Synopses & Reviews
The first realand#160;look inside Team Obamaand#8212;due just before the 2010 electionsand#8212;mixes political warfare and big business shakeups in equal proportions, and comes from a uniquely informed source.and#160;Steve Rattner is not just the man brought in by the president to save the auto industry, he is a former New York Times financial reporter who also earned a place among the top tier of Wall Streetand#8217;s most informed investment bankers and corporate experts. Now, from his vantage point at the helm of the historic auto-industry intervention, Rattner crafts a tightly plotted narrative of political brinkmanship, corporate mismanagement, and personalities under pressureand#160;in a high-stakes clash between Washington and Detroit. He also explains the tough choices he and his team made, working against a ticking clock and facing vocal opposition from free market champions,and#160;to keep Chrysler and General Motors in operation. and#160; As the economy faced free fall, Obama, Treasury Secretary Tim Geithner, and economic advisor Larry Summersand#8212;all revealingly describedand#8212;faced the possibility of more than a million lost jobs and the astonishing wreckage of GM (a nightmare of huge proportions, caused by terrible management) and Chrysler (a company so close to death it was nearly sacrificed). Rattnerand#8217;s bookand#8212;which will take the story up to the fall of 2010and#8212;is a gripping account of one of the severest crises of President Obamaand#8217;s first year in office, with lessons relevant for all managers and executives.
"A team of professionals who come together to do a job execute it seamlessly and then just as quickly go their separate ways" is Rattner's characterization of the people who oversaw the rescue of GM and Chrysler. He also says they're akin to "soldiers in wartime" and defends both descriptions. Rattner emphasizes how this team (which involved the Treasury White House and Detroit) saw their work as a public service though staggeringly complex and potentially devastating to the economy. Beginning with the Bush Administration's decision to help the industry and ending with the automakers emerging from forced bankruptcy former New York Times journalist Rattner adeptly conveys the depth of the challenge the hazards and pitfalls they faced and their ultimate success. He keeps the narrative essentially factual with few forays into the personalities around him; he eschews gossip and is admirably fair to all involved. Most surprising is his lively tone clear narrative and the skill with which he skirts minutia. Rattner believes in doing a good job and admires those who share this quality; his effort is a testament to people who do their best when called upon. Photos. (Oct.) " Publishers Weekly Copyright PWxyz, LLC. All rights reserved."
"'A team of professionals who come together to do a job, execute it seamlessly, and then just as quickly go their separate ways' is Rattner's characterization of the people who oversaw the rescue of GM and Chrysler. He also says they're akin to 'soldiers in wartime,' and defends both descriptions. Rattner emphasizes how this team (which involved the Treasury, White House, and Detroit) saw their work as a public service, though staggeringly complex and potentially devastating to the economy. Beginning with the Bush Administration's decision to help the industry, and ending with the automakers emerging from forced bankruptcy, former New York Times journalist Rattner adeptly conveys the depth of the challenge, the hazards and pitfalls they faced, and their ultimate success. He keeps the narrative essentially factual, with few forays into the personalities around him; he eschews gossip and is admirably fair to all involved. Most surprising is his lively tone, clear narrative, and the skill with which he skirts minutia. Rattner believes in doing a good job and admires those who share this quality; his effort is a testament to people who do their best when called upon. Photos.
(c) Copyright PWxyz, LLC. All rights reserved." Publishers Weekly (Copyright PWyxz LLC)
"Obama auto czar Rattner delivers a vigorous account of the bailout of the automobile industry --and#160;a success, though one fraught with controversy... A fine inside-baseball account of how things can get done when people agree to get them done, even in Washington." --Kirkus Reviews
"OVERHAUL is filled with delicious descriptions of what happened behind the scenes in the White House and at the Treasury Department as the effort to save GM and Chrysler unfolded... a riveting read." --Wall Street Journal
"required reading" --New York Times
"[a] compelling story about how government reacts to economic crisis...Rattner's book is an extraordinary account of how government, brandishing the stick of bankruptcy, was able in a few months to accomplish tremendous restructuring of a major American industry in ways that had eluded the private sector for half a century or more. (His material on GM's clueless management is truly priceless.)" --Slate.com
"Unquestionably the best book so far about the Obama presidency" --Slate.com
"[OVERHAUL] offers a careful, but lively, account of the auto industry bailout. Rattner takes us from the very beginning, when the Bush Administration was still in charge and two Detroit automakers were on the verge of total collapse, almost until the present day, when one of the companies (General Motors) seems to be thriving and the other (Chrysler) seems at least to be surviving." --NewRepublic.com
"While there have been other books about the Obama administration, this is the first from the inside and it is full of glimpses behind the curtain that we usually have to wait four years to seeand#8230;.The best parts of and#8220;Overhauland#8221; are the vivid pictures Rattner paints of the economic team.and#8221; and#8211;Bloomberg News
and#8220;Steven Rattner shows a journalist's eye for detailand#8230;.OVERHAUL is a feast of political and financial intrigue.and#8221; and#8211; Detroit Free Press
"With lively reconstructions of meetings in the Oval Office, Rattner shows the struggle over whether government should interveneand#8230;.persuasiveand#8230;illuminatingand#8230;After Team Auto, GM has a much cleaner balance sheet and is set for a stock market flotation before theend of the year. The government might well get its money back. So those who think Obama is bad for business should read Overhaul. But anyone who believes in the fiction of armand#8217;s-length government investment will find some corrective facts, too." -- Financial Times
"Overhaul" is not a Washington memoir, even though it is set in Washington, and it involves one of the most deeply politicized issues in recent memory. It is a Wall Street memoir, a book about one of the biggest private-equity deals in history....unexpectedly fascinating" - Malcolm Gladwell, The New Yorker
"Overhaul is required reading to understand the auto industry." - Motor Trend
"[a] surprisingly modest accountand#8230;Rattner has a journalistic talent for the telling detail, resulting in a memorable tale of life in the middle of the economic meltdownand#8230;.Rattner deftly draws portraits of the inhabitants of "the Oval" and the West Wingand#8230;.Rattner has proved himself a gifted chronicler." - Time Magazine
"[Rattner] writes lucidly and does a good job of balancing reportage and opinion. He gives us a useful record of both what the auto bailout looked like from inside the process and what the U.S. government looks like -- when it's working and when it is not. From both angles, this is a comprehensive, useful and readable look under the hood." - Knowledge@Wharton (UPenn)
Rattner, the man brought in by the president to save the auto industry, crafts a tightly plotted narrative of political brinkmanship, corporate mismanagement, and personalities under pressure in a high-stakes clash between Washington and Detroit.
“Steven Rattner shows a journalist's eye for detail . . . Overhaul
is a feast of political and financial intrigue.” —Detroit Free Press
In Overhaul, Steven Rattner delivers an inside account of the Obama administration's bold bid to save the auto industry. From his vantage point at the helm of the intervention, Rattner crafts a tightly plotted narrative of political brinksmanship, corporate incompetence, and personalities under pressure in a high-stakes drama of Washington and Detroit. He also explains the tough choices he and his team made to keep Chrysler and GM in operation—while working against the clock in the face of intense lobbying from staunch Democratic allies and vocal opposition from free-market partisans.
Overhaul is a candid, gripping story of one of the most difficult crises of President Obama's first year in office, with lessons relevant for all managers and executives.
“[An] exhaustive, detailed account . . . Overhaul will certainly be on the bookshelf of every bankruptcy attorney in the country, and become required reading for public policy and law students.” —New York Times
“Unquestionably the best book so far about the Obama presidency.” —Slate
With a new epilogue
The inside story of how the Obama administration masterminded the rescue of the U.S. auto industry and#160;and#160;
A uniquely informed investigative account of one of the biggest financial crises of President Obamas 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 mismanagement—a scenario rich in hard-earned lessons for managers and executives in any industry.
About the Author
As Counselor to the Secretary of the Treasury, Steven Rattner led the Administrationand#8217;s efforts to restructure the auto industry. Prior to that, he was Managing Principal of Quadrangle Group, LLC. At Lazard Frand#232;res and 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, Wall Street Journal, Washington Post, and Financial Times. He lives in New York.