Steven Rattner, chief architect of the bailouts of General Motors and Chrysler, is leaving the Obama administration after less than six months serving as auto czar, reports The Wall Street Journal.
Rattner, a former investment banker and onetime partner of the New York private-equity firm Quadrangle Group, has worked hands-on during the bailouts hits and misses. His efforts led to revamps that cut thousands of jobs while eliminating debt burdens. He received criticism from those who objected to the government’s intervention in the automobile industry.
The overall cost could run the U.S. government $100 billion. Rattner was believed to be interested in starting a political career of his own. When he was first appointed by the Treasury in February, Rattner’s duties clearly indicated that his responsibilities would lie beyond the automobile sector.
It is unclear what his future plans will bring as his resignation comes as the New York attorney general’s office has intensified scrutiny of Quadrangle Group, including Rattner.
There is no indication that Rattner’s return to New York is a result of the ensuing probe.