During his first year in office, President Obama faced the possibility of more than a million lost jobs as GM and Chrysler headed for financial ruin. He joined forces with Treasury Secretary Tim Geithner and economic advisor Larry Summers in a historic government intervention to keep these two auto-industry giants afloat, working against a ticking clock and fielding vocal opposition from free market champions along the way. It's from this vantage point that former New York Times financial journalist Steven Rattner witnesses a new administration's grace under pressure in the face of gross corporate mismanagement—a scenario rich in hard-earned lessons for managers and executives in any industry.
As counselor to the secretary of the treasury, Steven Rattner led the administration’s efforts to restructure the auto industry. Prior to that, he was managing principal of Quadrangle Group, LLC. At Lazard Frères & Co. he was deputy chairman/deputy chief executive officer, after tenures at Morgan Stanley and Lehman Brothers. He was also employed by the New York Times for nearly nine years, principally as an economic correspondent. He continues to write for the New York Times, the Wall Street Journal, the Washington Post, and the Financial Times. He lives in New York.
Rather than blaming labour and management, as has frequently been the case, the author argues that the decline can be traced back to poor government policy. Tracing how, when and where government policies affected the industry, the book examines policies clearly directed at the motor industry, such as transport legislation and motor taxation. In addition the work considers the consequences of many policies which were targeted only indirectly at the motor industry as the author argues that whilst government policy may have succeeded in its aim, e.g. improving employment for the balance of payments, the motor industry may have suffered as a consequence.
Written in non-technical language, the reissue will be of interest to those concerned with post-war UK economic development, the UK motor industry in particular and the history of government policy in general.