Steven Rattner, Obama's former car czar, is forking over $6.2 million and is banned from associating with any investment advisor or broker-dealer for two years, in a settlement with the SEC, avoiding further court action over his role in a pay-to-play investment scheme over New York State pension funds.  Chad Bray and Michael Rothfeld of the WSJ explain: Regulators have been probing allegations that members of former New York Comptroller Alan Hevesi's office and a former political advisor essentially sold access to New York's $125 billion Common Retirement Fund, one of the country's largest pension funds.In its lawsuit, the SEC alleged that Mr. Rattner secured investments for his former firm, Quadrangle Group LLC, after he arranged for a firm to distribute a low-budget film that was produced by David Loglisci, the retirement fund's chief investment officer, and his brothers. Mr. Rattner, under pressure from former Hevesi political advisor Henry "Hank" Morris...(Read Full Post)