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Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there's no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family members cannot currently own any stock in the Detroit automakers or serve on any of the D-3's boards of directors. Would-be applicants would also need to be "sufficiently intellectually and professionally nimble," whatever that means, and have 8-12 years of experience on Wall Street.

Why would Wall Street experience be helpful? It's no secret that the government is hoping that GM and Chrysler can renegotiate and reduce their massive piles of debt, and employees familiar with how complicated financial markets operate might be adept at dealing with creditors. Of course, there's also the matter of learning the intricacies of the automotive market, but it seems those skills may be less important in the short term.

[Source: Detroit News | Photo: f-l-e-x]


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  • 11 Comments
      • 6 Years Ago
      Yikes!

      I love me some Obama ,but, REALLY O?

      tunakurtz
      • 6 Years Ago
      76% of Americans say no more bailout money! If they can make it on there own, great!
      • 6 Years Ago
      Wow, really? What happend to all the "change" and "hope"? This looks like something Bush would have done and I "hope" Obama is called out on it.

      With all the industry insiders that have retired over the past few years there HAS to be better choices. I guess that's asking too much from government. This is pretty depressing.
      • 6 Years Ago
      Actually, that sounds like an interesting gig.
      • 6 Years Ago
      Oh god.. this is gonna end horribly!
      Seriously they think ex-wall st. guys are gonna help fix the Auto Industry when they can barely save themselves? They should be going to I dunno.. Automotive sites say like I dunno here??? And other automotive mag's and recruit from there or ask them for advice on who to hire. We need people on this supposed Task Force who actually know how to change their own oil for crying out loud and actually know where the gas cap is on their car.
      • 6 Years Ago
      I'm guessing someone with 8-12 years "Wall St. experience" is going to be making some decent coin. Why would they then take a massive pay cut to work for the Government? I see this task force employing a bunch of mid-level bureaucrats who have no knowledge nor desire to fix the auto industry.

      'Fork
      • 6 Years Ago
      Yes, the committee needs auto industry experts, not stock/financial experts!!! The Cerberus/Chrysler experiment is proof that Wall Street types (or Silicon Valley types for that matter), generally don't know how to run a car company.

      UH2L
      http://www.thingsivenoticed.com
      • 6 Years Ago

      Clueless.

      It seems to me that American manufacturing companies are very stubborn in learning what is it that makes them not competitive with rest of the world. Meaning, they don't learn.

      I'll try again: the only business that is in business of making money is called a BANK. If you are a manufacturer, you are in business of making ... whatever it is that you sell to your customers, not in business of making money.

      Hiring the guys who only know how to make money (and only in non-adverse conditions, mind you) to help car manufacturers make a car - that's CLUELESS.
      • 6 Years Ago
      I find it interesting that part of the qualifications for being on the automotive task for is Wall Street experience. After test driving new vehicles and reporting on them for almost 15 years I think I have a much deeper understanding of the automotive business than a wall street type that is strictly motivated by money. We've seen where that mentality has gotten us.
      It's time we focus on product and trimming down the industry, which will be painful enough without having Wall Street involved.
      When will some degree of logic come into play. I don't need to state the obvious regarding the bail out on Wall Street while people pontificate about letting Detroit die.
      Talk about too big to fail.
      HotRodzNKustoms
      • 6 Years Ago
      That's the way to attract high quality people from Wall Street. Low wages and little glory. Two things drive people on the street money and glory and this has neither.