Our new “Auto Czar” is an Edsel

Steven Ratner, Obama’s pick as the Czar to run our newly-nationalized automobile industry, is under investigation for soliciting kick backs from New York State’s pension fund. Oops! Perhaps he can be a cabinet member, instead.

Steven Rattner, the leader of the Obama administration’s auto task force, was one of the executives involved with payments under scrutiny in a probe of an alleged kickback scheme at New York state’s pension fund, according to a person familiar with the matter.

A Securities and Exchange Commission complaint says a “senior executive” of Mr. Rattner’s investment firm met with a politically connected consultant about a finder’s fee. Later, the complaint says, the firm received an investment from the state pension fund, then paid a $1.1 million fee.

The “senior executive,” not named in the complaint, is Mr. Rattner, according to the person familiar with the matter. He is co-founder of the investment firm, Quadrangle Group, which he left to join the Treasury Department to oversee the auto task force earlier this year.

8 Comments

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8 responses to “Our new “Auto Czar” is an Edsel

  1. Walt

    Dude-
    This is lame. I have known Rattner for over 25 years. Seriously. He is a totally honest guy. But we have a corrupt system. You, Weasel Boy, working in the real estate cess pool system, have to know that. Come on now!!!
    If you want pension money funds, which we all do, you need to hire a placement agent. Why? Because!! If you don’t, you don’t get the money.
    So you hire a placement agent, and you pay them. And they may pay the state pension fund administor a fee. Do you know that? NO!!! Do you care? NO!!! But if you want the pension fund money – which we all do – that is the way the game is played. Sound familiar? Kind of like Bernie? DUHHH!!!
    I gotta say, the naievaty? Nievete’? Oh frig it. The stupidity I see here is staggering. WHAT DON’T YOU GUYS GET??? Weasel Boy (That would be you Chris) sold out for a crappy fee. You think these multi – billion dollar State pension opportunities are going to go to someone for free?
    Get a life.
    OFF TO WORM!!!
    Your Pal,
    Walt

  2. anonymous

    Guy was a lil NYT reporter after all (going to Brown for college (clearly couldn’t get into a decent college) often provides few employment choices); should one expect less from a commie who’s now a Politburo member?

    Don’t believe he needed to disclose his tax history as part of his Politburo appt….

  3. Front Row Phil

    Let’s not be too critical, even though it’s fun and easy. After all, who among us is perfect? I’d rather have a brilliant, hardworking but morally flawed public servant than one who’s mediocre but morally pristine.

  4. Hu Nhu?

    Rattner is neither. But he will follow whatever orders the White House issues. That’s why he’s there.

  5. Anonymous

    Phil has flawed perspective. Morals are everything.

  6. howiem

    The only question is whether he broke the law or not. If he did he is dishonest. Period!

    • christopherfountain

      Well Howiem, I would think that kickbacks are illegal, but Walt may be right and perhaps, as in immigration law, such corruption is considered normal. But regardless, he’s “under investigation”, not indicted, let alone convicted, so I can understand Obama not throwing him under the bus (or the car, in this instance) just yet.

  7. howiem

    christopherfountain,

    That is one way to look at things. But noting that I am not accusing Rattner of anything, I doubt that you really believe that one is honest only until one gets caught, should that be the case. Corruption may be the norm, but that makes it neither legal nor honest. After all, at least for now, we are a country under the Rule of Law. In three or four months, I might disagree with myself about the latter statement. 🙂