Steven Rattner, former automotive adviser to President Barack Obama, has just written a juicy account of last year's automotive bailout, complete with insights on the coming and goings of CEOs, courting foreign saviors and the General Motors plan to abandon its Renaissance Center headquarters. In his book, "Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry," Rattner says that GM wanted to walk away from its expensive towers in downtown Detroit and move to Warren, MI. While the move would have likely saved the company plenty of money and lent the impression of a hands-on management approach, the Obama administration apparently refused to allow the move, saying that it would cause a double-digit drop in property values in the area.
There's also the fact that GM pays around $20 million in taxes to Detroit per year.
According to The Detroit News, Rattner also offered the GM CEO position to none other than Nissan/Renault head honcho Carlos Ghosn after Rick Wagoner was shown the door. Ghosn, who had previously sought a partnership between his empire and The General, politely declined the offer. How's that for a head job?
Even through all of the turmoil, The Detroit News quotes Rattner as saying that the automotive bailout is one of this administration's "unambiguous successes."
[Source: The Detroit News | Image: Neison Barnard/Getty for Fortune Magazine]