Book Review: Overhaul by Steven Rattner

[scholtmj]

Steve Rattner was the head of the Auto Task Force that assisted GM and Chrysler through bankruptcy. The book chronicles the the interactions between Team Auto and GM/Chrysler and also gives a good behind the scenes overview of the politics involved.

I thought it was a good read and recommend it to any car guy. It was amazing how close Chrysler came to being liquidated on several occasions. The facts laid out in the book are very blunt and honest.

If anyone else has read it please post your opinion too.

[Aurora40]

Ugh... That guy is a total scumbag. I wouldn't buy anything that resulted in him seeing an extra dime.

Maybe Andrew Cuomo can write a book laying out the facts of how Rattner received kickbacks from NY's pension funds, and managed to avoid any criminal procedures, ultimately only having to pay a relatively small fine (compared to what he is thought to have embezzled). But somehow I doubt we'll ever see those facts laid out.

[scholtmj]

I don't doubt you Bob, I bet Rattner is a greasy weasel. I was interested in the Auto Bankruptcy and how the companies were run and that's why I read it.

After reading the book, it's pretty clear if the boards/chairmen/CEO were not recycled both GM and Chrysler would have been an endless money pit of taxpayer funds. Chrysler's liquidation value was consistently stated at $1 billion, much less than the bridge loans Uncle Sam had provided them.

So, interesting book about the auto industry.

[Aurora40]

If the book fell off a truck or something, I'd give it a read.

Obviously I've not read it, but it's interesting that he makes a case for throwing good money after bad that is apparently compelling (as you are convinced it saved the taxpayers money in the end).

Some background on the guy: http://www.ag.ny.gov/media_center/2010/nov/nov18a_10.html

[scholtmj]

(as you are convinced it saved the taxpayers money in the end).


Here is something relevant about the book we can debate.

IMHO, It was the right choice to save GM even though taxpayers will loose money. It was not the smart money choice to save Chrysler.