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October 22, 2009

State of GM, Chrysler shocked auto task force

  • The former head of the government's auto task force said “stunningly poor management” at both companies made the bailouts necessary.
    • By KEN THOMAS
    Associated Press Writer

    WASHINGTON — Shockingly poor financial management at General Motors and Chrysler weakened their case for a federal bailout, but officials feared letting them collapse, the former head of a government auto task force said Wednesday.

    In a first-person account posted on Fortune magazine's Web site and in a Brookings Institution speech, Steven Rattner said he was alarmed by the “stunningly poor management” at the Detroit companies and said GM had “perhaps the weakest finance operation any of us had ever seen in a major company.”


     
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