For those who believed politics was involved in the decisions in the car industry, it appears that Mr. Rattner's new book will provide a lot of information
. So much for Obama's promise not to let politics interfere with how the companies were run. Bold added by me to the discussion below.
-When Obama was told of the plan to pay GM CEO Rick Wagoner a $7.1 million severance package after Obama ordered that he be sacked, Rattner writes: "Suddenly I felt that I was indeed in the presence of a community organizer..."
-Rattner describes presidential political adviser David Axelrod coming to car meetings armed with poll data to support the takeover and Chief of Staff Rahm Emanuel identify Congressmen in whose districts large Chrysler facilities were located.
-"[Obama's economic team] veered dangerously close to having the government take control of the two most troubled banks, Bank of America and Citigroup."
-"If his team had linked arms with the outgoing administration, as President Bush's advisers had proposed, billions of dollars could well have been saved."
-Rattner says Chief of Staff Rahm Emanual dictated Treasury Secretary Tim Geithner's schedule, public appearances and staff selections.
-He says Obama economic advisers Larry Summers and Austan Goolsbee and FDIC Chair Sheila Bair as enemies who slowed down decision making with infighting
-Rattner said Obama was frustrated with the auto companies from the start: "Why can't they make a Corolla?" he has Obama asking.
Labels: AustinGoolsbee, bailout, brokenpromisesobama, governmentcontrol, Regulation