Man who guided GM, Chrysler bankruptcies will step down
Steven Rattner, the Wall Street executive who helped the government guide General Motors Co. and Chrysler Group LLC out of bankruptcy, is stepping down, the Treasury Department said.
Ron Bloom, a former United Steelworkers union adviser and Lazard Ltd. vice president, will take over the role in advising the Obama administration’s auto task force, the statement said. Bloom is currently an adviser to the task force.
Rattner is departing three days after the new GM formed with majority federal ownership, and in the month following the creation of Chrysler under government guidance fast cash. Rattner was named in February to help lead the federal process.
"What the task force did was an amazing feat in the time frame," said Dennis Virag, president of the Automotive Consulting Group Inc. in Ann Arbor, Mich.
"His job was to take them in and out of bankruptcy as quickly as possible. He accomplished that job."