Rattner Steps Down From Auto Task Force, Bloom To Take Over
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Secretary Tim Geithner said with GM's restructuring complete, Steven Rattner has decided to transition back to private life and his family in New York City. Ron Bloom will assume leadership of the Task Force's activities as the government transitions its role away from day-to-day restructuring to monitoring this vital industry and protecting the substantial investment the American taxpayers have made in GM, Chrysler, and GMAC.
Geithner said, "Now, with day-to-day management of these companies in the hands of the private sector, the American taxpayers have a better chance of recouping their investment in these companies." He continued, "There is still much work ahead to ensure that GM and Chrysler re-emerge as stronger, more competitive companies. President Obama has made it perfectly clear that it is the responsibility of their private boards of directors and management teams to deliver that result. And thanks to the hard work of Steve, Ron, and the entire Auto Task Force, they have a much better chance today of rebuilding those companies and making them once again symbols of American success."
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