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 RT @nickmanes1: Bell's Brewing owner sends a "screw you" to AB-InBev. http://t.co/NbYYqvozlq
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emptywheel NSA: Yeah, sorry we lied abt using 702, 215 to catch DEA's OWN INFORMANT. We'd never thought abt if these were useful http://t.co/zMfQlUXl9s
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emptywheel @joanneleon Also "Trust us."
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emptywheel New rule: if a spy can't pitch value of dragnet in an elevator pitch w/o lying, SHUT IT DOWN.
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emptywheel Officials defend lying abt role of 215, 702 in Headley case bc of "super-heated atmosphere after Snowden revelations" http://t.co/zMfQlUXl9s
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emptywheel @onekade Well, if they can't steal cars anymore why not expose college students to the violence of cartels for cash?
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emptywheel @jsundmanus How about just ask a few pointed questions? One or two, maybe?
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emptywheel NSA, which has automatic system for matching IDs, claims it failed to match Headley's original name w/his changed one http://t.co/zMfQlUXl9s
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emptywheel @JuliaAngwin They'll use their drones to come drop off the goat in your yard. A real 21st century alternative to paying kids for yard work
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emptywheel .@CHARLESFADDIS on bulk surveillance: "You’re going to waste lot of $...you’re going have very little to show for it” http://t.co/zMfQlUXl9s
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emptywheel @Ali_Gharib ISO one ironic psychopathic dude. Must like torture, military parades, and sucking up to USG for aid dollars.
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bmaz @adamshermanesq No kidding. I guess it could be argued suspicious under Illinois v. Wardlow, but use of force+immediate arrest way excessive
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