Steve Rattner, the Obama administration’s former “car czar” who has a book out about the bailing out of General Motors and Chrysler, gives an interesting summary of his first impressions of Detroit to Peter Lattman in the New York Times.
So, for example, I found that the culture in Detroit, and at General Motors in particular, was even more bureaucratic and more stultified than what I would have guessed before I got there. The financial controls were far weaker than anything I would’ve imagined before I got there. On the positive side, GM had better projects than I would’ve imagined and it had also brought its manufacturing efficiency to a much higher level than I would’ve predicted.
That can be summarised as: GM was a terrible company making surprisingly good cars. Or: Detroit itself was in a bad way, whereas its manufacturing plants were healthy. Read more