Rattner to Advise Geithner, Summers on Autos
Steve Rattner, a former New York Times reporter who became an investment banker and private-equity fund manger -- co-founding the Quadrangle Group -- is leaving the private sector to advise Treasury Secretary Tim Geithner on the faltering auto industry.
Rattner, 56, was rumored to be the top contender to be the government's "car czar," but that faded away recently when the position itself failed to materialize. Instead, Geithner and Larry Summers, President Obama's top economic adviser, will put their heads together on the auto industry, aided by Rattner.
"With apologies for the impersonal nature of this, I wanted to let you know directly that after 26 fulfilling years on Wall Street -- capped by the opportunity to help form Quadrangle Group with so many talented colleagues -- I have begun a new phase of my life, in the public sector," Rattner wrote to his colleagues.
"We are obviously at a critical moment in our nation’s history, particularly with regard to our economy, and I am honored to have this opportunity to serve my country in a meaningful way. I value our friendship and hope we can stay in touch in the years ahead," Rattner wrote.
Rattner is a longtime Democratic moneyman and is married to Maureen White, co-chairman of finance for Secretary of State Hillary Rodham Clinton's presidential run.
Rattner's appointment headlines the creation of the administration's auto task force. It also includes:
-- Ron Bloom: Senior adviser on the auto industry, Treasury.
-- Diana Farrell: Deputy director, National Economic Council.
-- Gene Sperling: Counselor to the Treasury Secretary.
-- Jared Bernstein: Chief economist to Vice President Biden.
-- Edward Montgomery: Senior adviser, Labor.
-- Lisa Heinzerling: Senior climate policy counsel to the EPA administrator.
-- Austan Goolsbee: Staff director and chief economist of the Economic Recovery Advisory Board.
-- Dan Utech: Senior adviser to the energy secretary.
-- Heather Zichal: Deputy director, White House Office of Energy and Climate Change.
-- Joan DeBoer: Chief of staff, Transportation.
-- Rick Wade: Senior adviser, Commerce.
February 23, 2009; 4:02 PM ET
Categories: The Ticker | Tags: Geithner, New York Times, Quadrangle, Steven Rattner, Treasury
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