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Thread: Auto Czar Quits Post Six Months Into the Job

  1. #1
    Harry Guerrilla's Avatar
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    Auto Czar Quits Post Six Months Into the Job

    Auto Czar Quits Post Six Months Into the Job -

    WASHINGTON -- Steven Rattner, chief architect of the bailouts of General Motors Co. and Chrysler LLC, is leaving the Obama administration after less than six months on the job and just days after ushering GM through a speedy bankruptcy-court proceeding.

    Mr. Rattner, a former investment banker and onetime partner of the New York private-equity firm Quadrangle Group, is closely identified with the bailout's successes and controversies. He led revamps that shed thousands of jobs and eliminated heavy debt loads. He also drew criticism from those who objected to the government's intervention in the automobile sector. All told, the bill could hit $100 billion.
    The move comes as the New York attorney general's office has intensified scrutiny of Quadrangle Group and Mr. Rattner, 56 years old, as part of a long-running probe, according to a person familiar with the matter.

    The attorney general is overseeing a broad investigation into alleged payments to secure business with New York state's large public-pension fund.
    He remained a focus of attention because of his deep ties to Wall Street, his wealth and his involvement in the pay-to-play investigation in New York. His transition to Washington power circles was also followed because of his prominent role for years in Democratic Party circles in New York.

    He and his wife, Maureen White, ranked among the city's biggest fund-raisers for Democratic candidates and he was one of the few prominent administration officials with an extensive business background.
    Interesting development.

    What do you think?
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  2. #2
    Join Date
    Nov 2008
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    07-18-09 @ 02:56 AM

    Re: Auto Czar Quits Post Six Months Into the Job

    I think he was/is going to get in trouble soon and the administration would rather not have the hassle. So he leaves with a shove on his own.. and they replace him with another Czar..Former labor negotiator Ron Bloom.

    36 Czars and counting....

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