Steven Rattner, head of the U.S. Treasury Department’s automotive team, has a net worth of at least $188 million and held shares in an investment fund run by the majority owner of Chrysler LLC, according to his financial- disclosure statement.
Rattner, co-founder of Quadrangle Group LLC, also bet as much as $150,000 on General Motors Corp.’s senior secured loans using a credit-default swaps index that guarantees the secured debt of 100 companies, including GM, the filing shows.
Rattner Worth at Least $188 Million, Disclosures Show [Bloomberg]
He has an excellent VaR.
Having pitched a few deals Quad/Rat’s way over the last few years, I can say this: Obama put the right guy in charge of the auto sector.
To wit, socialism is an obamination. And this tool is a sure fire way to ensure any attempt to plan a sector of the economy will blow up in Obama’s face, just like Jimmy C’s flight plan to Tehran.
2- Yes, operating as a manipulative munchkin can take you far as a banker… Steve should stick with the government path.
$188? that’s it? I thought this guy was a beast.
D-Rat
Steve Rattner is simple minded prick who owes the little wealth that he has to a Mssrs. Weinstock, Herenstein and Tanner.
That this temporary ascension to the heights of government will serve as prelude to his inevitable fall is our only public redemption to this piss stain of a financial hack on our collective souls.
We should all fail upward as successfully.
tick tock pipsqueak
cassius
Does that make him an honorary Chicago citizen?
- Fixed Income
I wonder how truly irritated Milton Friedman was as a faculty member at UnChi, as a given in any public acedmic setting, and coupled with the lunacy of both mid-western liberal democrat guilt and Chi-town politics.
Rose must’ve let him pound serious ass on the side.
how much of that $188 is from management fees on public funds obtained through bribes? do pension funds get a refund now that the fund is a dog? or will obama bail out the pensions while rattner keeps his “profits” ?
very misleading article…
“bet as much as $150,000 on General Motors Corp.’s senior secured loans using a credit-default swaps index that guarantees the secured debt of 100 companies”
Buying LCDX doesn’t mean he was making a bet on GM specifically. That’s like saying anyone who owns the S&P 500 through an ETF is betting on YUM Brands. While technically true its more likely they are making a bet on the market and don’t want to go out and construct the portfolio themselves. LCDX for example being much more liquid than single name LCDS is at times the only option for investors looking to hedge a large portfolio of loans or go long/short the overall LCDS market.