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Dismantling GM - Who's in Charge?
Topic Started: Jun 1 2009, 01:05 PM (364 Views)
George K
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Finally
What could possibly go wrong?

The 31-Year-Old in Charge of Dismantling GM
Quote:
 
It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.

But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.

“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”
...
Mr. Deese’s role is unusual for someone who is neither a formally trained economist nor a business school graduate, and who never spent much time flipping through the endless studies about the future of the American and Japanese auto industries.
...
But he wanted to learn domestic issues as well, and soon ended up working as an assistant for Gene Sperling, who 17 years ago in the Clinton White House played a similar role as economic policy prodigy. Eventually, Mr. Deese headed to Yale for his law degree. But his e-mail box was constantly filled with messages from friends in Washington who were signing up to work for the Obama or Hillary Rodham Clinton campaigns. Mr. Deese chose Senator Clinton’s.

“He was pretty quickly functioning as the top economic policy staffer through her campaign,” Mr. Sperling said. “He could blend the policy needs and the political needs pretty seamlessly.”


This guy has never run any business, and his entire resume seems to be campaign work for Clinton.

Shall we talk about Harriet Meyers too?

Amazing.
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QuirtEvans
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I Owe It All To John D'Oh
Age-ist.

Plenty of people in American history made their mark before age 40.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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George K
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Finally
Jefferson
Adams
Etc.

That was the NYT's title, by the way, not mine.

But other than that, what qualifications does he have? Seems like a pretty thin resume.
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"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Nobody's Sock
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Fulla-Carp
The bigger question is "will dealers be slashing prices?" The new car buying public wants to know!
"Somewhere, something incredible is waiting to be known."
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QuirtEvans
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I Owe It All To John D'Oh
George K
Jun 1 2009, 01:19 PM
Jefferson
Adams
Etc.

That was the NYT's title, by the way, not mine.

But other than that, what qualifications does he have? Seems like a pretty thin resume.
I was thinking more recent, Martin Luther King, for example. Or William Douglas.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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John D'Oh
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MAMIL
QuirtEvans
Jun 1 2009, 02:04 PM
George K
Jun 1 2009, 01:19 PM
Jefferson
Adams
Etc.

That was the NYT's title, by the way, not mine.

But other than that, what qualifications does he have? Seems like a pretty thin resume.
I was thinking more recent, Martin Luther King, for example. Or William Douglas.
Jesus also springs to mind.

I wouldn't have let Martin Luther King dismantle GM either, for what it's worth, although I might be tempted to let Jesus have a crack at it - 'Out, damn gasoline, thou wilst run on water from now on!'
What do you mean "we", have you got a mouse in your pocket?
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Kincaid
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HOLY CARP!!!
Is anybody saying this guy is something of a wunderkind? Hopefully not in the mold of Robert McNamara (who came from the auto industry as a success to serious fvck up the Vietnam war).
Kincaid - disgusted Republican Partisan since 2006.
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1hp
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Fulla-Carp

Quote:
 
This guy has never run any business, and his entire resume seems to be campaign work for Clinton.


Pretty much sums it up.

"Youth and enthusiasm can never overcome old age and cunning".
There are 10 kinds of people in this world, those that understand binary and................
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Mikhailoh
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If you want trouble, find yourself a redhead
What billion dollar enormously complex global enterprise did Jesus or Dr. King run? Their followers were for love, not money. Except Jesse and Al.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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George K
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Finally
QuirtEvans
Jun 1 2009, 02:04 PM
I was thinking more recent, Martin Luther King, for example. Or William Douglas.
King: PhD - 1955 (age 26)
Douglas: JD -1925 (age 28)

They were young, absolutely.

So, by age 31, what has this guy done, besides not graduate from Yale?

What were you doing at age 31?

I was in practice for almost 2 years.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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jon-nyc
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Cheers
The guy in charge has a pretty impressive resume, he founded a successful hedge fund. I think his net worth is around 600MM. I don't know his age, but I'd put him in his 50s.
In my defense, I was left unsupervised.
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John D'Oh
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MAMIL
Mikhailoh
Jun 1 2009, 02:14 PM
What billion dollar enormously complex global enterprise did Jesus or Dr. King run? Their followers were for love, not money. Except Jesse and Al.
It might have escaped your notice but I wasn't being completely serious when I referred to Jesus.

William Pitt the Younger, on the other hand, became Prime Minister of Great Britain at age 24, and presided over a major superpower during the French Revolution and then the Napoleonic Wars (which he won). Admittedly, he was English, so he had a big advantage over the type of chap that Obama is pretty much forced to pick.
What do you mean "we", have you got a mouse in your pocket?
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Jolly
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Geaux Tigers!
Since we now own GM, can I have a company car?
The main obstacle to a stable and just world order is the United States.- George Soros
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jon-nyc
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Cheers
I figured living in your neck of the woods some nice insurance from AIG could be more attractive.
In my defense, I was left unsupervised.
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Jolly
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Geaux Tigers!
jon-nyc
Jun 1 2009, 03:24 PM
I figured living in your neck of the woods some nice insurance from AIG could be more attractive.
I already have some insurance with AIG... :weeping:
The main obstacle to a stable and just world order is the United States.- George Soros
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George K
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Finally
quelle surprise

It wasn't jobs "saved or created."

Quote:
 
The report by Neil M. Barofsky, the special inspector general for the Troubled Asset Relief Program of the Treasury Department, said both carmakers needed to shut down some underperforming dealerships. But it questioned whether the cuts should have been made so quickly, particularly during a recession. The report, released on Sunday, estimated that tens of thousands of jobs were lost as a result.

“It is not at all clear that the greatly accelerated pace of the dealership closings during one of the most severe economic downturns in our nation’s history was either necessary for the sake of the companies’ economic survival or prudent for the sake of the nation’s economic recovery,” the report said.

The report does not make any recommendations, and serves more as a review of the process. It does not carry the authority to initiate any corrective action.

But it comes at a politically delicate time for the Obama administration, which is facing skepticism from the public about the strength of the recovery and criticism from Republicans who are seizing on the economy — including the effectiveness of the federal bailout — as an issue heading into the midterm elections.

G.M. and Chrysler, which went through separate six-week stays in bankruptcy protection last year, received a total of $62 billion under the Troubled Asset Relief Program. G.M. repaid $6.7 billion in April, but the remainder of its government debt was converted into a 61 percent equity stake. The Treasury owns 8 percent of Chrysler.

Treasury officials, in a letter of response, said they “strongly disagree” with the report’s conclusions, arguing that the administration’s actions toward G.M. and Chrysler “not only avoided a potentially catastrophic collapse” but also “saved hundreds of thousands of American jobs.”

About a year ago, G.M. informed more than 2,000 dealers that some or all of their franchise agreements would not be renewed in October 2010. Chrysler eliminated 789 dealers, or about a quarter of its network, with less than a month’s notice.

Both carmakers voluntarily rescinded some terminations — 666 at G.M. and 50 at Chrysler — which, the report said, “suggests, at the very least, that the number and speed of the terminations was not necessarily critical to the manufacturers’ viability.”



A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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jon-nyc
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Cheers
No surprise at all. When you decide to stop selling loss making cars the people who sold them lose their jobs.
In my defense, I was left unsupervised.
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Axtremus
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HOLY CARP!!!
jon-nyc
Jun 1 2009, 02:47 PM
The guy in charge has a pretty impressive resume, he founded a successful hedge fund. I think his net worth is around 600MM. I don't know his age, but I'd put him in his 50s.
It seems you're not referring to the same 31 year old to whom George objects.

Who is this "guy in charge"? Is he the boss of that 31 year old? :blink:
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George K
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Finally
jon-nyc
Jul 20 2010, 03:37 AM
No surprise at all. When you decide to stop selling loss making cars the people who sold them lose their jobs.
I interpret this statement
Quote:
 
But it questioned whether the cuts should have been made so quickly, particularly during a recession. The report, released on Sunday, estimated that tens of thousands of jobs were lost as a result.

as meaning that the haste with which the closings occurred resulted in the loss of jobs, unnecessarily.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
Online Profile Quote Post Goto Top
 
jon-nyc
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Cheers
I'd say it was not only necessary, it was overdue.
In my defense, I was left unsupervised.
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jon-nyc
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Cheers
Axtremus
Jul 20 2010, 03:46 AM
jon-nyc
Jun 1 2009, 02:47 PM
The guy in charge has a pretty impressive resume, he founded a successful hedge fund. I think his net worth is around 600MM. I don't know his age, but I'd put him in his 50s.
It seems you're not referring to the same 31 year old to whom George objects.

Who is this "guy in charge"? Is he the boss of that 31 year old? :blink:
He was. Rattner, the auto czar. For all my problems with the guy, he was more than qualified for the corporate reorg task.
In my defense, I was left unsupervised.
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