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 OOPs: Euro Court of Human Rights ruled POLAND facilitated US torture of Abu Zubaydah. http://t.co/1UovGixH2n (Earlier tweet deleted).
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bmaz Skimmed by Olbermann on ESPN2. Gotta say, Frank Caliendo is still the least funny guy in sports today. He has never been funny. #Stop
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bmaz @LittleMsHaldol @ThisIsJoshSmith Well, right back at you, you human pig.
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bmaz @espinsegall @rickhasen @MikeSacksEsq Are you new to Kozinski?? That is not a shocker at all.
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bmaz RT @themarkberman: Account by @azcentral reporter who witnessed the execution: "I counted about 660 times he gasped." http://t.co/fjvkp0vA6r
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bmaz @Greg651 @rickhasen Seemingly, but it is not inconsistent if you go back even further into the 90's Kozinski navel gazing on DP. Still same.
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bmaz @rickhasen @espinsegall @MikeSacksEsq Heh, yeah, I didn't think so! Kozinski has always had a complex view, but never anti. Still not anti.
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bmaz @Greg651 Thank you for sending that my way. Pretty much exactly what I expected.
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bmaz I warned people not to take Alex Kozinski's words in Wood dissent as evincing new anti-DP stance. I was right. http://t.co/6sGNEaOqmH
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bmaz @ericghill Please, don't confuse "All Things Considered" with this twit's stuff
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bmaz @afc1969 @ThisIsJoshSmith Yeah, maybe not. Not sure what happened, but the tweet was asinine and crass. To be kind.
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bmaz @afc1969 I have no idea why Twitter reflected it was dead. I don't think I miscopied it, but it is certainly possible.
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