Update: Ron Bloom to take over, Steve Rattner stepping down as Auto Czar…

Bloomberg has it up, they say Ron Bloom who I have seen described as a friend of labor but who isn’t at this point on the auto force?? How can GM make money negotiating against its own workers interests when it owns itself?

…Ron Bloom, who has worked with Rattner on the car company restructurings, will take over the leadership of the Obama administration’s auto task force, the statement said.
…Rattner “has decided to transition back to private life and his family in New York City,” Treasury Secretary Timothy Geithner said in a statement. “I hope that he takes another opportunity to bring his unique skills to government service in the future.”

Here is a take on Rattner and Bloom from the former chief of IBM…

…“Who did we pick to figure out how to fix the automobile industry? We picked two investment bankers,” Gerstner said in an interview with Bloomberg Television’s “Conversations with Judy Woodruff” airing today. “It’s sort of like asking the arsonist to run the fire department.”

In February, Obama named Steven Rattner, co-founder of private-equity firm Quadrangle Group LLC, as chief adviser on auto-industry issues, and Ron Bloom, a former vice president at investment bank Lazard Ltd., to advise his auto task force….

steven_rattner_graphic

Breaking on CNBC Chyron. The way Rattner allegedly treated Chrysler senior bondholders is truly abhorrent to our system of law. Hope this is not so they can promote him to destroying more contract law elsewhere in our economy…Karma is a two way street. He may be going off to spend more time in his mondomansion for all I know but what comes around goes around and he did a lot of damage to American business and contract law with his actions IMO…

Our MANY previous posts on the Chrysler travesty here

He is taking his giant cheese and going back to his giant rat trap perhaps…we hear the TOTUS family will be vacationing in MASS also…

zodiac-rat-pic

MM is also following the story

July 13, 2009. Tags: , , , , , , . Politics. Comments off.

Government Motors: Treasury to take 70% stake in the new GM….

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Warning NYTimes, Highlights include:

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May 27, 2009. Tags: , , , , , , . Big 3, Economy, Entertainment, Motown, Music, Obama Administration, Politics, Popular Culture, TARP, Uncategorized, Unemployment Statistics. Comments off.

UK Politics: House of Commons Speaker Martin to Resign over PM Expense Scandal…

So much for that apology and Brown standing by him yesterday huh? There but for the grace of biased media go thee Nancy Pelosi…see Critters, once you unleash this kind of anger in the populace to justify exorbitant spending and government control of private enterprise, it is very very hard to control it, and unless you live an honest lifestyle it will bring you down….it may bring you down anyway..thus the danger of the mob..but our DC pols are merrily skipping along lighting fuses left and right while sitting on powderkegs….

who will be Robespierre, I say TOTUS himself…..we wrote about the uncomfortable *ahem* direction of Team TOTUS and a possible future Committee of Public Safety in the numerous czar appointments here

We covered this expense travesty here

We so need an investigation like this here, our Congress Critters are no doubt living high on the hog as they decry bankers and Wall St executive pay….witness Car Czar Rattner encroaching onto Sacred Indian Burial Land (apparently he has never seen a horror film) as he builds his massive Martha’s Vineyard mansion while he does ‘thug’ work for Team TOTUS violating heretofore ‘sacred’ (in the secular sense), contract law of the United States..

This same hypocrisy is visible in the way Hollywood lives while they lecture the flyover country, the way our Politicans are driven around in bullet proof Escalades and jet off where ever they can raise a crowd and collect some cash while advising us to drive compacts that actually well, COMPACT in an accident…frakkers..

sorry but this calls for VISION THING one more time!..another m-f in a motorcade…..sha la la la…

Speaker Martin’s apology yesterday:

May 19, 2009. Tags: , , , , , , , . Economy, Music, Politics. 5 comments.

Diary of a Thug: The way Rattner rolls….

Courtesy of Instapundit by way of finem respice:

..That is, a bit of dialogue so genuinely awful that- were it not from a source I consider impeccable, and unimpeachable- I would not dare to credit at all. Unfortunately, I must do precisely this, and personally believe it to be totally, frightfully accurate. I take no pleasure in relaying it, instead hoping that someone more directly in the business of running such matters down and printing them will carefully document it and- if true- expose it, or- if not- discredit it quickly and finally. This (as yet unproven) yarn goes exactly like this:

Confronting the head of a non-TARP fund holding Chrysler debt and unwilling to release it for any sum less than that to which it was legally entitled without compelling cause, this country’s “Car Czar” berated the manager of said fund with an outburst of prose substantially resembling this:

Who the fuck do you think you’re dealing with? We’ll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with.

Faced with these sorts of threats, in this environment, with valued employees in the crosshairs and AIG a fresh, open wound upon the market, the fund folded….

Go read the whole thing, this has ginormous ramifications to our economy if someone does not take it to SCOTUS and fight it now….

Hit it Cher: Pirates, thugs and thieves….every night they come around, to steal the money we laid down……

May 7, 2009. Tags: , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized. 1 comment.

Chrysler: Government Motors, the Prequel: Glenn Beck- Sweet Deal…

Glenn Beck explains what you’re getting from Chrysler rescue plan

Vodpod videos no longer available.

more about “Chrysler: Government Motors, the Preq…“, posted with vodpod

May 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Economy, FDIC, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized. Comments off.

WH Bashes Chrysler Debtholders who refuse to take a bath as Bankruptcy Looms….

talk about laying it on thick, now they are hanging the bondholders out to dry at the WH:

WH Admin Official stmt:CNBC: On “holdout: lenders ie folks who would rather go to bankruptcy court and try to get some of their money back:

“Their failure to act in either their own economic interests or the national interest does not diminish the accomplishments made by Chrysler, Fiat and its stakeholders nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward…”

Wow, this Admin really can’t stand not getting its way Imagine the statement we will get when the GM bondholders refuse to take a bath while the UAW and Government walks away with control of the ‘new’ company…that bold line reminds me of how they bash us for going to Tea Parties and say we dont understand they gave us a tax cut, BWAAAAHAAA, we get it folks we really do and we do know our own economic interests and so do these hedge funds..and Team Obama aint it….

Fiat has been waiting for bankruptcy so it can buy up the Chrysler assets cheap..This is what Ch 11 is for..maybe Team Obama doesn;t realize that

Maybe the CAR CZAR RATtner should have actually made an effort for the bondholders…

Anyway IMO further evidence of immaturity and a lack of understanding of the American economic system and our bankruptcy courts.

Why the hexx would the hedge funds who gave Chrysler all this money walk away with nothing? Talke it to bankruptcy, that was the deal when they gave the money to them, that’s how it works when you play with the big boys..

See I think problem is Team Obama has NO leverage on the hedge funds at all. They dont control them like the banks they bullied into eating debt yesterday…heh…

And BTW thes ehedge funds are the very same people Team Obama needs to participate in PPIP, good luck with that the way they continuously bash them….

April 30, 2009. Tags: , , , , , . Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. 1 comment.

Breaking: WH: TOTUS will Announce Auto Plan Monday…

thehomer

CNBC Chyron; WH announcement: Auto Task Force winding down decisions to be made on aid, announcement to be made by TOTUS Monday

This is fascinating because the debt holders have been LOUDLY complaining they don’t want a cramdown when the union isn’t cramming down to the level Steve Rattner (head of TOTUS’ Auto Task Force) is announcing as a done deal left and right for two weeks..

Also GM has been publicly stating they do not need or want anymore government money, but Rattner has been floating the idea that GM needs billions, more than tens of billions more..

Mr. Rattner dismisses the idea that his team may not have enough auto expertise to tackle the job. “We are not trying to run car companies,” he says. He compares the work to what he and others have done in the private sector. “This is the type of investment decision that many of us on this team are used to making.”

…Mr. Bloom focused on minute aspects of the business strategy, and Mr. Rattner, on how the deal would be structured. People on the Fiat team came away thinking that the task force’s questions betrayed a limited understanding of the industry. “It’s fair to say we walked out of the meeting and were a little unsettled,” says one member of the Fiat team….

…The bondholders’ attorneys laid out the details of a plan to exchange debt for equity, which would reduce pressure on GM to repay the bondholders. As the lawyers walked through a litany of potential challenges, Messrs. Rattner and Bloom took notes, offering minimal commentary, according to people who attended the meeting. Since then, the bondholders committee has had little contact with the task force. Its lawyers say they were surprised two weeks later when Mr. Rattner publicly criticized them for not being flexible enough….

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March 27, 2009. Tags: , , , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Wall St. Comments off.

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