Word: rattner
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...weeks after Treasury Secretary Timothy Geithner tapped Wall Street financier Steven Rattner to try and save the U.S. auto industry, Rattner sat down for coffee at a nondescript café in Washington with the man he wanted to be his deputy, Ron Bloom. Both men had spent much of their careers in the universe of high finance, but they came from different planets. Thanks to the success of his dealmaking firm, Quadrangle, Rattner, 56, lives atop New York society in an apartment overlooking Central Park and the Metropolitan Museum of Art. Bloom, who turns 54 today, lived until recently...
...there was some understandable tension when the two men sized each other up in January over coffee at their first face-to-face meeting. When Rattner outlined the draconian marching orders Geithner had given him to try to save General Motors and Chrysler, Bloom paused and laid down a marker. He saw the job as a potential capstone in a career spent championing labor interests during years of industrial restructuring. He understood that the situation called for tough medicine for autoworkers. But I also want you to know, Bloom said, that I've dedicated my life to preserving as many...
...America has always debated the primary source of its wealth: capital or labor. And in a way that happens more frequently in literature than in life, Rattner and Bloom are neatly drawn avatars for the opposing sides of that argument. As such, they make a complementary team to resuscitate the moribund automakers. Out of money and out of options, GM and Chrysler can be saved from complete dissolution only by a government effort to reconcile management, workers and creditors to a much-diminished future. If Rattner and Bloom can find common ground, perhaps those dueling interests...
...Rattner's aims are less clear. He started as a reporter at the New York Times in the 1970s and left to begin a successful career as a media-business dealmaker on Wall Street. His lifestyle is the envy of many who have watched his career, which also got its start at Lazard Frères - he has the fancy cars, the Fifth Avenue apartment and homes in Westchester and on Martha's Vineyard. A major Democratic donor, Rattner's brains and ambition have propelled him to the top, but he has made enemies along...
...Chrysler say that they need $22 billion. Rattner calls it differently. He told Bloomberg, "It could be considerably higher, I won't deny that", when asked whether U.S. aid sought by the car companies could increase. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can't rule that...