Obama Swaps Car Czar Plan With Panel

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(NEWSER) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm he co-founded to take the position, is still expected to play a central role but without direct oversight. More»

New York AG targets ex-car czar's company

(NEWSER) - Washington is dying to know why Steven Rattner quit after just months as President Obama’s car czar. One possible reason: New York Attorney General Andrew Cuomo is pushing for a legal settlement with his company for its part in a pay-to-play scandal surrounding the state’s pension fund, sources tell AP. An investment group led by Rattner, until he went to Washington, paid more than $1 million to a person since indicted in the case to get access to pension funds. Other companies that made payments have settled for sums from $2 million to $30 million. More»

(NEWSER) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both auto giants emerging from bankruptcy, Rattner is leaving to spend more time with family. He’ll be replaced by Ron Bloom, a top member of the advisory group. More»

(NEWSER) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would comprise profitable brands like Chevy and Cadillac as a standalone concern. The “good” Chrysler would become a subsidiary of Fiat, if that deal is finalized. More»

President will discuss required conditions for further government aid

(NEWSER) - President Obama is nearing a decision on whether to give automakers more bailout money and will lay out his plan for the future of the industry Monday, the Detroit News reports. The president “will outline what he thinks is the best way forward," spokesman Robert Gibbs said, including the nature and conditions of any additional aid. Members of Obama’s auto advisory team met with GM CEO Rick Wagoner today, following a get-together with Chrysler's CEO earlier this week. More»