From Wikipedia :
In February 2009, with both General Motors and Chrysler on the brink of insolvency, Rattner was appointed Counselor to the United States Secretary of the Treasury and lead auto adviser. He quickly assembled a team that grew to 14 professionals to address this key element of the national economic crisis.
Reporting to both Treasury Secretary Timothy Geithner and Lawrence Summers, the head of the National Economic Council, Rattner and his auto task force developed a plan to save both the two manufacturers and related suppliers and finance companies. The plan involved a total government investment of $82 billion in the sector, coupled with controlled bankruptcies for the two auto companies, as well as new management for both .
Controversially, in order to get the bond holders on board with the bailout, Rattner threatened the reputation of them. Rattner later wrote in his book Overhaul: An Insider's Account of the Obama Administration's Emergency Auto Rescue that the toughest decision for President Obama was whether to save Chrysler. There was no disagreement, he later wrote, about asking GM CEO Richard Wagoner to step aside.
Controversially, in order to get the bond holders on board with the bailout, Rattner threatened the reputation of them. Rattner later wrote in his book Overhaul: An Insider's Account of the Obama Administration's Emergency Auto Rescue that the toughest decision for President Obama was whether to save Chrysler. There was no disagreement, he later wrote, about asking GM CEO Richard Wagoner to step aside.
By July 2009, both automakers had emerged from bankruptcy, had new management and were on their way to renewed profitability. At that time, Rattner left Washington and returned to private life in New York.
Uploaded by incitebytes on Feb 24, 2012
Clip from February 24, 2012, MSNBC Morning Joe, where Car Czar, Steve Rattner, completely debunks Mitt Romney's nonsense, fantasy claim that his suggested "managed bankruptcy" for the Detroit auto companies without the huge government bailout would have saved the auto industry. Rattner correctly points out that, since no one was willing/able to lend the huge sums of money necessary for the auto companies to survive, that it was either take the government money and survive or not take it and liquidate.
Car Czar, Steve Rattner, Completely Debunks Romney Detroit Auto "Managed Bankruptcy" Fantasy
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