Tags: Rattner | Ford | shut | bailouts

Car Czar Rattner: Ford Would Have Shut Without GM, Chrysler Bailouts

Tuesday, 09 Oct 2012 10:16 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Ford, the only large U.S. automaker that didn’t receive a U.S. government bailout, would’ve failed along with General Motors and Chrysler if President Barack Obama’s administration hadn’t rescued the industry, said Steven Rattner, who headed Obama’s auto task force.

“Ford would have closed because it wouldn’t have been able to get parts, because the parts industry in this country was in arguably worse shape than the assemblers,” Rattner said today at the Center for American Progress in Washington.

Urgent Poll: Who Won the Presidential Debate? Vote Here!

Rattner, now chairman of the Willett Advisors LLC investment firm, led the $63.4 billion bailout in 2009 of GM and Chrysler, which he said would have fired all their workers and ceased to exist without the bailout.

President George W. Bush, who preceded Obama, “did the right thing” by beginning the bailout process, giving $17.5 billion to GM and Chrysler in 2008, Rattner said.To contact the editor responsible for this story: Bernard Kohn at bkohn2@bloomberg.net

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

General to Decide 'Appropriate Action' in Bergdahl Case

Monday, 22 Dec 2014 14:45 PM

The U.S. Army said on Monday it sent findings from an investigation into Sergeant Bowe Bergdahl's 2009 disappearance fro . . .

Rep. Michael Grimm to Plead Guilty in Tax Fraud Case

Monday, 22 Dec 2014 15:37 PM

Rep. Michael Grimm of New York is expected to plead guilty on Tuesday to resolve federal tax fraud and other charges, a  . . .

Rights Groups Want Special Prosecutor to Probe CIA Tactics

Monday, 22 Dec 2014 15:05 PM

Civil rights groups on Monday called on the U.S. Justice Department to appoint a special prosecutor to investigate the C . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved