Just when you think it can’t get stranger. After Tim Geithner and President Obama declare they really don’t need a Car Czar after all (just the money), Steven Rattner appears to be assuming that role.
Steven Rattner is the founder of Quadrangle – a private equity firm with a long history of deal making in the major leagues of finance. That’s not totally surprising – the talk is that for a GM/Chrysler bankruptcy deal to happen, the government needs private equity money driving the process. More importantly, they need a “kick ass and take names later” guy to make the painful decisions and tell people “the way it is going to be”. Think of Danny DiVito’s character in “Other People’s Money” and that pretty much sums it up. I’m actually having a twinge of optimism now.
The “kicker” about Mr Rattner is he is the man who manages the finances of New York City Mayor Michael Bloomberg.
Tags: banktuptcy, Bloomberg, Geithner, GM