Rattner to Leave Auto Task Force
Updated from July 13
Steven Rattner, who had led the Obama administration's auto task force, is headed home.
Rattner "has decided to transition back to private life and his family in New York City," said Treasury Secretary Tim Geithner, in a prepared statement. Rattner will be replaced by Ron Bloom, who had been a senior adviser to the task force.
"With the emergence of both General Motors and Chrysler from bankruptcy, we enter a new phase of the government's unprecedented and temporary involvement in the automotive industry," Geithner said, as "the government transitions its role away from day-to-day restructuring to monitoring this vital industry and protecting the substantial investment the American taxpayers have made in GM, Chrysler, and GMAC."Rattner and Bloom were key advisers to Geithner as the government pushed GM and Chrysler through quick bankruptcies, helping the auto giants shed unsustainable debt levels, large health care obligations and uncompetitive wage levels. GM received about $50 billion in loans and bankruptcy financing while Chrysler got about $15.5 billion in federal aid. Under the new structures, the U.S. government will own about 61 percent of General Motors and 8 percent of Chrysler. The Treasury Department said Rattner had decided to return to private life and his family in New York City. Geithner credited Rattner for his work to strengthen the two companies. "I hope that he takes another opportunity to bring his unique skills to government service in the future," Geithner said. GM chief executive Fritz Henderson said in a statement that Rattner's "expertise was a key contributor toward a new GM emerging in record time."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV