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A uniquely informed investigative account of one of the biggest financial crises of President Obamaa€™s early administration 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 mismanagementa€”a scenario rich in hard-earned lessons for managers and executives in any industry.A Boston Consult- ing Group study showed that only 11 percent of consumers would even consider buying a Chrysler. ... to a a€œnaturala€ level by slashing the incentives to which Chrysler had become ad- dicted. ... a seven-hour briefing for several hundred dealers, journalists, and Wall Street ana- lysts to present Chryslera#39;s five-year plan, sales were down a scary 39 percent from their depressed 2008 levels.

Author:Steven Rattner
Publisher:Houghton Mifflin Harcourt - 2010-09-13


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