While Steven Rattner's lawyers continue to negotiate with New York AG Andrew Cuomo's office, SEC Commissioners are set to vote Thursday on a settlement deal with the former head of the Quadrangle Group, and former 'Car Czar' (who helped save the U.S. auto industry), over pay-to-play charges.

Mr. Rattner had reached a deal with the SEC enforcement staff last week - agreeing to pay ~$6 million and take a two-year bar from certain work in the securities industry.  But the staff reportedly pulled it from the commission calendar to give New York state authorities more time to negotiate their own deal.

Of course, we're talking the alleged finder's fees his firm paid to help secure an investment advisory arrangement with New York state's public pension fund.  The Quadrangle firm settled with the SEC and Mr. Cuomo earlier this year without admitting or denying wrongdoing - the settlements didn't include Mr. Rattner.   [WSJ, 10/21]