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Former NYT Editor To Control Car Industry
In an article today, Bloomberg picks up on a theme that we commented on yesterday regarding Steve Rattner's imminent appointment to the throne of all things auto. Rod Lache, auto analyst at the 100x levered Deutsche Bank, comments sagely on the possible appointment of Quadrangle's head honcho, "Based on what I know of him, he fits the bill. He is a fund manager. He can look at a plan and say it does or doesn't make sense."... Well, that's some serious selection criteria right there...
Bottom line, we are a little confused about the natural fit of Mr. Rattner to the position of auto Czar... Especially since it might be a little tough to run Chrysler and Quadrangle at the same time. Like most asset managers, Mr. Rattner probably has quite a few portfolio companies that in recent years may have accumulated just a little extra debt than the surgeon general recommended and could potentially be in need of a little extra paternal care... One thing sure is that Steven's wife, Maureen White, former National Finance Chair for the Democratic Party has had nothing to do with this decision.
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