From the Wall Street Journal Blogs:
Ron Bloom, whom the Treasury Department is expected to bring in as a senior adviser to help handle the U.S. auto industry’s restructuring, is a special assistant to the president of United Steelworkers union and a former investment banker. …. Mr. Bloom’s negotiating skills may play a key role in shaping the Obama administration’s policies toward the auto industry. It was reported Sunday that the administration won’t name a single “car czar” to help oversee the restructuring process as originally planned. Instead, President Barack Obama will support a new inter-agency task force to deal with the issue, according to senior administration officials. And Mr. Bloom, in his early fifties, is among the players in the administration’s new strategy. Continue reading>>>
From ABC News’ Jake Tapper:
Bloom is currently Senior Advisor to Secretary of the Treasury Tim Geithner as a member of the President’s Task Force on the Automotive Industry, named to that position in February. He will remain in that position even while he takes on his new task.
A key part of the team that advised the White House on the struggling U.S. auto industry, Bloom and team pushed U.S. automakers General Motors and Chrysler to come up with viable plans for the future, pushed the CEO of GM to resign, and pushed the U.S. government agreed to become a major shareholder in GM, ponying up $50 billion.
Working with the Auto Task Force, President Obama also supported Chrysler entering into a “short, surgical bankruptcy” and entering into a deal with FIAT while agreeing to provide the company with approximately $3.3 billion in debt or in possession financing to support Chrysler though the chapter 11 proceeding
A former vice president of Lazard Freres & Co. LLC, Bloom was a restructuring expert for the U.S. Steelworkers. In his new position, Bloom will work with the National Economic Council, and the Departments of Commerce, Treasury, Energy, and Labor. continue reading >>>
We are going to be very careful stewards of the taxpayer’s money,” says Ron Bloom, the head of the task force who is also rumored to be up for a new spot in the Obama Administration overseeing U.S. manufacturing policy. continue reading >>>