A profile of Obama's Treasury consultant and "auto czar" Steven Rattner in today's New York Times:

"Obama’s Top Auto Industry Troubleshooter,"
By Louise Story,

http://www.nytimes.com/2009/04/06/business/06rattner.html

...If he succeeds, he may get a chance at a larger job in the administration...

Mr. Rattner has been among the most politically connected people in the banking industry. He and his wife, Maureen White, who together have been referred to by New York magazine as the “D.N.C.’s A.T.M.,” have hosted many Democratic fund-raisers at their lavish apartment on Fifth Avenue. They were initially Clinton supporters, but they hosted events for Barack Obama after he sealed the nomination.

Among his friends, it has become a parlor game to guess where Mr. Rattner might be posted next. His current job description as a special counselor in the Treasury Department, according to a White House press release, includes the eventual option of moving on to manage a different aspect of the financial crisis.

Mr. Rattner went to Wall Street in the early 1980s, after his stint as a reporter in Washington, and rose through the ranks at Lehman Brothers and Morgan Stanley before becoming deputy chief executive at the investment bank Lazard in the 1990s.

In 2000, after a power struggle at Lazard, Mr. Rattner co-founded an investment firm, Quadrangle Capital, specializing in private equity investing focused on communications media. Last year, Quadrangle began managing the personal fortune of Mayor Michael R. Bloomberg of New York — a longtime friend of Mr. Rattner’s.

Quadrangle’s funds have performed well, on average, though the firm has canceled plans to start a third fund because of Mr. Rattner’s departure.

Friends of Mr. Rattner say it would be hard to find a better auto industry analyst. Orin Kramer, a hedge fund manager and important Obama fund-raiser, called Mr. Rattner “a superstar."....

One thing that is clear: Mr. Rattner knows how to make money. Not only has he stockpiled a personal fortune, but Quadrangle’s two private equity funds have performed well, despite some soured investments....

Mr. Rattner’s Wall Street ties slowed the process of his appointment, according to two people briefed on the Obama administration’s discussions. The administration worried that Mr. Rattner might have a conflict in dealing with Cerberus Capital Management, the investment firm that controlled Chrysler, because his firm was involved in a difficult transaction with Cerberus....

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