GM Wants To File Bankruptcy, Suppliers Going Under, So Let’s Make NY Dilettante Steve Rattner Auto Czar
GM says the government either has to bail them out again or provide bankruptcy debtor-in-possession loans. They’re being squeezed by their bondholders. They’re cutting 10,000 more jobs. The UAW has walked away from the negotiating table. The nation’s auto suppliers are asking the Treasury for $18.5 billion in emergency aid to prevent the collapse of auto suppliers, or one million jobs could be on the chopping block.
So by all means, let’s name a big fundraiser with no experience in the automotive world whose private equity group has conflicts of interest with GM to be auto czar. Because an administration job is a feather in his cap he’s always wanted. And everyone needs a hobby.
While it is impressive, I’m not sure that successfully keeping your wife’s drunk driving incident out of the press counts as an applicable job skill.