Here come more scandals. Bloomberg is reporting that Quadrangle founder Steve Rattner, as extensively speculated here and elsewhere, is joining the U.S. Treasury as advisor on auto-industry issues, according to "two people familiar with the matter." Steve, who really has no experience with cars per se, except as involves his wife being caught in one with an illegally high blood alcohol level, will work alongside Ron Bloom and Larry Summers to save the U.S. auto industry, or at least to make sure the upcoming liquidations are as palatable to his democratic and wall street friends as possible. While Rattner will not be crowned in all his glory as a "car tzar" (an idea scrapped for all its silliness), he will have ample opportunities to familiarize himself with the supply (lots) / demand (zero) dynamics of the U.S. auto industry, and the UAW's negotiating strategy (no comment here).
Next up: David Tepper to be hired as Delphi bankruptcy emergence sub-specialist (hopefully just kidding).
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