Steve Rattner steps down as head of Obama’s auto task force

Posted: Jul 14, 2009
Filed under: Industry News

Steven Rattner

Steven Rattner, the head of President Obama’s auto task force, will be leaving his position at a time when his private equity firm has been linked to a corruption probe by New York’s attorney general, Andrew Cuomo.

In announcing his resignation on Monday, U.S Treasury Secretary Timothy Geithner said that Rattner will be returning to his private life with his family in New York. Sources close to Rattner said that he does not plan on going back to his former firm, Quadrangle.

“The attorney general’s office has been seeking additional documents from Quadrangle concerning the New York pension fund investments,” a source told Reuters.

Rattner, who oversaw bankruptcies at General Motors Corp and Chrysler Group, has not been accused of any wrongdoing… yet.

- By: Omar Rana

Source: Reuters
Photo Source: Official White House Photo by Pete Souza – Flickr

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  • zermatt
    I don't believe that his work at Quadrangle is the reason he is leaving the task force. I like to think that he wants to get his reputation as far away from the Greening of GM as he can. As it stands now, he can simply say that his involvement was to get the bankruptcy finished and not the decimation of the product offerings that is going to be shoved down the new GM's throat.

    I think that Lutz was brought back as a smoke screen so that loyal GM buyers hear what they want to hear while the new Overlords make the strategic moves behind the scenes. How long before the Camaro SS is a V6 (with anemic V6 performance) and the base model is a turbo 4?
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