After overseeing the bankruptcies of Chrysler and General Motors, Steven Rattner, the head of President Obama’s auto task force, has resigned. Ron Bloom, a former steelworker official, will take over Rattner’s post.
The Obama administration announced on Monday that Rattner had resigned to return to his family life in New York, but the former Car Czar was facing an investigation into a possible investment scandal. Although details remain scarce, Rattner recently became the target of an investigation involving a state pension fund that provides benefits to more than 1 million government employees, according to the Associated Press.
Additionally, it was revealed in May that Rattner was an investor in Cerberus Capital Management, the former – and then-owner – of Chrysler.
Despite the dark clouds, Treasury Secretary Timothy Geithner had nothing to say but good words about Rattner’s work. “We are extremely grateful to Steve for his efforts in helping strengthen GM and Chrysler, recapitalize GMAC and support the American auto industry,” Geithner said in a statement. “I hope that he takes another opportunity to bring his unique skills to government service in the future.”
Bloom will take over immediately, overseeing the government’s control over Chrysler and GM and its eventual exit as owners.
07/13, 5:45 PM
posted by:
johnnycanuck
Where’s his other hand and why is he smiling like that?
07/13, 5:51 PM
posted by:
beatusmongous
^LMAO!^
07/13, 5:51 PM
posted by:
carstuff
Ron Bloom will be great
07/13, 5:59 PM
posted by:
Borat
Johnny, I don’t think he is pleasuring himself in sexual way, but being investor in Chrysler and managing Chrysler’s bankruptcy leads me to believe that he may be counting money that he did not loose like the rest of investors.
07/13, 6:00 PM
posted by:
JakeK66
You’s think Obama would want someone with some automotive experience at some point in their lives. I guess that is nieve of me. Common sense plays no part in what is an appointment of these people.
07/13, 7:47 PM
posted by:
carstuff
Why? The government is leaving the decisions to the board that was picked. They are not involved anymore in GM. Not even sure why they need a task force anymore other than wait for Ford to also ask for more money.
I will be watching very closely, as we all will, on exactly what Bloom does.
07/13, 9:02 PM
posted by:
JakeK66
How’s the grape Kool-Aid carstuff? You’ve had alot of it lately.
07/13, 10:53 PM
posted by:
Bankruptcy2009
Mr. Canuck I could agree more. Rattner is just another asshole Bureaucrat- easy desk job with just putting his nose in where it does;nt belong.
07/13, 10:54 PM
posted by:
Bankruptcy2009
Hey Rattner go eat a GodDamn Rat!
07/13, 11:21 PM
posted by:
carstuff
Jake, just not letting what I read here on the blogs settle in as facts. I actually read what auto reporters are reporting and listening to what the auto execs are saying and doing.
Like the green GM logo. Idiots here said the government wanted it. Pure bull.
07/14, 12:42 AM
posted by:
jdasch1
He owns a 2008 Lexus LS 460 sedan, a 2007 Audi S4 convertible, a 2006 Mercedes-Benz R350 sport-utility vehicle and a 2005 Lincoln Town Car, according to public records. I guess we will all miss this “domestic car geniius guru”. 8 of ten of these “experts” own foreign cars or total “cash for clunker” trade ins. Will GM and Chrysler make it?? I guess we need leaders to lead. Posers not needed.
07/14, 5:56 PM
posted by:
armstealer
Nyuk Nyuk Nyuk!
…or however you might spell Curly’s laugh