Huffington Post

Marcus Baram

In "Overhaul", his upcoming chronicle of his reign as "car czar," Steven Rattner offers an insider's account of the Obama administration's rescue of the auto industry. And he pulls no punches when it comes to describing the foibles of such heavyweights as Rahm Emanuel, Tim Geithner, Larry Summers and Sheila Bair.

Though the 58-year-old financier lasted only six months, with his sudden resignation sparking speculation that a pay-for-play scandal at his old private equity firm was becoming an unhealthy distraction, Rattner has plenty of tales to tell.

And Rattner's account is sure to attract interest within the Beltway, as one of the first books penned by an Obama administration insider.

Rattner depicts White House Chief of Staff Rahm Emanuel as a force to be reckoned with who disparaged unions -- once quipping "Fuck the UAW" -- and who effectively supervised Treasury Secretary Tim Geithner during his first rocky months on the job by dictating his public appearances and staff picks.

He also depicts infighting between economic advisers Larry Summers and Austan Goolsbee and describes FDIC Chair Sheila Bair as a stubborn obstacle to the work of the auto rescue team. And Rattner paints colorful portraits of auto executives such as Fiat Chairman Sergio Marchionne, who once barked to Chrysler executives, "Do you think I am fucking stupid?"

But Rattner hardly mentions the scandal -- paying $1.1 million to a placement agent to win business with powerful state pension funds -- which forced Quadrangle, the firm he cofounded, to disavow him amid a lengthy probe by federal and state investigators. Instead, he claims his innocence by stating that he has "never been accused of so much as jaywalking" in his long career and says that Senator Chuck Schumer (D-N.Y.) vouched for the shady placement agent when Rattner asked for his opinion in the 1980s.

For more detailed peeks at Rattner's book and its revelations, check out the slideshow.White House Chief of Staff Rahm Emanuel conforms to his stereotype as a ball-buster in Rattner's telling -- with a few new twists thrown in.

Most interestingly, Emanuel actively supervised Treasury Secretary Tim Geithner during the first few shaky months of his tenure, especially after Geitner's disastrous first speech in February, which led to the "mysterious disappearance" of Geithner's chief spokesperson Stephanie Cutter:

"It was at this point that Rahm Emanuel was said to have taken control of Treasury, dictating everything from Tim's public appearances to his staff picks. When Tim's calendar and phone logs from early 2009 were released, it was surprising how many times a day Tim spoke to Rahm or saw him. Many wondered whether Tim would survive."

Elsewhere in the book, Rattner describes it this way:

"And Rahm never hesitated to seize command, as he did after Tim's rocky start as Treasury Secretary -- Rahm had stepped in and effectively started supervising Tim on a daily basis. Such aggressiveness is fine when all is going well, but it breeds resentment that can turn into sniping when the tide recedes, as it did briefly for Rahm in early 2010 when health care reform bogged down."

The White House chief of staff was known for being proud about his elegant office, bragging "that his first-floor office was eight square feet larger than the Vice President's, and closer to the Oval." Rattner relates that Emanuel ruled "by a mixture of respect and fear."

Emanuel could also be spectacularly blunt, once telling Rattner during a meeting about GM and Chrysler's massive problems and potential bankruptcies: "Why even save GM?" When Rattner adviser Ron Bloom noted that tens of thousands of autoworker jobs were at stake, Emanuel huffed, "Fuck the UAW," referring to the United Auto Workers union.