- Unknown Binding
- Publisher: Mariner Books. (October 31, 2011)
- Language: English
- ASIN: B008NS68I4
- Average Customer Review: 4.0 out of 5 stars See all reviews (51 customer reviews)
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Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry [OVERHAUL] [Paperback] Unknown Binding – October 31, 2011
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|Unknown Binding, October 31, 2011||
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Top Customer Reviews
First, he writes well and, it would appear, quickly. This book was an extended summer project -- it cannot have been much more. His account is detailed, with names, dates, participants, settings, conversations all reconstructed with a journalist's ear for conversation and detail. It helps that before going to Wall St., Rattner was a reporter for the New York Times. The journalistic blind spot is that the book reads like a long newspaper article. Rattner does not reflect on the moral hazard of his enterprise, on what states or other governments should learn, or on what governments should do to stay out of the business of restructuring failing companies.
Second, Rattner is a solid financier. He knows his way around a balance sheet and understands the enormous complexity of a bankruptcy conducted under tough conditions. He has good reason to be proud of his work: the huge, desperate, hail-Mary pass that was the federal government decision to intervene and restructure the US Auto industry looks like it will actually work. As of the publication of this book, it appears that Chrysler will pay back its loans and that GM will go public and repay the public most or even all of its investment. If the Obama administration succeeds in saving two million+ jobs and getting the taxpayer's money back, that is a hell of an accomplishment. The banking blind spot is that Rattner carved an incredible hole in the US securities landscape. If holders of preferred debt can be forced to give up their claims on assets and accept a junior position to unsecured creditors (as they were in this, the largest of all bankruptcies), why will they lend money again?Read more ›
He wasted a lot of ink using details that don't matter. Such as who was setting where and what clothes they wore. Also he seems childish taking cheap shots at various people.
On page 277 he is talking about some of Chrysler's improvments and metnions the Dodge STRATUS which is not even produced anymore. Maybe he meant the Avenger, which would be correct, but I wonder if he even knew this.
He appears arrogant but what else would you expect from someone with his background?
I recommend this book though. I plan on reading the other books regarding the industry so it will be interesting to compare to this one. I don't believe everything he wrote in the book but most is probably valid.
In many ways, this type of book will probably become required reading in business schools around the country. What happens when companies get too cocky, give too many concessions to labor in good times, are partially government regulated and where the product is no longer cutting edge. Yes cars have a lot of new technology in them but they have been around for a hundred years and others have mastered the art of making them as you would expect.
I'm sure that working with these powerful people would produce a powerful high, especially when in the Oval office. Many years ago on a Whitehouse tour I was in the Oval Office and even with only typical citizens present I could feel the power. The book helped me relive this experience somewhat as Rattner talks about the decisions and people there trying the get "facetime" with the president. I only hope that Rattner is right, they made the correct decisions in rapid time.
Most Recent Customer Reviews
excellent acocunt, but missing the financial summary at the end of the book - so how much did the taxpayer pay and what did they get back??Published 18 months ago by kkc
He's honest and thorough. He establishes without doubt that Team Auto was entirely in charge of both bailouts. Read morePublished 20 months ago by steven r. jakubowski
The book gives an interesting history of the need to reorganize GM. This is great, except GM shouldn't have been reorganized. Read morePublished on May 16, 2014 by Erica Ford
As a native Detroiter, am interested in the auto industry as well as the devolution of this great city. Read morePublished on March 30, 2014 by Marilyn Carlson-Swafford
Steven Rattner is a smart guy. Easy and entertaining read, I learned and gained an understanding that eluded me in this mixed up world.Published on March 20, 2014 by teatime
This book is a case study in extremes; extremely good and extremely annoying. On one hand it provides a fascinating look at the work done to salvage the automotive industry from... Read morePublished on January 20, 2014 by Michael