U.S. President Barack Obama has decided against naming a “car czar,” and is instead asking U.S. Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. “Larry” Summers to head a task force on revamping the U.S. auto industry, Bloomberg News reported yesterday (Monday).

To ease the ongoing credit crisis and get banks lending again, the Obama administration realizes that it first has to resuscitate the “shadow financial system” that’s dominated by hedge funds and other large-scale private investors.