York State Comptroller’s political consultant, Hank Morris, to arrange an investment from the New York State Common Retirement Fund.  That conduct was inappropriate, wrong, and unethical.  We embrace the reforms in the Attorney General’s Code of Conduct, including the campaign contribution and placement agent ban, which are vitally necessary to eliminate pay-to-play practices from the public pension fund investment process.  We urge others in the industry to follow.”

Read more at peHUB >

Here’s the full SEC complaint:

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