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
emptywheel @onekade Me, to driver when I got back in car: I think I just said blowjob on TV. Him: Don't worry, it's cable. @alexisgoldstein @jamyerson
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emptywheel @onekade But producers were screaming at Hall and Shuster "Apologize!!!" so Hall did. @alexisgoldstein @jamyerson
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emptywheel @onekade Oh, I DEFINITELY didn't even apologize. Took me the whole ride home to figure out what I did wrong. @alexisgoldstein @jamyerson
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emptywheel As a reminder, today is dragnet renewal day (8th since Snowden). A good opportunity for Verizon to challenge the dragnet on Yates grounds.
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emptywheel Tim Edgar on why Yates might pose problems for phone dragnet. http://t.co/CGe0JlHsc0 Think it's more interesting for data flow.
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emptywheel @alexisgoldstein Marcy & Alexis are damned lucky that's cable and no longer a massive fine for potty mouth. @JAMyerson @onekade
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emptywheel @JAMyerson Anyway, clearly @alexisgoldstein and I are destined to be on some cable show together. @onekade
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emptywheel @JAMyerson It was very creepy. Producers were going NUTS in their earpieces but I was remote & clueless. @alexisgoldstein @onekade
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emptywheel @alexisgoldstein I should have called Spitzer Client 9 as I almost did if I wanted to compete w/you. @onekade @JAMyerson @CNN
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emptywheel @alexisgoldstein Man, that's a better reason to get yourself quasi banned than my blowjob comment was. @onekade @JAMyerson @CNN
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emptywheel RT @onearmedmaninc: EXCLUSIVE: Amazon Judge's Data Secretly Scanned in $9.8B Chevron Fight http://t.co/iy2TyMQyg9 via @CourthouseNews
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