Coming right off the heels of TARP, Steven Rattner was appointed to help restructure the American auto industry. Instead of bailing out the troubled companies however, Rattner cleaned house and took drastic action that included firing GM management.
So, why did Wall Street get a bailout while car companies faced harsher consequences?
“Tim Geithner speaks the truth when he says there was no systemic risk resolution authority,” Rattner tells us. “There was no way to wind down a complex financial institution without putting it in bankruptcy, and we all saw what happened when they did that with Lehman Brothers.”
In part of our exclusive interview with Steven Rattner, the former car czar explains why car companies and Wall Street were treated so differently by the Obama administration.
This interview is part of our Driven Leaders series.
Produced by Will Wei & Kamelia Angelova.
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