By on April 22, 2009

You gotta think the head of the Presidential Task Force on Automobiles (PTFOA) is in deep shit re: the growing kickbacks for public pensions scandal—given that Steve “Chooch” Rattner couldn’t be more politically connected if he was tied to President Obama with an umbilical chord made of piano wire. Not only was Rattner Obama’s personal choice to “fix” the US auto industry (i.e., Chrysler and GM), but the ex-journalist also manages Mayor Bloomberg’s personal fortune. As The New York Times reports, Rattner also knows a Senator or two. “Mr. Rattner forged close personal ties in New Mexico, which invested $20 million in Quadrangle. He met with Senator Jeff Bingaman, a Democrat from that state, on at least one occasion, according to a person with knowledge of the meeting. From about 2004 until early this year, Quadrangle also employed the senator’s son as an associate. A spokeswoman for Senator Bingaman said that the senator’s son did not raise money for Quadrangle, but instead helped make investments. Senator Bingaman was not involved in the pension process, she said.” Sure, coincidence. I buy that. But then I believe Rattner and his 24 PTFOA teammates are more qualified to run the US auto industry than say, someone with industry experience who doesn’t depend on his ability to grease political palms for his or her livelihood.

Get the latest TTAC e-Newsletter!

Recommended

9 Comments on “SEC Widens Investigation into PTFOA Chairman Rattner’s Quadrangle...”


  • avatar
    jpcavanaugh

    Oooooo – I see it coming. Chrysler and GM get extensions on the deadlines and more interim bailout bucks while PTFOA investigates then looks for Rattner’s replacement.

  • avatar
    paris-dakar

    The ethical standards of Cook County governance gone national. (Holds nose).

  • avatar
    superbadd75

    Hopefully this crooked bastard will be dismissed before the pile gets much deeper, and before GM and Chrysler are promised even more of our money. As for replacements, I heard Bob Lutz isn’t doing anything these days.

  • avatar
    CarPerson

    Archimedes stated that give him the right place to stand and he could move the word with a timber.

    Big deal.

    Give me a stack of greenbacks and I can move anything you want moved, although Rattner seems to have beaten me to it. Next thing we’ll learn is that his shoes have been parking under the wrong bed.

  • avatar
    CarPerson

    Archimedes stated that give him the right place to stand and he could move the word with a timber.

    Big deal.

    Give me a stack of greenbacks and I can move anything you want moved, although Rattner seems to have beaten me to it.

    Next thing we’ll learn is that his shoes have been parking under the wrong bed.

  • avatar
    jkross22

    Yet another crooked Obama nominee.

    I wonder if he uses TurboTax.

    Change!

  • avatar
    motownr

    Good on TTAC for this story and the deplorable lack of industry-savvy types on the PTFOA.

    We’re in the early innings of this story. Keep it up RF.

  • avatar
    psarhjinian

    Good on TTAC for this story and the deplorable lack of industry-savvy types on the PTFOA.

    There’s nothing really wrong with having few industry-unsavvy types, especially since the kingpins of this industry (or any industry) have effectively had their, ah, egos handed to them on a platter.

  • avatar
    paris-dakar

    This is the second thread on these shenanigins where the Obamabots have been conspicuous by their abscence. I wonder why?

Read all comments

Back to TopLeave a Reply

You must be logged in to post a comment.

Recent Comments

  • SCE to AUX: That’s 8 feet per second – enough to injure a frail rider.
  • SCE to AUX: Lawyers will stop AVs, not technology.
  • Matt51: Ford CEO Jim Hackett Not Going Anywhere, Says Ford CEO Jim Hackett ha ha ha ha – that is what they all...
  • jack4x: Nevada has no income tax though so I’d take that tradeoff in a heartbeat. I also have a newer F350 King...
  • duncanator: I came very close to purchasing one last November, but just couldn’t do it as it didn’t fit...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Timothy Cain
  • Matthew Guy
  • Ronnie Schreiber
  • Bozi Tatarevic
  • Chris Tonn
  • Corey Lewis
  • Mark Baruth