The Truth About Cars » Rattner http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 26 Oct 2014 12:06:16 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » Rattner http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Rattner Defends Bailout With Old Talking Points http://www.thetruthaboutcars.com/2012/10/rattner-defends-bailout-with-old-talking-points/ http://www.thetruthaboutcars.com/2012/10/rattner-defends-bailout-with-old-talking-points/#comments Tue, 09 Oct 2012 16:15:12 +0000 http://www.thetruthaboutcars.com/?p=463232 Ford did not receive a government bailout. Not directly. It would have gone down the tubes along GM and Chrysler, if they would have been allowed to die, Steve Rattner, the head of the auto task force, told Bloomberg. Said Rattner: “Ford would have closed because it wouldn’t have been able to get parts, because […]

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Ford did not receive a government bailout. Not directly. It would have gone down the tubes along GM and Chrysler, if they would have been allowed to die, Steve Rattner, the head of the auto task force, told Bloomberg.

Said Rattner:

“Ford would have closed because it wouldn’t have been able to get parts, because the parts industry in this country was in arguably worse shape than the assemblers.”

Rattner repeated another favorite talking point of bailout supporters, namely that the U.S. government was the only entity that could save the domestic automakers because no one, including banks that were dealing with their own financial crises, was willing to put private capital into GM and Chrysler at the beginning of 2009.

But then, as the head of the taskforce, what should he say?

 

 

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Former Car Czar Pays $10 Million, Does Not Go To Jail http://www.thetruthaboutcars.com/2010/12/former-car-czar-pays-10-million-does-not-go-to-jail/ http://www.thetruthaboutcars.com/2010/12/former-car-czar-pays-10-million-does-not-go-to-jail/#comments Fri, 31 Dec 2010 08:54:08 +0000 http://www.thetruthaboutcars.com/?p=379199 Former Obama administration “car czar” and leader of the Presidential Task Force on Autos,  Steven Rattner, wrote a $10 million check yesterday to NYS Attorney General Andrew Cuomo, and Cuomo dropped his charges. Rattner will remain a free man. The only thing he’s not allowed is to appear before any state-pension funds for the next five years. […]

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Former Obama administration “car czar” and leader of the Presidential Task Force on Autos,  Steven Rattner, wrote a $10 million check yesterday to NYS Attorney General Andrew Cuomo, and Cuomo dropped his charges. Rattner will remain a free man. The only thing he’s not allowed is to appear before any state-pension funds for the next five years. Cuomo can close out his desk and go on to become New York’s governor.

For Rattner, this is the end of the “pay-to-play” pension kick-back scandal that led to the criminal convictions of former state Comptroller Alan Hevesi and seven others. Rattner will get away, and the Empire State will have $10 million less of a budget shortfall.

The New York Post says that “Rattner’s punishment is a slap on the wrist compared to what Cuomo originally wanted from the ex-Wall Street financier.” Cuomo wanted a $26 million settlement. Rattner countered with $ 6 million. Cuomo turned him down, his reasoning is in the video. Excerpt: “6 million dollars is basically the amount of money Mr. Rattner will make from the deal. We have people in prisons today who would have gladly just given back the money and go on their way.”  Well, Rattner had settled a parallel probe with the SEC for $6.2 million, and probably thought what’s good enough for the Feds should be good enough for the State.

Hevesi and others are awaiting sentencing, while Rattner continues advising his old pal, Mayor Bloomberg. Speaking of Bloomberg, Bloomberg treats the case with kiddie gloves. It gives wide play to Rattner calling Cuomo’s lawsuit “close to extortion.” Bloomberg went deep in the archives and found another Rattner bonmot:  Cuomo “has basically threatened me all along the way that if I don’t do what he wants me to do, he will prosecute me to the ends of the earth.”

It was all talk, Steve. just make sure the check won’t bounce.

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