Steven Rattner was president Obama”s auto adviser who was at the helm of the government”s bailout of Chrysler and GM in 2009. He is now set to publish a tell-all book about his six months at 1600 Pennsylvania Avenue. The book, entitled “Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry.”, is due out in October.
In the book, Rattner explains that Fiat was heavily urged by President Obama to take the reigns at Chrysler, and that Nissan-Renault CEO Carlos Ghosn was the his top choice to run GM, but after being personally offered the position by Rattner, Ghosn said that he felt considerable loyalty to those two companies, especially during the tough economic times.
Rattner had joined the White House auto team after GM and Chrysler were initially bailed out by the Bush administration, and remained through July 2009, after the two emerged from bankruptcy.
In the book, Rattner offers tremendous insight and some gritty revelations as to what government officials really thought about not only the concept of the bailouts, but also the execution.
Rattner also offers his own insights and praises the administration for its assistance of the industry. “I would discover that the struggles of GM and Chrysler were as much a failure of management as a consequence of globalization, oil prices, and organized labor,” he writes in the book. “The auto rescue remains one of the few actions taken by the administration that, at least in my opinion, can be pronounced an unambiguous success. Detroit should count itself lucky.”
Photo Copyright © 2009 Jack Rosenfeld ““ egmCarTech.
– By: Stephen Calogera