Ron Bloom, a top adviser to President Obama will leave his post by the end of August, says a source close to the exit, Bloom was integral in the auto bailout and following restructurings at Chrysler Group LLC and General Motors Co.
Named the presidents top adviser on manufacturing earlier in the year he helped structure and file GM’s initial public offering reducing the governments stake in the company from 61% down to just 26.5% after the IPO.
The announcement of Bloom’s exit comes at a time when his efforts seemed to have worked better than planned with taxpayers expected to lose $14 billion from the $80 billion automotive bailout, down from a much higher $48 billion which was projected two years ago.
Following in his automotive specialty Bloom was also instrumental in the 2025 requirement that automobiles be capable of reaching 54.4 miles per gallon, an agreement ushered in by President Obama last week.
Bloom does not have another job lined up, he is rumored to be returning to Pittsburgh to spend more time with his family who remained in their home after he accepted his current position in Washington.
With an upcoming reelection campaign approaching Bloom’s exit couldn’t have come at a worse time for the Obama Administration, republicans have argued that Bloom, a former union negotiator, organized the auto bailout in favor of the United Auto Workers union, instead of focusing on investors who lost billions during bankruptcy hearings. Obama during his first election cycle relied on union workers as a large part of his grassroots campaigning.
No comments are being offered by the White House at this time and the exact reason for his exit are also still not truly known.