Obama Auto taskforce stooge in crosshairs

loosecannon

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May 7, 2007
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Steven Rattner, the former head of the U.S. auto task force, is close to settling with the Securities and Exchange Commission over charges he took part in a pay-to-play pension scheme, media reports said on Wednesday.

Both CNBC and the New York Times said a settlement with the federal regulator could be announced on Thursday.

The SEC declined comment. So did the Office of the New York Attorney General, Andrew Cuomo, whose corruption investigation of the state's pension fund has produced seven guilty pleas, most recently from former State Comptroller Alan Hevesi.

The New York Times said Rattner agreed to a "multiyear" ban from the securities industry and will pay a fine of more than $5 million.

Neither a spokesman for Rattner, who left the auto task force as Cuomo's probe intensified, nor his lawyer were immediately available.

The attorney general's probe of Rattner is ongoing, a source familiar with the matter said.

Rattner, who co-founded private equity firm Quadrangle Group LLC, most recently has been promoting his book, called "Overhaul," about the auto industry.

UPDATE 2-Rattner nears SEC settlement over charges-reports | Reuters

The Presidential Task Force on the Auto Industry is an ad hoc group of United States cabinet-level and other officials that was formed to deal with the financial bail out of automakers Chrysler Corporation and General Motors.

Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of Chrysler and General Motors through the Task Force.[1][2][3]

The Task Force was formed in February 2009, and began meetings at that time.[4][5] It reviewed financial and operational restructuring plans submitted by Chrysler and General Motors (GM) and made its own specific recommendations at cabinet level meetings to the President regarding the restructurings and the requests for funds from the companies.[5] Recommendations also included directives on improving wage and benefit structures, and developing fuel efficient competitive cars for the future. In March, 2009, the Task Force recommended up to $5 billion in support for automotive industry suppliers,[5] and by late May 2009, following the recommendations of the Task Force, the U.S. government had lent approximately $25 billion in total to the companies. At that time, it was estimated that GM might require $30 billion more to emerge out of bankruptcy.[6] By mid July, 2009, both companies had restructured and emerged from bankruptcy. The Task Force was scaled back from "day to day" involvement to periodic "monitoring".[3]
Presidential Task Force on the Auto Industry - Wikipedia, the free encyclopedia

In May, 2009, with the release of Rattner's financial disclosure report, it was revealed that prior to his appointment as head of the Presidential Task Force on the Auto Industry, Rattner was an investor in a Cerberus Capital Management auto-parts-companies' fund. Cerberus was then also the owner of Chrysler, a major focus of Rattner's Treasury job in the spring of '09. "The disclosure said that Mr. Rattner would divest any Cerberus holdings that presented a conflict, and a Treasury official confirmed that he had done so. 'Like all employees, Steven Rattner was required to comply with financial conflict of interest rules, including divestitures where needed, and he has done so fully,' said Jenni Engebretsen, a spokeswoman for the Treasury Department.
Steven Rattner - Wikipedia, the free encyclopedia

So the guy who chaired the committee that advised Obama to screw the auto industry bondholders, and to gift a major % of Chrysler and GM to the unions is getting a major plea deal to avoid prosecution for a pay to play pension scam?

What does an Obama appointee need to do to get prosecuted and what do you need to do to be considered too crooked for a cabinet level position in the Obama admin?

The line between government and organized crime is no longer a line. More like a revolving door.
 
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Steven Rattner, the former head of the U.S. auto task force, is close to settling with the Securities and Exchange Commission over charges he took part in a pay-to-play pension scheme, media reports said on Wednesday.

Both CNBC and the New York Times said a settlement with the federal regulator could be announced on Thursday.

The SEC declined comment. So did the Office of the New York Attorney General, Andrew Cuomo, whose corruption investigation of the state's pension fund has produced seven guilty pleas, most recently from former State Comptroller Alan Hevesi.

The New York Times said Rattner agreed to a "multiyear" ban from the securities industry and will pay a fine of more than $5 million.

Neither a spokesman for Rattner, who left the auto task force as Cuomo's probe intensified, nor his lawyer were immediately available.

The attorney general's probe of Rattner is ongoing, a source familiar with the matter said.

Rattner, who co-founded private equity firm Quadrangle Group LLC, most recently has been promoting his book, called "Overhaul," about the auto industry.

UPDATE 2-Rattner nears SEC settlement over charges-reports | Reuters

The Presidential Task Force on the Auto Industry is an ad hoc group of United States cabinet-level and other officials that was formed to deal with the financial bail out of automakers Chrysler Corporation and General Motors.

Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of Chrysler and General Motors through the Task Force.[1][2][3]

The Task Force was formed in February 2009, and began meetings at that time.[4][5] It reviewed financial and operational restructuring plans submitted by Chrysler and General Motors (GM) and made its own specific recommendations at cabinet level meetings to the President regarding the restructurings and the requests for funds from the companies.[5] Recommendations also included directives on improving wage and benefit structures, and developing fuel efficient competitive cars for the future. In March, 2009, the Task Force recommended up to $5 billion in support for automotive industry suppliers,[5] and by late May 2009, following the recommendations of the Task Force, the U.S. government had lent approximately $25 billion in total to the companies. At that time, it was estimated that GM might require $30 billion more to emerge out of bankruptcy.[6] By mid July, 2009, both companies had restructured and emerged from bankruptcy. The Task Force was scaled back from "day to day" involvement to periodic "monitoring".[3]
Presidential Task Force on the Auto Industry - Wikipedia, the free encyclopedia

In May, 2009, with the release of Rattner's financial disclosure report, it was revealed that prior to his appointment as head of the Presidential Task Force on the Auto Industry, Rattner was an investor in a Cerberus Capital Management auto-parts-companies' fund. Cerberus was then also the owner of Chrysler, a major focus of Rattner's Treasury job in the spring of '09. "The disclosure said that Mr. Rattner would divest any Cerberus holdings that presented a conflict, and a Treasury official confirmed that he had done so. 'Like all employees, Steven Rattner was required to comply with financial conflict of interest rules, including divestitures where needed, and he has done so fully,' said Jenni Engebretsen, a spokeswoman for the Treasury Department.
Steven Rattner - Wikipedia, the free encyclopedia

So the guy who chaired the committee that advised Obama to screw the auto industry bondholders, and to gift a major % of Chrysler and GM to the unions is getting a major plea deal to avoid prosecution for a pay to play pension scam?

What does an Obama appointee need to do to get prosecuted and what do you need to do to be considered too crooked for a cabinet level position in the Obama admin?

The line between government and organized crime is no longer a line. More like a revolving door.

People in Obama's administration are crooked? Color me shocked!
 
What does an Obama appointee need to do to get prosecuted and what do you need to do to be considered too crooked for a cabinet level position in the Obama admin?

The line between government and organized crime is no longer a line. More like a revolving door.

It's absolutely obscene and disgusting,

that something like this is just allowed to wallow along, being debated.

¿i¿WHY THE FUCK ISN'T THERE A PUBLIC OUTCRY?!?

¿i¿Why is ANYone just sitting back and HOPING that some sort of justice will be done?!?

Are we so brainwashed as to think that our ONLY venue for prosecution of these abominable acts is to rely on our skewed judicial system to handle them?

I don't get it, folks. Can't we FIRE the fuktards that are sitting idly by, pontificating about the "fine points" of these cases?

It WILL all come to a head, but WHEN? When we're so beaten down that we have little-to-nothing to fight with? Only once we've been financially decimated, and can barely afford to pay attention*, let alone arm ourselves with the tools we're surely going to need?

We're AMERICANS, and we used to be FREE, and we used to have some sort of ETHICS regarding our conduct towards others!

OH! That's right! Our country (supposedly) WASN'T founded on Christian precepts of Right and Wrong, and we've been LIBERALIZED into believing that EVERYTHING is just a lighter or darker shade of GRAY.

IT ISN'T!!!

There IS a Right and a Wrong, a Black and a White, and the GRAY areas are NOT the MAJOR part of the Whole.

The revolution IS coming, and it's up to us to Stand the FUCK Up for what we KNOW is RIGHT,

BEFORE the best and brightest of us are destroyed by the creeping fungus of the graylords.

* PUN INTENDED
 
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There is something deeply wrong with an admin that can't find a qualified cabinet member who doesn't have tax problems, or worse.

But that this class of people is immune from prosecution is appalling.
 
Why no public outcry? Limited media coverage.

This must be what Obama meant by transparency. You can clearly tell they are crooks.
 

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