It can be argued that Steven Rattner, the head of US President Barack Obama’s auto task force was the person responsible for saving the US auto industry. After all, he was the one who oversaw the bankruptcies of both GM and Chrysler and he was the one who initiated the bail-out plan that ultimately saved both companies from extinction.

And now, after only six months on the job, Rattner has decided to call it a day, filing his resignation, which was announced by the White House last Monday. Rattner’s decision - he said was brought about because he wanted to go back home to his family in New York – has resulted in talks that he relinquished his post due to an investigation regarding an investment scandal.

According to the Associated Press, Rattner has become the subject if an investigation with regards to a state pension fund that provides numerous benefits to more than a million government employees. That, of course, comes at the heels of another controversy involving Rattner and his association – he’s an investor - with Cerberus Capital Management, which, incidentally was the former owner of Chrysler.

Continued after the jump.

After overseeing the bankruptcies of Chrysler and General Motors, Steven Rattner, the head of President Obama’s auto task force, has resigned. Ron Bloom, a former steelworker official, will take over Rattner’s post.

Although details behind Rattner’s decision remains clouded in secrecy, the government had nothing but praises for the all of Rattner’s efforts in revitalizing the auto industry. In a statement after his departure, Treasury Secretary Timothy Geithner said: ““We are extremely grateful to Steve for his efforts in helping strengthen GM and Chrysler, recapitalize GMAC and support the American auto industry."

Replacing Rattner will be Ron Bloom, a former steelworker official, and he will be tasked to continue Rattner’s job of overseeing the government’s control over Chrysler and GM.

Source: Wall Street Journal

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  (1023) posted on 10.11.2010

Guess it’s time to leave government "service" and cash in on the damage he has wrought.

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