President Barack Obama plans to appoint senior administration officials -- rather than a single ''car czar,'' as had been discussed -- to oversee a restructuring of the auto industry.WSJ:
Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, a senior administration official said Sunday on the condition of anonymity because no announcement had been made.
''The president understands the importance of this issue and also understands that the auto industry affects and is affected by a broad range of economic policies,'' the official said.
As the teams move forward, Obama ''wants to make sure that we're getting the expertise and input of agencies across the government,'' the official said.
Obama and his aides face difficult choices on the fate of the U.S. auto industry, weighing the cost of pouring billions more into struggling companies against possible bankruptcies that could undermine plans to jump-start the economy.
IF GOVERNMENTS COULD RUN THE AUTO INDUSTRY THEN WE'D ALL BE DRIVING SOVIET VOLGAS!
The administration has decided to forgo naming one individual to oversee the process.
Treasury is expected to bring in Ron Bloom, a special assistant to the president of United Steelworkers union and a former investment banker, as a senior advisor to help handle auto-related issues, these people said.
The hiatus, in which the industry awaited the car czar, slowed progress in restructuring talks between automakers, bondholders and the United Auto Workers union, according to people familiar with the matter. Without someone firmly in charge, the various stakeholders have not felt compelled to come to the bargaining table, these people said.
- I THINK THAT OBAMA COULDN'T FIND ANY BUSINESSMAN TO TAKE THE JOB.
- MUCH LIKE HIS PROBLEM IN FINDING A COMMERCE SECRETARY:
- NOBODY IN BUSINESS WANTS ANYTHING TO DO WITH THIS SOCIALIST!
- FACT: OBAMA HAS NOT A SINGLE PERSON IN HIS CABINET FROM PRIVATE ENTERPRISE AND THE FREE MARKET!
- THEY'RE ALL POLITICIANS, BUREAUCRATS OR PROFESSORS.
AND RON BLOOM: HE'S BEEN A PART OF THE USW FOR 13 YEARS! HE'S A PRO-UNION ANTI-MANAGEMENT GUY, AND UNIONS ARE PART OF THE PROBLEM!