Auto Czar Made $100M In Hedge Funds And Is Building $15M Home Amid Calls For "Sacrifice"

STEVEN Rattner, the auto industry adviser to Treasury Secretary Timothy Geithner, is flagrantly thumbing his nose at President Obama's call for Americans to make sacrifices in the collapsing economy.

Rattner is moving full-speed ahead with construction of a lavish, $15 million summer home in the Lambert's Cove area of West Tisbury on Martha's Vineyard -- a palatial mansion he's had in the works since 2006. It's caused a furor among wealthy Vineyard residents, who've called the planned 15,500-square-foot project far too big and gaudy, The Post's Mark DeCambre reports.

Rattner, 56, who earned more than $100 million from Quadrangle and lives in a huge apartment on Fifth Avenue, donated millions to the campaigns of Hillary Clinton, Al Gore and John Kerry. But when it became apparent that Obama's presidential run had legs, he hitched his wagon to him. A representative for Rattner in Washington had no comment.

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JMB1013 - 5/18/2009 5:18:20 PM

+3 Boost

If he's got the money to spend, he can do whatever the hell he wants

AMiodynski - 5/18/2009 5:19:33 PM

+1 Boost

Do as I say, not as I do....

ThierryHenry14 - 5/18/2009 5:37:53 PM

+5 Boost

What an idiotic article...

If he's got the money to spend it, it will help the economy circulate much needed money. "Sacrifice" means do not live beyond your means.

sstainba - 5/19/2009 8:45:26 AM

0 Boost

I was going to say the same thing... People need to "sacrifice" if they can't afford their pre-depression lives. And that would typically be the same people who helped cause the depression by buying shit they couldn't afford in the first place. People who have money shouldn't need to sacrifice simply because other people are irresponsible. That's idiotic.

Lamborghini_vs_Ferrari_Racer - 5/18/2009 6:55:27 PM

+4 Boost

It is his money and he can do whatever he wants with it ???

So smart people who studies hard and went to college are supposed to sacrifice and not dropouts who were too busy with sluts and drugs ?

Lamborghini_vs_Ferrari_Racer - 5/18/2009 6:55:53 PM

+3 Boost

Studied and worked hard*

Dr550 - 5/18/2009 9:20:56 PM

+2 Boost

Rattner in news because "placement agents" who recommend pension fund directors to certain hedge funds. Rattner gets 1% "finders fee" along with other management fees. One percent of 500 million, you do the math. Go get them D.A. Cuomo.

thetruth01 - 5/18/2009 10:54:29 PM

+3 Boost

Wow, a politician is richer than the average American, wait isn't Obama a socialist, shouldn't he have ooted this man's bank account by now? You people are so hypocritical sometimes. Obama's either criticized for for his progressive policies, or criticized for having people in his administration that have been successful capitalists. Maybe he knows that you need a little of both. I don't remember any of this political hatemongering on this site while we were being led down the paths to ruin by Bush. I know 009 is a good ol boy Texan who clearly misses his homeboy, W. What's 001's excuse?

SixxFive - 5/19/2009 12:00:29 AM

+1 Boost

I don't come to Austospies to read articles on politics (let alone one sides ones) 001, I don't recall you posting a constructive comment/article about George Bush but I just remembered that you live in Orange County...maybe you shour rename this site to "Auto Spies and Agent 001's Political Views"...

Agent001 - 5/19/2009 12:52:18 AM

+1 Boost

If it's news people care about, we post it...

001

Agent001 - 5/19/2009 12:51:04 AM

+1 Boost

http://www.autospies.com/news/Bush-Administration-Tells-GM-It-Will-Not-Provide-Cash-To-Buy-Chrysler-36841/

http://www.autospies.com/news/Bush-to-halt-deposits-to-Strategic-Petroleum-Reserve-5642/

http://www.autospies.com/news/January-Hybrid-Car-Sales-Tank-40774/

http://www.autospies.com/news/WSJ-BMW-Audi-and-MB-face-tough-times-41059/

http://www.autospies.com/news/A-Totally-Green-Rental-Car-Agency-a-Unique-Concept-7109/

Plenty more articles with Bush...just that no one cared

001

cdoke - 5/19/2009 12:27:20 PM

+1 Boost

I agree with the first post; it's his money and he may do with it as he pleases.

Now, were he earning such money as a public servant or through collusive behavior as the result of that position, then it would be a different matter. That, however, does not appear to be the case.

thstone - 5/19/2009 12:56:37 PM

+1 Boost

Posting is our way of voting for what we like. No posts and the subject is dead. Lots of posts and you can be sure that we'll get more like it in the future.

I believe information like this matters and I'm glad that 001 throws them up on the board.

In this case, its clear that Mr. Rattner probably cares little about the "little guys" whose jobs are at stake in the domestic auto industry and more about his political standing among his rich and wealthy friends. Car czar today - Cabinet position tomorrow?

Caraficionado - 5/19/2009 1:00:52 PM

+2 Boost

It's his mony and he can do whatever he pleases with it. Look at Bloomberg in NYC. Excellent work and a billionaire on the side.

fuelfool - 5/19/2009 6:43:18 PM

+1 Boost

Yes, it's his money and he should be able to do what he wants with it. The problem is when that right isn't also afforded to non-politically connected people as well, as in the case of Chrysler investors and victims of punitive taxation. Of course, Obama is the definition of "do as I say, not as I do." This is the same man who just shamelessly spoke against the evils of deficit spending right after quadrupling the deficit and passing the largest debt financed spending bill in history.

vwrules - 5/23/2009 10:09:28 AM

+1 Boost

Amen Brother!!1