Behind The Wheel
- Growing Sub-Prime Auto Loans - New Troubles for Automakers?
- Savings at the Pump Still Supreme for Car Buyers
- GM Says It's Dropping Out of Super Bowl Ad Race
- Two New Models, Two Different Drivers in Mind
- GM Still Likes Its No-Facebook Ad Strategy
- World's Biggest Brands Flex Their Muscles
- A New World Record: 80 Million Vehicles... and Counting
- Is Toyota Back?
- Ford Cuts Summer Idle Time at US Plants, Will GM Follow?
- Auto Stocks Stuck in Neutral
MOST SHARED
- Greece Pours $22.6 Billion Into Four Biggest Banks
- Spain's Borrowing Costs Near Danger Level: Bailout Next?
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- 5 Spots Where the Dollar Buys a Great Vacation
- European Firms Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Winemaking Lures the Wealthy, But Not With Profits
- Hostage to Headlines
- Citigroup Lost $20 Million on Facebook IPO Trades
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- Spain's Debt Costs Near Danger Level: Is Bailout Next?
- European Companies Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
RSS FEED
Auto Task Force Shifts Gears Without Rattner
Text Size 
CNBC Reporter
Like the whirlwind trips in and out of bankruptcy for GM and Chrysler, Steve Rattner is leaving Washington just a few months after stepping into a high profile position with the Treasury Department. Rattner is leaving the Auto Task Force and heading back to private life in the investment world. Talk about making a splash and then getting out of town.
 |
Rattner leaves after four months that completely re-shaped the industry. Think about it. Since March, both GM [GMGMQ
Loading...
()
] and Chrysler have gone in and out of bankruptcy, started shedding tens of thousands of jobs, replaced two CEOs, and cut tens of billions in debt obligations. It's not a stretch to say the tenure of Rattner in D.C. may have had the biggest impact on the auto industry in decades.
Within the auto industry Rattner was not a favorite. He was clearly respected, but rarely admired. That's not surprising given the fact he ran a task force that had to recommend the White House make tough choices for GM, Chrysler, and auto suppliers.
Somebody had to say no, things are changing. Somebody had to say the days of "business as usual" are over. Somebody had to make a lot of people in the auto industry swallow some bitter medicine. Rattner and his team did that, and it's the reason many in Detroit are glad to see him leave D.C. Some of those feelings are sour grapes, some are legitimate.
Rattner heads back to New York where he will once again get immersed in Wall Street. His time in Washington is over, but the impact of his actions while in the D.C. will be felt for years to come.
_____________________________________
Click on Ticker to Track Corporate News:
- Ford Motor [F
Loading...
()
]
- General Motors [GMGMQ
Loading...
()
]
- Toyota Motor [TM
Loading...
()
]
- Nissan [NSANY
Loading...
()
]
- Honda Motor [HMC
Loading...
()
]
_____________________________________
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
