Steve Rattner on the investing landscape after the election

Steven Rattner, chairman of Willett Advisors, the investment arm for former New York Mayor Michael Bloomberg's personal and philanthropic assets, sat down with CNBC's Mike Santoli to discuss the investing landscape after the U.S. presidential election.

"I think if I were the market, what I might want would be some form of divided government, but one in which stuff actually gets done, as opposed to a divided government in which nothing gets done. I think in terms of investing around it, the market has made it clear that it prefers Hillary Clinton to Donald Trump, which is an unusual choice for the market. But as you watch the market go up and down with the polls, I think that's relatively clear," said Rattner.

"So if Mr. Trump were to win, I think you would see a massive downturn in the market the next day, at this point. If Hillary Clinton wins, probably not that much of an upturn," he added.

In this wide-ranging conversation, Rattner, who previously served as counselor to the secretary of the Treasury and led the Obama administration's effort to restructure the automobile industry, also discusses:

  • The fiscal priorities of a new administration.
  • Whether Democrats are the new party for business.
  • His outlook for General Motors, Ford and the auto industry.
  • How to generate long-term returns.

PRO subscribers can also read the entire transcript of the exclusive interview below.