Planet Gore

Another Vetting Issue in the Office of the Car Czar

Yeah, this might be a conflict of interest. New York Post:

Ron Bloom, the head of President Obama’s auto task force, is defending one of his lieutenants, who is facing questions about a potential conflict of interest in the government-brokered sale of bankrupt auto-parts supplier Delphi.

Harry Wilson, who leads the auto deals and diligence team, used to be a partner at hedge fund firm Silver Point Capital before, according to two sources, he was forced out last year following a string of bad bets that triggered significant losses for the fund.

Now multiple sources are asking whether that dismissal might be looming large over the government’s attempt to facilitate a sale of Delphi because Silver Point holds roughly $600 million in Delphi debt and is part of a group of creditors balking at a government-backed plan to sell Delphi to Los Angeles-based private-equity firm Platinum Equity Partners.

Under the terms of that deal, US-owned General Motors, Delphi’s biggest customer, was to provide $2.5 billion in financing to complete the sale to Platinum, which was expected to put up $500 million. However, a group of the creditors that provided $2.9 billion in debtor-in-possession (DIP) financing, including Silver Point, objected to the deal’s terms because the lender group would only get back 20 cents on the dollar.

Bloom, who this week was tapped to replace outgoing “car czar” Steven Rattner as head of the White House’s auto task force, defended the selection of Wilson and his role in the Delphi deal.

“Before Harry joined the president’s auto task force, I personally vetted him extensively by speaking with numerous former colleagues of his at Silver Point and other firms at which he had worked,” Bloom said in a statement. “I [heard] nothing but the highest accolades for his integrity, professionalism and discipline.”

To be continued. . .

Most Popular

PC Culture

Hate-Crime Hoaxes Reflect America’s Sickness

On January 29, tabloid news site TMZ broke the shocking story that Jussie Smollett, a gay black entertainer and progressive activist, had been viciously attacked in Chicago. Two racist white men had fractured his rib, poured bleach on him, and tied a noose around his neck. As they were leaving, they shouted ... Read More

White Progressives Are Polarizing America

To understand how far left (and how quickly) the Democratic party has moved, let’s cycle back a very short 20 years. If 1998 Bill Clinton ran in the Democratic primary today, he’d be instantaneously labeled a far-right bigot. His support for the Religious Freedom Restoration Act, the Defense of Marriage Act, ... Read More
Politics & Policy

The Strange Paradoxes of Our Age

Modern prophets often say one thing and do another. Worse, they often advocate in the abstract as a way of justifying their doing the opposite in the concrete. The result is that contemporary culture abounds with the inexplicable — mostly because modern progressivism makes all sorts of race, class, and ... Read More
PC Culture

Fake Newspeople

This week, the story of the Jussie Smollett hoax gripped the national media. The story, for those who missed it, went something like this: The Empire actor, who is both black and gay, stated that on a freezing January night in Chicago, in the middle of the polar vortex, he went to a local Subway store to buy a ... Read More

One Last Grift for Bernie Sanders

Bernie Sanders, the antique Brooklyn socialist who represents Vermont in the Senate, is not quite ready to retire to his lakeside dacha and so once again is running for the presidential nomination of a party to which he does not belong with an agenda about which he cannot be quite entirely ... Read More
Film & TV

A Sublime Christian Masterpiece of a Film

‘There are two ways through life -- the way of nature and the way of grace,” remarks the saintly mother at the outset of The Tree of Life, one of the most awe-inspiring films of the 21st century. She continues: Grace doesn’t try please itself. It accepts being slighted, forgotten, disliked, accepts insults ... Read More
PC Culture

Changing Reality with Words

The reinvention of vocabulary can often be more effective than any social protest movement. Malarial swamps can become healthy “wetlands.” Fetid “dumps” are often rebranded as green “landfills.” Global warming was once a worry about too much heat. It implied that man-made carbon emissions had so ... Read More