Word: rattner
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...pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great regret," predicts Corker, a reluctant and critical supporter of the bailout. "The government has no business making those kinds of decisions." Critics of the government's involvement maintain that bondholders have been punished, union workers coddled and laws...
...Kicking the Can When Obama drafted Rattner and another financier, Ron Bloom, to lead his auto task force, he instructed them to "treat these transactions in a commercial manner." That is to say, restructure the companies in a way that makes good business sense. The "commercial" mantra proved fleeting. The first imperative of commerce - to add value and thus earn profits - is too narrow to host all the civic expectations attached to the auto industry. If GM's only task were to make money, the company would shutter its car factories (or move them to low-cost countries) and churn...
...Bank of America, Citigroup or Wells Fargo could be out of a job. The government may also decide it wants a much bigger stake in the banks than some are currently letting on. Maybe Tim Geithner and Ben Bernanke are better at tying up loose ends than Steve Rattner and the Automotive Task Force, but odds are there more chapters to come in the big bank crisis...
...have run out of rope, and has filed for bankruptcy - a course confirmed by President Obama at a Thursday press conference. The reason for the fast fall into Chapter 11 is that some of Chrysler's debt holders refused to take the cash settlement offer put together by Steve Rattner and the Automotive Task Force, the terms of which they found rather harsh...
...decided that rather than covering the players, he wanted to be a player." Kathy Slobogin, formerly a New York Times colleague of Rattner's, on why he left the news business to be an investment banker, (Newsweek...