Rattner Leaving Quadrangle For Auto Industry Bailout Adviser Post Under Obama

imageSteve Rattner, the political and corporate financier and the founder of media PE and hedge fund Quadrangle Group, is officially leaving the firm as its main principle to join the Treasury Department as a lead adviser on the auto-industry bailout. This is not quite the car czar position as some had hoped for. But in his new role, Rattner will advise Treasury Secretary Tim Geithner and Lawrence Summers, the director of the National Economic Council, on reorg efforts by GM and Chrysler, two carmakers that are receiving federal bailout money, reports NYT. Rattner was a financial reporter for the NYT, and later became a media and telecom dealmaker for the likes of Lehman Brothers, Morgan Stanley and Lazard, before starting his own firm. New York City mayor Michael Bloomberg has hired Quadrangle to manage his assets via a blind trust. (That relationship continues even as Rattner leaves.)

Rattner has been politically active for years, as a longtime Democratic contributor and backer of Senator Hillary Clinton