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….
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…
MM is also following the story
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:
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….
Moderate in the Middle 