Any of y'all catch this article on CNN.com?

[JoeRocket]

http://money.cnn.com/2009/10/21/auto...tune/index.htm


The Auto Bailout: How we did it
The man who led the effort gives an inside look at the bankruptcies that shook America.
By: Steven Rattner

(Contents of article removed to prevent Copyright Law issues - The link above provides access to the article.) XDCX

[XDCX]

Thanks for the link - I haven't read the story yet but I've read the report in The Detroit News that recaps the story.

I removed the contents of the article from the initial post due to copyright issues. I don't think my legal team is prepared to do battle with the CNN/Money legal team.

[XDCX]

I finally had a chance to read the article. I thought it was going to make me angry, and I was right.

I know there's a percentage of the U.S. population that hopes Chrysler and GM fail because they're opposed to the way the Task Force conducted themselves. I think Rattner's rendition of what happened will just add fuel to their fire.

To be clear, I'm happy that the Task Force provided Chrysler and GM a second chance, but I'm sickened at how political the process was.

Concerning Rattner, he still contends that Chrysler was driven to bankruptcy because of the last minute demands of the bond holders. For as long as I live, I will NEVER believe that to be true. Chrysler needed their bankruptcy power to slaughter dealers - they knew this early on and it is evident by the way they ran their business.

[JoeRocket]

Originally Posted by XDCX

I removed the contents of the article from the initial post due to copyright issues. I don't think my legal team is prepared to do battle with the CNN/Money legal team.

That's why it was cited . I also know that on some news sites the stories aren't archived too long. Oh, and some peoples connections block sites like that due to pop-ups. But no worries.

[XDCX]

Originally Posted by JoeRocket

That's why it was cited . I also know that on some news sites the stories aren't archived too long. Oh, and some peoples connections block sites like that due to pop-ups. But no worries.

It's cool - I'm probably just a little overly cautious.

I'm glad you started the thread - it was interesting to read Rattner's comments on why he thought the Task Force should have the ability to fire GM's CEO and why the UAW received a better settlement than the Chrysler bond holders.

I'd love to hear Rattner's comments on why GMAC was saved and Chrysler Financial was left to die. Based on everything I've read, GMAC was in much worse shape because of their mortgage exposure, but for some reason it was decided that they should be saved.

[crowe]

[QUOTE=JoeRocket;11328]http://money.cnn.com/2009/10/21/auto...tune/index.htm


The Auto Bailout: How we did it
The man who led the effort gives an inside look at the bankruptcies that shook America.
By: Steven RattnerQUOTE]

I noticed the Rat said “as early as January” he doubted restructuring outside of BK including “other important steps, like trimming dealer networks”. Why would you need to fire customers (dealers)? If your not selling enough units to break the nut, try telling some of your customers they can no longer buy from you because you think they are under performing & see if that fix your situation.

If GM had as the Rat said the “weakest finance operation any of us had ever seen in a major company” why was Fritz promoted to the top spot? Wasn’t Henderson the CFO since 1/06? Good luck w/ an under performing ex CFO finding a top-notch CFO for a struggling company w/ federal pay restrictions.

[The StraightShooter]

If I should ever run into Rat or that other pinko zionist Ron Bloom, I will let them feel the cleansing nature of my foot up their ass.

[XDCX]

Originally Posted by crowe

If GM had as the Rat said the “weakest finance operation any of us had ever seen in a major company” why was Fritz promoted to the top spot? Wasn’t Henderson the CFO since 1/06? Good luck w/ an under performing ex CFO finding a top-notch CFO for a struggling company w/ federal pay restrictions.

That's an excellent observation. If GM's finance operation was so poor, why did Fritz get the CEO slot?

Concerning someone else running GM, even without the pay limitations I doubt there would be too many people who would want that job. When your largest shareholder is the U.S. Government and they hold 80% of your equity, I bet all your decisions are second guessed.