November should have been a grand month for Steven Rattner, the private equity honcho and former head of Obama's auto industry restructuring efforts. But instead of celebrating the IPO of General Motors, Rattner is being sued by New York attorney general (and soon-to-be governor) Andrew Cuomo for at least $26 million for his alleged role in a pay-to-play scheme to get investments from the New York State pension fund. Rattner already agreed to a settlement with the SEC, accepting a two year ban from the securities industry and coughing up $6.2 million in fines. In response to the suits,
Rattner announced, "I will not be bullied simply because the attorney general's office prefers political considerations instead of a reasoned assessment of the facts…I intend to clear my name by defending myself vigorously against the politically motivated lawsuit."