Steve Rattner Still Has a "Chooch" Problem

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Auto bailout czar Steve Rattner is not out of the woods yet. Rattner may be able to put his problems with the Securities Exchange Commission behind him today. But he's still got a ways to go with state Attorney General Andrew Cuomo's office which launched the state pension probe and which has already won seven guilty pleas including that of ex-comptroller Alan Hevesi.

Sources in the AG's office say the proposed deal with the SEC --a $5-$6 million fine and a two-year ban from market trading --falls far short of an adequate penalty for Rattner's financial escapades. "It's not enough," says one source.

Back in 2005, Rattner's Quadrangle Group paid a $1 million fee to Hevesi's political guru Hank Morris in exchange for a $100 million investment by state pension funds. To grease the skids, he also invested in a slapstick movie, Chooch, produced by the brothers of former pension fund investment manager, David Loglisci, who has also pled guilty in the case.

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