Auto Czar Quits Post Six Months Into the Job

[galileoreloaded]

Source: WSJ

WASHINGTON -- Steven Rattner, the chief architect of the bailouts of General Motors and Chrysler, 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, won praise for leading the rescues of General Motors Co. and Chrysler Group LLC.

Both shed thousands of jobs, eliminated heavy debt loads and moved rapidly through bankruptcy court.

Read more: http://online.wsj.com/article/SB124751573500734529.html

[alice silas]

1. He has some problems alright.....big time. NT

[Windy]

2. No, its probably because his job is done. the company's have come out of bankruptcy

And I have it on first hand knowledge from a person extremely high up at GM that they thought Rattner was very effective.

I think you need to go to a different website to post possibly????

[alice silas]

3. Job done? Then why did they give the job to someone else already?

When President Obama visits Martha's Vineyard this summer, Rattner will be able to entertain Obama at his 15,500 square foot estate there and not have to worry about sucking up to the boss -- because Rattner will be out of Washington. Rattner may be leaving because Tim Geithner is secure as Treasury Secretary -- a position Rattner would no doubt savor -- or it could be to take care of some legal problems.

Meanwhile, it may well be that Rattner has some legal problems to tend to. His firm, Quadrangle Group, is under investigation for making payments to an indicted intermediary -- Hank Morris -- an associate of New York's former comptroller to help Quandrangle raise money from the New York state pension plan. Did the airing of the details of this investigation get squashed until after Chrysler and GM exited bankruptcy? If so, it will not be too shocking to see more information come out about the Quadrangle legal situation once Rattner is out of Washington.

And come to think of it, if that turns out to be an accurate guess then President Obama may want steer clear of Rattner's Martha's Vineyard estate -- at least for this summer.

http://www.dailyfinance.com/2009/07/13/car-czar-steve-r... /

[jkshaw]

6. An artful creation of a straw man

if I ever saw one.

[scheming daemons]

7. I've seen this poster before....

[Psephos]

5. The job is emphatically not done

and if anyone needs to go to a different website, it's you. You're trying to "purify" a progressive website of opinions you don't like? I come here because I want and need to hear a variety of opinions. Don't mess with it.

[ConcernedCanuk]

13. Already gone - as I suspected . .

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[tomm2thumbs]

4. Welcome to DU !!!

[undeterred]

8. Is he quitting or "advancing in another direction"?

[Common Sense Party]

10. Only a dead fish goes with the flow, don'tcha know. n/t

[JayMusgrove]

12. Doubt he'll be moving to Alaska, though! n/t

[Common Sense Party]

9. He must be related to Palin. n/t

[WriteDown]

11. Sounds like a case of take the money and run....

Ugh.