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Business Briefing

Autos

Former 'car czar' upbeat on rescues

October 22, 2009|Times Wire Reports

The former head of the Obama administration's auto task force expressed optimism that General Motors and Chrysler would rebound and help taxpayers recoup some of their multibillion-dollar investment in the Detroit auto companies.

Steven Rattner, in a speech sponsored by the Brookings Institution, said his autos team was stunned by the dire straits of GM and Chrysler when they delved into the companies' financial books but was confident the companies could eventually regain profitability.

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