Rattner Explains Firing of GM CEO

Former “car czar” Steve Rattner has written a lengthy piece for Fortune discussing how, without any experience in the auto industry or government, he led the largest restructuring in American history. Rattner recalls being “unnerved” by his appointment, admitting he “closed my eyes and jumped.” He cites General Motors as having “the weakest finance operation any of us had ever seen” and its then-chairman and CEO Rick Wagoner as friendly though arrogant—which is why he had to be fired. Wagner’s resistance to change did not sit well with Rattner. According to Rattner, the president told him: “I want you to be tough, and I want you to be commercial.”