Rattner Leaves PTFOA
From Reuters comes word that Car Czarlet Steven Rattner will be leaving the Presidential Task Force On Autos. The move “represents the start of a long-planned wind down of the autos panel” according to Reuters’ interpretation of an anonymous White House source. “With GM’s restructuring complete, Steven Rattner, whose leadership and vision were invaluable to the Auto Task Force’s efforts, has decided to transition back to private life and his family in New York City,” explains a statement from Treasury Secretary Timothy Geithner. “We are extremely grateful to Steve for his efforts in helping to strengthen GM and Chrysler, recapitalize GMAC, and support the American auto industry. I hope that he takes another opportunity to bring his unique skills to government service in the future.” Unique skills? Is Rattner getting blown off or is this Mission Accomplished? A little of both?
“Because of the President’s commitment to this industry and the deep sacrifices of all stakeholders, GM and Chrysler have achieved a quick restructuring, and the economy avoided the devastation that would have accompanied their liquidation. Now, with day-to-day management of these companies in the hands of the private sector, the American taxpayers have a better chance of recouping their investment in these companies.”
Note Geithner’s use of the past tense. Commitment shown, unpopularity endured, is the White House backing out? Unfortunately, Geithner’s optimism carries shades of a certain carrier landing about it. Declaring victory won’t bring back GM and Chrysler’s sales. But what about Bob Lutz‘s desire for a permanent PTFOA (brought to you by the new CTS Coupe)? Expect Motown subsidies to keep coming, only without the explicit bailout lables attacahed.
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