Government Teat-Sucking Bankster, Steven Rattner, Calls Auto Bailout “Un-American”

I’m sure someone thought it was a good idea to trot out Steven Rattner to spin the government’s announced plan to sell its GM stake.

But I don’t know how anyone thought a bankster–and particularly this bankster–could say this and still wield any credibility.

From Washington’s point of view, divesting its remaining shares will end an uncomfortable and distinctly un-American period of government ownership in a major industrial company.

Sure. Rattner places this sentiment in “Washington’s point of view.” Still, consider the messenger.

After all, he barely mentions here–as he did in his book–that this was not just a bailout of some industrial companies. It was also a bailout of two finance companies, Chrysler Finance and GMAC (he mentions that the government still owns Ally/GMAC, but still calls the scorecard, “nearly complete”). As such, it was also the bailout of the Private Equity firm, Cerberus, that had spent the previous years stripping Chrysler in the hopes of retaining just the finance arms.

He also neglects to mention that the government still pursues the un-American policy of treating banks according to a different set of rules, not only providing them free money, but seemingly exempting them from all laws.

Finally, he shows no self-awareness of his own history, including paying kickbacks so his firm could make big money off of New York State (for which he, like all banksters, got a mere wrist-slap).

I’m not saying the government should hold onto its GM stake forever (though unlike Rattner, executive compensation is the last reason I’d cite to applaud this sale). But having someone like Rattner call government intervention in purportedly capitalist companies un-American only perpetuates the idea that industrial companies should have to abide by so-called rules of capitalism that the titans of capitalism, the banksters, have all but discarded.

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6 Responses to Government Teat-Sucking Bankster, Steven Rattner, Calls Auto Bailout “Un-American”

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Emptywheel Twitterverse
bmaz Probably the best option for intelligent discussion @CNN had was to put Gloria Borger and Ross Douchehat on to explain Mike Pence.
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bmaz Why would the escaped DC felon get on the Metro? Doesn’t he understand how dangerous the Metro is??
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JimWhiteGNV UCC leaders support Hoosiers' efforts to repeal religious freedom law  - United Church of Christ http://t.co/NijoHj0Aj9
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emptywheel If a Bitcoin-DEA crook issued fake NSLs, would anyone ever learn of it?
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emptywheel @JZdziarski As are tweets, as the Defense already demonstrated here. (Tho they could be ironic, which is even dicier) @JimArmstrongWBZ
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emptywheel @JZdziarski Certainly prosecutors all over the country make much of searches and even, in this case, tweets @JimArmstrongWBZ
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emptywheel RT @JasonLeopold: Poland says sought U.S. assurances over Guantanamo inmate http://t.co/PMVCiB8qlj
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emptywheel That works. RT @epmurph: sandtrap
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bmaz Mike Pence is a lying twit who makes Jan Brewer look honest and intelligent by comparison. Way to go Indiana.
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emptywheel Shouldn't there be a word for "quagmire" used in most-arid countries?
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emptywheel Defense attorneys are going to have to start calling Aloke Chakravarty as a witness, bc according to his claims thousands are innocent.
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emptywheel RT @JimArmstrongWBZ: C: no matter what files are where, you can't tell what someone was thinking, right? that's beyond computer forensics? …
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