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.

Tweet about this on Twitter25Share on Reddit0Share on Facebook1Google+0Email to someone

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

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6

Emptywheel Twitterverse
emptywheel RT @carolrosenberg: Crosby: The accused USSCole bomber had "persistent and chronic anal-rectal complaints..."
55mreplyretweetfavorite
emptywheel Odd part of hanging with @FalguniSheth: who knew that Amherst had decent Mexican and Chinese food?
2hreplyretweetfavorite
bmaz @joshgerstein Wow, that is quite a plea.
2hreplyretweetfavorite
bmaz @MikeScarcella He's rt about better shopping in Tucson; Douglas is a pit. Still, seizure+search based on non-crim+innocuous activity. Ugh.
3hreplyretweetfavorite
bmaz It is completely unacceptable for @CNN to be claiming credit for the Phoenix VA Hospital story; @azrover + @azcentral broke it first.
3hreplyretweetfavorite
bmaz @OKnox Ooops!
3hreplyretweetfavorite
bmaz @nadabakos @robertcaruso @AllThingsHLS Well, they are cops, so credibility IS an issue!
3hreplyretweetfavorite
bmaz @nadabakos @robertcaruso @AllThingsHLS I thought so too. Just relating how the livestock inspectors treated them for these purposes.
3hreplyretweetfavorite
bmaz Whether favor far greater transparency for OLC or not (I do) this paper by @ericisbeautiful looks very informative http://t.co/2eARGM8y9g
3hreplyretweetfavorite
bmaz @ericisbeautiful I have downloaded for reading, but have a feeling I will disagree!
3hreplyretweetfavorite
bmaz RT @ericisbeautiful: If you're following the recent case about the Al-Awlaki memo, might enjoy my note about downsides of OLC transparency …
3hreplyretweetfavorite
bmaz @RebekahLSanders I meant to say that yesterday, but was distracted by the arrival of Founders Beer in Phoenix. Thanks for reminding me!
3hreplyretweetfavorite
December 2012
S M T W T F S
« Nov   Jan »
 1
2345678
9101112131415
16171819202122
23242526272829
3031