Steve Rattner, Obama's Car Czar? Private Equity Titan "Leading Candidate"

Democrats tell ABC News successful private equity investor Steve Rattner of the investment firm Quadrangle Group has emerged as President-elect Barack Obama's leading candidate to be "car czar."

Known for brokering investment media deals, Rattner began his career as a reporter with the New York Times before leaving for the greener pastures of Wall Street. There, he rose quickly at places like Lehman Brothers, Morgan Stanley, and Lazard Frères. Mr. Rattner is highly regarded for his financial acumen -- so highly that a year ago, New York Mayor Michael Bloomberg put his fortune -- estimated to be worth as much as $13 billion -- in Rattner's hands.

The so-called "car czar" position does not yet formally exist; Congressional Democrats have been working with the Obama Team on creating it.

Read the whole story here.

Comments

[Cogs]

Instead of bailing ou the automakers, I sugggest the government buy $20 billion worth of autos. Dealers lots are packed with cars no one can afford or are not willing to buy. A massive government purchase would clear the lots and keep the auto industry afloat. Every Iraq and Afgan vet could be given a new car and the remainder to be awarded to teachers working in the inner-city and to social organizations. Detroit would get the cash infusion they are seeking and the goverment would be able to help people keep the jobs associated with production. Loaning the companies money does not solve the problem. They are still overstocked. Deplete the inventory and let the Big 3 use the cash for development.

I've sent this suggestion to the offices of Senator Durbin and got no response. The Chicago Tribune won't publish my letter. I really think this plan makes more sense than handing billions to these companies while not knowing if a bailout will actually work. Taxpayers could lose our shirts and millions will be laid off if the "loans" fail to stimulate the industry.

[Arthur954]

Good idea !

[engineer68]

Some time back I posted that we needed to clear the dealer lots, before more cars were produced, and someone wrote that McDonalds, Burger King, etc. was the answer. I did not think this funny. You have hit on something here. Keep trying.

[Hopalongpoppyseed]

Are we talking about the Auto Autocrat?

[dandypuddin]

The Autocrat, I like it!

[JZ735]

Verrrrrry interesting.

[dandypuddin]

No Car Czar. Who's idea was this anyway? Stay with your investment firm.

[kstuff]

Qualifications??? Knowledge of the auto industry??

[johncando]

when you need Lee I. he is retired

[thats2much]

i agree, we are so quick to attach a "cutsie" term to anything that comes along. ie. "veep" "di fi" (diane fienstein). Its no wonder the 6th and 7th graders in my school are reading at 2nd and3rd grade levels. YIKES ! hahahah

[bikerdude]

This whole czar idea is a bunch of crap, especially if they are considering someone like Rattner. A bean counter is not what is needed. The problem is that they have rooms full of Rattner types sinking that ship.

[DrZane]

He should appoint Ralph Nader if he's going to appoint anyone.

[HalleBurton]

No more "czars," please. Surely, we can come up with some other term. Coordinator?

[Arthur954]

He could be called the Car Commisar or whatever, as long as the candidate has talent, good taste, imagination and flair. These qualities are more important than having a car background. Above all, we cannot have a Big Dummy beancounter tipe

[dandypuddin]

Assistant?

[rollingdivision]

Yeah politicians and their connected hack will run the entire US auto industry.