Report: Rattner up for auto oversight post

The Quadrangle Group co-founder is reportedly the leading candidate for an appointment by Barack Obama to a US government position overseeing the restructuring of the US auto industry. General Motors and Chrysler last month received a $17.4bn government rescue package.

Quadrangle Group head Steve Rattner is the leading candidate for a yet-to-be-created position overseeing the overhaul of the US auto industry, according to ABC News.

Rattner: car czar

Rattner has been a managing principal at Quadrangle since 2000. Prior to co-founding the media-focused private equity firm, he was deputy chairman and deputy chief executive officer of boutique investment bank Lazard Freres,  where he founded the firm’s media and communications group.

If picked by president-elect Barack Obama, Rattner would supervise the restructuring of US automakers General Motors and Cerberus Capital Management-owned Chrysler.

Cerberus last month agreed to turn over its equity in Chrysler's automotive operations as part of the $17.4 rescue package approved by the US government to keep the two companies afloat. The firm also agreed to donate the first $2 billion in proceeds from its financing arm, Chrysler Financial, to help backstop the government relief money.