Auto Czar Says Inept Management Led To Wagoner's Outser At GM
Agent009 submitted on 10/21/2009 Official Bell & Ross Timestamp: 1:34:09 PM
6 user comments | Category: Misc News | Source: | SOURCE: money.cnn.com
Without any experience in automaking or government, Steven Rattner left his Wall Street perch to wade into the largest restructuring in American history.
The scale and speed of the rescue raised many questions, inspiring Rattner to write this account of a defining moment in capitalism.
Rattner, who led the group that did the hands-on work, believes passionately that the decision to intervene represented not "creeping socialism," as some feared, but a critical part of the effort to prevent economic collapse. In an excerpt from this Fortune exclusive, Rattner gives a behind-the- scenes look at the ouster of GM's Rick Wagoner:
Everyone knew Detroit's reputation for insular, slow-moving cultures. Even by that low standard, I was shocked by the stunningly poor management that we found, particularly at GM, where we encountered, among other things, perhaps the weakest finance operation any of us had ever seen in a major company.
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