One of Barack Obama’s chief goons in enforcing the UAW Bailouts of GM and Chrysler was “auto czar” Steve Rattner. And while Obama and his MSM like to proclaim The One’s salvation of the auto industry as a signature achievement, heavies like Rattner keep making headlines that step on the fairy tale.
Rattner was famously Obama’s hit man on both Chrysler’s secured bondholders and GM CEO Rick Wagoner. And while his auto task force escaped legal discipline for its . . . um . . . unconventional bondholder tactics, Rattner’s illicit past as head of Wall Street’s Quadrangle Group did not escape the attention of the SEC.
Indeed, Rattner agreed to settle an SEC lawsuit for $6.2 million (chump change for Obama’s One Percent cronies) last year over allegations of arranging kickbacks to win the business of New York State’s Common Retirement Fund (the sordid details here). But the settlement did not come in time to prevent the cancellation last October of Rattner’s “Overhaul” book tour before the Detroit Economic Club (DEC) hailing himself as Detroit’s savior.
Now, a year later, Rattner and the DEC — hoping that memories have faded — has re-invited Rattner to take his bow. But some memories are sharper than others.
To hype his second coming, Rattner came on WJR-Talk Radio Wednesday morning where host Frank Beckmann asked the obvious question: Was the SEC investigation the reason he was cancelled last year?
How dare the commoner!
“Why don’t we start this interview again because I’m here to talk about cars and stuff,” huffed the self-important Rattner, who — like his former boss in the White House — is notoriously prickly when pressed.
Beckmann once again ignored Royal protocol, stating that he wanted to talk about Rattner’s book but wanted to clear up the prior DEC cancellation first.
“We can start this interview again and not use this first part or we will call it a day. Your choice,” sniffed Rattner.
When Beckmann tried again, Rattner abruptly hung up (audio here).
Nice. At least Rattner didn’t threaten Beckmann as he did Chrysler bondholders. Tom Lauria, legal rep of Chrsyler investor Perella Weinberg, reminds that then-auto czar Rattner warned that unless they accepted Obama’s UAW Bailout they would come “under threat that the full force of the White House press corps would destroy its reputation if it continued to fight.”
That’s the way things are done in what Michael Barone has called Obama’s “gangster government.”