Nothing, as it turns out. With all Obama’s nomination problems (have you ever heard of vetting?), appointing a figurehead to oversee the auto bailout hasn’t exactly been a priority. According to the Journal, the lack of a czar has slowed down the restructuring process, although we’re not sure why, exactly. Chrysler, for example, has yet to hold tolks with its bondholders about restructuring — just two weeks before it needs to submit a plan — and for some reason the lack of a Car Czar is somehow to blame.
One issue, is that there’s a lack of candidates who want to do the job. Probably because. they think it’s guaranteed failure.
Prediction: The automakers will get, perhaps, a 30- or 90-day extension to the Feb. 17 day, perhaps using the lack of a Car Czar as an excuse.