Rattner Steps Down From Auto Task Force

Publish date:
Updated on

Quadrangle Group co-founder Steven Rattner has stepped down as head of President Obama's auto task force and will be replaced by former United Steelworkers Union official Ron Bloom.
Rattner took the position in February, stepping out of his role at Quadrangle to help coordinate the restructuring of U.S. auto industry giants General Motors and Chrysler.
Bloom, who was also a senior adviser to the task force, takes on the new role as the unit transitions away from the day-to-day restructuring of the industry to a monitoring role.
According to as statement from Treasury Secretary Timothy Geithner, Rattner has decided to return to private life and his family in New York.
"We are extremely grateful to Steve for his efforts in helping to strengthen GM and Chrysler, recapitalize GMAC, and support the American auto industry," Geithner said in a prepared statement. "I hope that he takes another opportunity to bring his unique skills to government service in the future."
Rattner has been a tireless fund raiser for the Democratic Party. And while Rattner has received praise for his work in restructuring General Motors and Chrysler, his efforts were clouded by a separate investigation into influence peddling at a major New York state pension fund.