"Obama’s Test: Restoring G.M. With a Limited U.S. Role" (Congress, lawyer)

[delusianne]

WASHINGTON — President Obama boiled down his three goals as the reluctant majority shareholder of General Motors this way on Monday: “To get G.M. back on its feet, take a hands-off approach and get out quickly.”

If only it were that easy.
***
While Mr. Obama will most likely come under extraordinary pressure to sell the government’s 60 percent stake in the “new G.M.,” his own auto task force has warned him that the exit strategy could be messy: the faster the government sells its stake to private investors, the less it is likely to recover its investment of more than $50 billion in the company.

And the longer the government holds on to its stake, the longer the pressures will build, from Congress and elsewhere, to intervene.
***
Walking that fine line between micromanaging and making sure G.M. gets back on track after 40 years of ignoring market realities is the drama that is about to play out in Detroit and Washington.

NEWS ANALYSIS: Obama’s Test: Restoring G.M. With a Limited U.S. Role

[sanrene]

Seems bambam has picked another of those "uniquely qualified" and "best of the brightest" to usher in the "new" GM.

Hot Air » Blog Archive » The best and brightest?

Imagine you had to pick someone to shepherd a gigantic multinational corporation through a bankruptcy in order to salvage it. Would you look for someone with extensive experience in the firm’s industry, or would you prefer someone with demonstrated savvy on Wall Street in turning around troubled firms? If the firm made cars, perhaps you could think of it as a choice between a Lee Iacocca or a Mitt Romney.

Or, maybe, you’d just pick someone from the mail room, as Barack Obama apparently has in the GM bankruptcy:

What could go wrong?

http://www.nytimes.com/2009/06/01/bu...ef=todayspaper

It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.

But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

[delusianne]

Cant deny that it looks weird.

The Times article managed:

While far more prominent members of the administration are making the big decisions about Detroit, it is Mr. Deese who is often narrowing their options.

A month ago, when the administration was divided over whether to support Fiat’s bid to take over much of Chrysler, it was Mr. Deese who spoke out strongly against simply letting the company go into liquidation, according to several people who were present for the debate.

Someone in a comment on a small, skeptical introduction to Brian Deese pointed out that the guy who runs Fiat didnt have auto-industry experience, either ("Marchionne knew nothing about cars before he was tapped to take over Fiat, now he’s trying to take over the automotive world. Could Rick Wagoner have done that? Quoth Sergio: “If you’re going to fix a broken car company, call in an amateur”), and linked to this:

Auto Outsider Gets Fiat Going By Flouting Industry Traditions - WSJ.com

[ViewFromThePeak]

What I Learned as a Car Czar - WSJ.com

A few words from one former dictatorship to our present day dictatorship.

b-b-b-b-b-b-ut we're different. Doesn't happen in America. Nope. No way.

[Ultor]

It will be interesting to watch our governments' interactions with Ford in the coming months and years.

Ford's response to yesterday's GM bankruptcy was to announce an increase in production (mostly in light trucks) for the next two quarters.

I'm betting Congress and this administration get punitive on their asses.

[sanrene]

It will be interesting to watch our governments' interactions with Ford in the coming months and years.

You can bet, they will be out to get Ford. They will do whatever they can to cripple their business. Is that what a POTUS is supposed to be doing?

[delusianne]

Originally Posted by sanrene

You can bet, they will be out to get Ford. They will do whatever they can to cripple their business. Is that what a POTUS is supposed to be doing?

This is just your wishful thinking.

[ViewFromThePeak]

Originally Posted by delusianne

This is just your wishful thinking.

But according to yourself, it's ok to nationalize if it's just "temporary".

[delusianne]

Originally Posted by ViewFromThePeak

But according to yourself, it's ok to nationalize if it's just "temporary".

I was replying about Sanrene's feverish dream that Obama is turning his bloody fangs toward Ford now.

"nationalizing" What's the realistic alternative to someone -- had to be the govt -- stepping in and forcing a clean-up as quickly as possible without 40 more years of shilly-shallying (best word ever)? GM proved season after season they had no intention of straightening up by themselves.

[allydriver]

Originally Posted by delusianne

GM proved season after season they had no intention of straightening up by themselves.

I'm sure the 31 year old half a lawyer will get er dun