SEC Widens Investigation Into PTFOA Chairman Rattner's Quadrangle

Robert Farago
by Robert Farago
sec widens investigation into ptfoa chairman rattner s quadrangle

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.

Join the conversation
4 of 9 comments
  • Jkross22 Jkross22 on Apr 22, 2009

    Yet another crooked Obama nominee. I wonder if he uses TurboTax. Change!

  • Motownr Motownr on Apr 22, 2009

    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.

  • Psarhjinian Psarhjinian on Apr 22, 2009
    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.
  • Paris-dakar Paris-dakar on Apr 22, 2009

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