Innovation Update

Probe Clouds Star Turn For Auto Negotiator Rattner

Stock quotes in this article: CMCSA  

As a negotiator, he is said to be civil, but blunt about what the administration wants.

That style has been evident in talks with the investors who held the debt of Chrysler and GM. In the end, most agreed to accept a fraction of the face value of their holdings after the task force made it clear that if they didn't accept the restructuring plan, they could end up with nothing.

Rattner gave one group of 20 Chrysler holdouts just two hours to accept a slightly sweetened offer. When many of them balked, the deal was withdrawn. A lawyer for the creditors later termed it "hardball."

Bloom said Rattner was civil at the negotiating table, "not a yeller or a screamer," even when taking a firm position.

Rattner, speaking to reporters Monday, declined to offer a timeline on when the task force's work would be complete. "A lot of us have worked really hard to get to this point and the last thing we want to do is drop the ball on the 10 yard line," he said.

Rattner has been less than direct when it comes to questions about the pension fund investigation.

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