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Old 07-14-2009, 06:27 PM
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Default Auto Czar next Rat....tner to jump ship

Another Corrupt Obama official; Will the auto bailout really be a boondoggle?


From Reuters News Service:
Quote:
WASHINGTON/NEW YORK (Reuters) - Steven Rattner will leave as head of the U.S. autos task force, which oversaw bankruptcies at General Motors Corp and Chrysler Group, at a time when a probe into how the private equity firm he co-founded gained New York pension business has intensified.

In announcing Rattner's resignation on Monday, Treasury Secretary Timothy Geithner said that the investor would be returning to private life and his family in New York. A source close to Rattner said he does not plan to rejoin his former firm, Quadrangle.

Rattner, a former journalist, made his name as a media banker and co-founder of media-focused private equity fund Quadrangle, and surprised Wall Street when he took the autos role in the government in February.
Quadrangle and Rattner have in recent months been linked to a corruption probe by New York's attorney general, Andrew Cuomo, into the pensions industry.

A source familiar with the matter said that Cuomo's investigation of Rattner has "intensified" in recent weeks.

"The attorney general's office has been seeking additional documents from Quadrangle concerning the New York pension fund investments," the source said.

Rattner and Quadrangle have not been accused of wrongdoing.
The pensions scandal involved allegations that high powered political lobbyists were paid by private equity firms to pull in pension fund business from New York and other state pension funds.

The investigation has already led to the indictment of several of those involved, including Henry Morris, who was the former state comptroller's top fund-raiser.

When the controversy broke in April, U.S. President Barack Obama stood by Rattner, saying he had not been accused of wrongdoing.

There was no indication from administration officials that the state pension probe was connected with Rattner's departure from the task force.
Cuomo, a Democrat and possible gubernatorial candidate, has spent over two years investigating whether investment firms were buying access to the state's pension fund by using paid agents. The U.S. Securities and Exchange Commission later joined his probe; so far, Cuomo has extracted two guilty pleas.

Rattner is the person identified only as a "senior executive" of Quadrangle Group in an SEC complaint against two former New York political officials and others, a source previously told Reuters.

Rattner was not available to comment and a Treasury spokeswoman declined to comment on whether the New York pension investigation was a factor in his decision to leave.

Treasury spokeswoman Meg Reilly said: "Steve's decision to leave is the first step in a planned scaledown of the task force and there will of course be more departures in the future. It was always part of the plan to downsize once Chrysler and GM emerged from bankruptcy."

AUTO ROLE

Ron Bloom, a senior member of the White House/Treasury Department task force and a former Wall Street executive and labor restructuring expert, will take over day-to-day responsibilities for Rattner, officials said.
An administration official, who was not authorized to speak for attribution, added that Rattner's departure represents the start of a long-planned wind-down of the autos panel, which was formed in February to restructure GM and Chrysler.

Geithner said the government's role would shift from restructuring the automakers to monitoring their businesses. He said taxpayers have a "much better chance" of recouping their investment in both companies now that restructuring has been completed.

"With the emergence of both General Motors and Chrysler from bankruptcy, we enter a new phase of the government's unprecedented and temporary involvement in the automotive industry," Geithner said.

Last week, Rattner likened the post-bankruptcy operating strategy of the task force to that of an institutional investor that holds a large stake in a public company. It aims to look after the taxpayers' investment without meddling in operations, exercising voting power to approve board members, but not other company decisions.

The government owns 60 percent of GM with a $50 billion stake and 8 percent of Chrysler/Fiat with more than $12 billion in taxpayer bailout funds.
Rattner also said that he hopes GM will be in a position to launch an initial public stock offering in the first half of next year for at least a portion of the government's stake, returning the automaker to public stockholder ownership.

GM Chief Executive Officer Fritz Henderson credited Rattner's financial expertise in helping turn around the company quickly, and said the automaker has "an excellent working relationship" with Bloom.
A Chrysler official had no immediate comment.

(Reporting by John Crawley, David Lawder and Nancy Waitz in Washington, Joan Gralla and Megan Davies in New York; Editing by Carol Bishopric, Phil Berlowitz)
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Old 07-14-2009, 08:28 PM
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See that is what is messed up with this site and NIK. Always thinking the worst and making accusations as if something were fact, when in fact you don't know shit.

Why isn't this statement the fact?

Treasury spokeswoman Meg Reilly said: "Steve's decision to leave is the first step in a planned scaledown of the task force and there will of course be more departures in the future. It was always part of the plan to downsize once Chrysler and GM emerged from bankruptcy."


He was appointed to lead them through the bankruptcy. He did that. Job done. Why is it always a conspiracy? Or crooked?
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Old 07-14-2009, 09:07 PM
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..the problem is... another appointee of our President spending or directing to be spent TRILLIONS of dollars of our money (borrowed) is now a questionable character.

How many does that make now? Be sure to at least include his boss, Treasury Secretary Tim Geithner... the tax cheat... or Hilda Solis (Secretary of Labor, another tax cheat).. or maybe Ronald Sims, the 2nd in command at H.U.D. accused of 'blatant violations' while he was a King County, Washington executive.

The list goes on-and-on.

Rattner engineered a plan to 'save' the U.S. auto industry while apparently being investigated in New York State.

Maybe the next investigation will be to see who exactly profited from the auto bailout.

NIK
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Old 07-14-2009, 09:37 PM
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Quote:
Originally Posted by Unregistered View Post
See that is what is messed up with this site and NIK. Always thinking the worst and making accusations as if something were fact, when in fact you don't know shit.

Why isn't this statement the fact?

Treasury spokeswoman Meg Reilly said: "Steve's decision to leave is the first step in a planned scaledown of the task force and there will of course be more departures in the future. It was always part of the plan to downsize once Chrysler and GM emerged from bankruptcy."


He was appointed to lead them through the bankruptcy. He did that. Job done. Why is it always a conspiracy? Or crooked?
This reminds me of the song by Steely Dan, "Barrytown"

"I just read the daily news and swear by every word."

Buddy, I just watched as the media handed the party nominations to their chosen candidates, even standing by gleefully as Clinton voters in Florida and Michigan got disenfranchised... my faith in their reporting and analysis is super low. Yours should be too.

Following the primaries, they wrote Obama a path to the presidency and never even bothered to take the time to make him explain ANYTHING about what he was interested in doing. Even John McCain took until the end to call the guy a socialist.

I've watched him funnel pork barrel spending through with the stmulus act and nationalize two car companies. Now he is promising the impossible ('free' healthcare) and wanting to pay for it by taxing air (Cap and Trade).

It is all socialism, and I reject it. John is right to look at them with a skeptical eye. There is a clear pattern of corruption with this bunch, aside from being socialist.
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Old 07-14-2009, 10:08 PM
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Lookout, Cap and Trade is something that really should be discussed... as it's probably the NEXT major bone-headed move.

We should start a new thread on that one alone.

I was recently discussing this issue with someone who works in one of the major plants in Kokomo. He told me he undertook a study and asked 20 fellow employees about 'Cap-and-Trade'.

3 of 20 knew what 'Cap and Trade' was....

Duke Energy, our electric utility in most of Indiana, has said repeatedly cap-and-trade will increase electric bills by about 40%. There's a video out there wherein the President agreed... saying power bills would 'necessarily skyrocket'.

James Rogers, the CEO of Duke (formerly CINergy, formerly Public Service Indiana) calls 'Cap and Trade' 'Cap and Tax'.

Time for a thread on this issue, I think.

NIK
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Old 07-15-2009, 07:09 AM
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Originally Posted by LookOutKokomo View Post
This reminds me of the song by Steely Dan, "Barrytown"

"I just read the daily news and swear by every word."

Buddy, I just watched as the media handed the party nominations to their chosen candidates, even standing by gleefully as Clinton voters in Florida and Michigan got disenfranchised... my faith in their reporting and analysis is super low. Yours should be too.

Following the primaries, they wrote Obama a path to the presidency and never even bothered to take the time to make him explain ANYTHING about what he was interested in doing. Even John McCain took until the end to call the guy a socialist.

I've watched him funnel pork barrel spending through with the stmulus act and nationalize two car companies. Now he is promising the impossible ('free' healthcare) and wanting to pay for it by taxing air (Cap and Trade).

It is all socialism, and I reject it. John is right to look at them with a skeptical eye. There is a clear pattern of corruption with this bunch, aside from being socialist.

Let's look at this one point at a time:

"Free Health Care" - you say it is impossible, but we are the only Industrial Nation that does not provide it for our citizens and it is this difference that allows the foreign automakers to capture our markets. My question is how can we not afford to provide this? We must get this burden off of manufacturers backs if we are to compete.

"Cap and Trade" - while I don't disagree that there is a substantial cost to this, I cannot dispute what most scientist are saying about what we are doing to our ozone. It comes down to pay for it and clean up the air or destroy our world. Which do you prefer?
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Old 07-15-2009, 11:27 AM
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Quote:
Originally Posted by Unregistered View Post
Let's look at this one point at a time:

"Free Health Care" - you say it is impossible, but we are the only Industrial Nation that does not provide it for our citizens and it is this difference that allows the foreign automakers to capture our markets. My question is how can we not afford to provide this? We must get this burden off of manufacturers backs if we are to compete.

"Cap and Trade" - while I don't disagree that there is a substantial cost to this, I cannot dispute what most scientist are saying about what we are doing to our ozone. It comes down to pay for it and clean up the air or destroy our world. Which do you prefer?
Free healthcare is indeed impossible... Someone is paying for it. Healthcare is a control issue for the government. First they will pay your bill, then ultimately they want to make your decision (and see your record). To make their ambitions seem any loftier than that is silly. The old folks (if we all live long enough we'll be old someday) will certainly take the shaft on this deal.

Cap and Trade... See... I am a Global Warming Denier. The science doesn't make sense and it isn't as slam dunk as you seem to think. More likely, just an elaborate hoax to transfer money from one entity to another. Your premise is flawed. I won't play along.
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Old 07-15-2009, 01:00 PM
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Originally Posted by LookOutKokomo View Post
Free healthcare is indeed impossible... Someone is paying for it. Healthcare is a control issue for the government. First they will pay your bill, then ultimately they want to make your decision (and see your record). To make their ambitions seem any loftier than that is silly. The old folks (if we all live long enough we'll be old someday) will certainly take the shaft on this deal.

Cap and Trade... See... I am a Global Warming Denier. The science doesn't make sense and it isn't as slam dunk as you seem to think. More likely, just an elaborate hoax to transfer money from one entity to another. Your premise is flawed. I won't play along.
I blame global warming on Craig Dunn and Rick Ward
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Old 07-15-2009, 01:03 PM
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Free health care ? Look at those nations that have it. Old folks are put on waiting lists for procedures they need now. Their government decides who gets what care. Is this really what we want?

Cap & trade ? Even the scientific community can't agree on whether or not there is global warming or what causes it. It's only an issue because of Al Gore, who isn't a scientist, but has made millions promoting it. And do you really believe the energy companies won't raise your rate given a chance?
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Old 07-16-2009, 07:16 AM
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Free health care ? Look at those nations that have it. Old folks are put on waiting lists for procedures they need now. Their government decides who gets what care. Is this really what we want?

Cap & trade ? Even the scientific community can't agree on whether or not there is global warming or what causes it. It's only an issue because of Al Gore, who isn't a scientist, but has made millions promoting it. And do you really believe the energy companies won't raise your rate given a chance?


Your statements on health care are just factually wrong. Talk to Canadians. We are the world's laughing stock because of our "for profit" health care system. Here old folks die because they can't afford health care -- so the choice is then either have a system where you "wait" or one where you "die" because you can't afford it anyway? Doesn't make sense to me.
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