Obama auto advisor worth $188m

WASHINGTON: Steven Rattner, the Obama administration advisor trying to orchestrate a rescue of the US auto industry, has a net worth of at least $188 million and held shares in an investment fund run by the majority owner of Chrysler LLC, according to his financial-disclosure statement.

Rattner, co-founder of Quadrangle Group LLC, also sold guarantees of as much as $15 million on a credit-default swaps index tied to the secured debt of 100 companies, including General Motors Corp's senior secured loans.

He reported holdings of between $500,000 and $1 million in Cerberus Institutional Partners LP Series 2. The fund is managed by Cerberus Capital Management LP, parent of Auburn Hills, Michigan-based Chrysler. Cerberus Institutional Partners has invested in two auto-parts and equipment companies and a car-rental company, all privately owned.