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 @gabino_58 @gdebenedetti Yes, extremely traumatic. I hope you survive!
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JimWhiteGNV Exec's appointment raises concerns -- More horrible optics from Rick Scott. (Sent from Gainesville) https://t.co/65weQ5sxSF
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emptywheel RT @darrenrovell: Told that Budweiser, nor its parent company Anheuser-Busch InBev, paid Peyton Manning to mention Bud in his post game int…
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JimWhiteGNV RT @bspierto: Peyton Manning has now beaten every team he's ever played at least once, in both college and pro football, except one. The F…
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emptywheel Steve Young talking shite.
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JimWhiteGNV .@emptywheel Now I can reveal my winning nefarious plan: the upsidedown lemon cake I made turned Peyton's lemon sucking frown into a smile.
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emptywheel It's like Peyton is dead. He's not dead. Not even officially retired, people !!!!
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emptywheel @nickmanes1 Peyton. Cause Megatron COULD have a positive upside.
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emptywheel Again. Peyton Manning just put in a spectacular Trent Dilfer-type performance. You think he'll return?
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JimWhiteGNV Riker wants to know if that boring game is finally over yet. https://t.co/meFPcYiTOp
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emptywheel Peyton children uninteresting in a hug and a touch of the trophy.
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