Obama appointee Car Czar Steve Rattner under investigation

[redrumloa]

http://www.businessinsider.com/steve-ra ... uge-2009-4

How big of a deal is it that car czar Steve Rattner is under investigation in the NY pension kickback scandal?

Potentially huge.

Erin Griffith at peHUB, which has the best read on private equity anywhere, runs down the list of affected parties.

* Quadrangle Funds. Limited partners have the right to rescind some of their committed investment, due to the loss of Rattner. The scandal gives investors another reason to walk away.
* The auto industry. Obvious, since the guy who's managing its turnaround is now compromised.
* Placement agents. There are legitimate ones, but that business is now in the hot seat.
* The Obama administration. Add Rattner to the long list of appointees with legal/ethical troubles.
* Pension funds. With many funds down big time, and many of those losses due to pain in alternative investments, expect a lot of inquiry into how it is that these pension funds got connected with certain alternative investment vehicles.

We're still waiting for some kind of statement from the administration or the Treasury. Ostensibly, the Treasury knew about the investigation and didn't have a problem hiring Rattner to deal with the car issue. But they need to make a public statement to clear thing up.

Why did Obama only pick crooks :?:

 

[metalman]

Why did Obama only pick crooks :?:

Because Obama's from Crook County Illinois.

 

[FluffyMcDeath]

Why did Obama only pick crooks :?:

Duh... to form a "government" of course. Were you not paying attention the last few decades?

 

[Robert]

Why did Obama only pick crooks :?:

Duh... to form a "government" of course. Were you not paying attention the last few decades?

Republican crooks don't count.

 

[redrumloa]

Why did Obama only pick crooks :?:

Duh... to form a "government" of course. Were you not paying attention the last few decades?

But I thought Obama was elected for "Change you can believe in". Does that mean his words ring as hollow as GHWB's "Read my lips, no new taxes"? If that is the case, why do people defend him so viciously :?:

 

[redrumloa]

Why did Obama only pick crooks :?:

Duh... to form a "government" of course. Were you not paying attention the last few decades?

Republican crooks don't count.

Says who? It just seems a lot of people like to ignore democrat crooks.