Interview with Car Czar: "Why we had to get rid of GM's CEO"

[Aircooled]

Interestng excerpt from a Fortune article Steven Rattner: Why we had to get rid of GM's CEO.
http://money.cnn.com/2009/10/21/auto...ion=2009102109

Here are a couple of quotes that got my attention:

Certainly Rick and his team seemed to believe that virtually all of their problems could be laid at the feet of some combination of the financial crisis, oil prices, the yen-dollar exchange rate, and the UAW

It seemed completely obvious to us that any management team that had burned through $21 billion of cash in a year and another $13 billion in the first quarter of 2009 could not be allowed to continue. Equally important, GM's February viability plan was more "business as usual"

[studemax]

I read the long & short version of Rattner's article...
While he may have gotten the wrong idea on some aspects of auto-making, I'm pretty sure he was on the money in regards to GM's management thoughts and culture. Firing Wagoner had to be done.

[SpiderGearsMan]

isn't RATner under federal indictment and HAD TO STEP DOWN ?
ratner is very talented at being corrupt and will look pretty in jail garb

[dieselgeek]

isn't RATner under federal indictment and HAD TO STEP DOWN ?
ratner is very talented at being corrupt and will look pretty in jail garb

Pretty stupid commentary there Jim. I read his notes on the whole process and I think (1) you should be thankful as a GM fan that this guy did what he did and (2) his approach seems pretty smart to me. No learjets for Rattner, the guy was buying these assholes lunch out of his own pocket!

Don't get me wrong, GM should have been left to fail IMO because I do not believe that there is a "gigantic intertwined web of businesses that would topple the American economy" or any other BS that was used to justify the bailout; but still, I like this guy's approach. He has business sense that hasn't existed within 500 miles of Detroit in 30+ years.

[urwurznitmahre]

sorry, the automakers troubles start with the governmert regulating every dam part of it.. from the epa to crash testing
to labor laws and insurance foe workmans comp and unemployment, that the imports didn't and still don't have to deal with..
nevermind the taxes,,
import got dropped off a boat low labor/no enviromental controls at the factories/ no workers laws
and sold junk, but no one remembers that.. only the ford/g.m. or mopar faults..
the big three did alot with a rope tied around their neck..
wonder how the imports will fare if the same rules are abblied to their "whole" operation.. not just the bolt it together factories they got here..

[dieselgeek]

sorry, the automakers troubles start with the governmert regulating every dam part of it.. from the epa to crash testing
to labor laws and insurance foe workmans comp and unemployment, that the imports didn't and still don't have to deal with..
nevermind the taxes,,
import got dropped off a boat low labor/no enviromental controls at the factories/ no workers laws
and sold junk, but no one remembers that.. only the ford/g.m. or mopar faults..
the big three did alot with a rope tied around their neck..
wonder how the imports will fare if the same rules are abblied to their "whole" operation.. not just the bolt it together factories they got here..

Can you provide an example of a crash test that a Toyota Camry doesn't have to pass, that any GM car does? Or an example of an environmental law that the Toyota factory (in the USA, employing US employees) doesn't have to meet, that the Mexico factory building GM cars, does?

[SpiderGearsMan]

much love for bandits and despots

[SpiderGearsMan]

the only reason the general got in the mess they were in is politics
they should of let it crash , like the job they did on the banks to affect the election , the bankrupcy court would have taken out the union
you know they ran the whole bankrupcy through the east harlem chev/cad/saturn store , cause they knew a ny bankrupcy judge would play ball better than a delaware judge - where GM is actually incorporated
wonder if RATtner ever changed his own oil or ever had a legitimate job

have fun in jail stephanie

[olbuddybob]

Gotta appreciate Wagoners comment to Rattner " Are you going to fire Gettlefinger too?"

[mlcraven]

the only reason the general got in the mess they were in is politics

It certaily wasn't from building crap cars for 25 years, they were all excellent products, right?