Rattner to quit as US Auto Task Force chief

Steven Rattner, the chief of the US Auto Task Force, which oversaw the fast track restructuring of car makers General Motors and Chrysler, will be leaving the Federal government-constituted body.

Rattner was roped in by US President Barack Obama to advise the administration on the nation's auto industry, which was facing the worst times in many decades.

"With General Motors's restructuring complete, Steven Rattner, whose leadership and vision were invaluable to the Auto Task Force's efforts, has decided to transition back to private life and his family in New York City," US Treasury Secretary Timothy Geithner said in a statement.

During his stint as the Task Force head, the government pumped in nearly $50 billion to General Motors and gave about $12 billion to Chrysler.

General Motors steered out of bankruptcy in 40 days on July 10 while the restructured Chrysler came into existence in early June.

Battered by the global financial turmoil, both entities witnessed plunging sales before filing for bankruptcy protection.

The Task Force led by Rattner was also instrumental in extending lifeline to GMAC, the financing arm of General Motors.