Sen. John McCain, R-Ariz., East Room of the White House in Washington, Monday, Feb. 23, 2009.
The Obama Administration has appointed 56-year-old Wall Street veteran Steven Rattner as the official head of the Presidential Task Force on the Auto Industry. Colloquially still referred to as the “car czar,” Rattner will serve as the official liaison between Treasury Department Secretary Tim Geither and Obama’s 10-person advisory board impaneled to oversee the aggressive restructuring of the auto industry. According to reports, although Rattner will advise “…on a variety of economic and financial matters, [he] will lead the Treasury’s efforts with regard to the automobile sector.”
A former New York Times reporter and current managing partner of a successful hedge fund, although Rattner joins the group with negligible knowledge of the automotive industry itself, his strong political connections are highly valued and are expected to serve him well during his appointment. This week, Rattner will perform his first official duties as car czar this week when several D.C. officials meet with Chrysler and GM to discuss bankruptcy and restructuring options.
Source: Detroit News
Image Cred: AP Photo by Charles Dharapak