Overhaul
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Yet for someone like myself who believes in public service, an assignment like Team Auto can be a dream come true—the chance to make a meaningful difference on a huge issue that requires only minimal interaction with Congress. As for the tribulations of public life, working in the world's largest bureaucracy brings an offsetting advantage—when you call saying that you are from the U.S. Treasury, it is astonishing how quickly people respond and react! For all the sacrifices that my family and I made so that I could serve, I would do it again, and without the fear and second thoughts. Unfortunately, there aren't many assignments like Team Auto. Most jobs involve trying to inch some initiative through an executive branch review and then through Congress, which can easily become a Sisyphean task. Taking on one of those would be a much tougher decision.
Three years to the day after my chance encounter with candidate Barack Obama at the Vineyard Golf Club in 2007, I saw him there again. My extraordinary friend Mike Bloomberg was on Martha's Vineyard to play golf with the President and invited me to join him beforehand to hit some balls and catch up. When the President arrived at the driving range, he greeted me with a smile so big it seemed to make his prominent ears protrude even more.
"I was just telling Mike that I was bragging about you," he said, and described a recent meeting in which he'd gotten New York Times columnist David Brooks to admit that his March 2009 column criticizing Obama's intervention in the auto crisis had been wrong. We exchanged laughs about how Brooks, whose pieces are generally exceptional, had been far off target in this case. After a few more pleasantries, the President stepped into position on the range and began hitting. As I struggled with my shots a few yards away, I felt that a fulfilling coda had just been attached to my government service. I had helped a man whom I greatly admire achieve an important success of his young administration.
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Note on Sources
This book is primarily derived from my experiences and recollections. However, as a former journalist who always wanted to write a book but never found the subject matter or the stamina, I was intrigued by the opportunity to go beyond my memory and opinions. Among other things, I was curious to know the story of the auto crisis during the Bush period—I had no time while I was in the Obama administration to find out. I also thought this book would benefit from having the story continue through to the truly monumental event of GM's filing of its initial public offering prospectus.
The result was more than 150 interviews, mostly conducted by me but some by my able colleagues Jeffrey McCracken, Peter Petre, and Sadiq Malik. In addition to the formal interviews, there were countless—I'm sure hundreds of—shorter conversations or e-mails to try to nail down every detail. To protect the anonymity of those who wished to speak confidentially, I have chosen not to list any of my interviewees. But I was gratified that nearly every player of consequence in this drama was willing to share his or her recollections, in some cases on multiple occasions. I am deeply grateful to all who helped us; I am certain the book is better for their collective contributions.
Like other works of its genre, this account includes direct, contemporaneous quotations from participants in the many meetings and conversations. While some of these come from my memory, I have attempted to verify all quotations with as many participants as possible. (The handful of descriptions of other people's thoughts are based on later interviews with those people.) Having said that, I've now learned from direct experience that no book of this sort can honestly warrant that every quotation is precisely accurate in every detail.
Finally, Sadiq—a worker of Harry Wilson intensity and stamina—attempted to verify every single fact in these pages. If any errors remain, the fault is mine alone.
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Acknowledgments
First and foremost, I want to extend my deepest appreciation to the dedicated members of Team Auto, whose names are listed in the front of the book. They deserve the thanks of the entire nation for their selfless dedication to a seemingly impossible task. Working with such a talented and collegial group of extraordinary individuals has been the high point of my career.
Second, I am grateful to my bosses, Tim Geithner and Larry Summers, for having the confidence in me to ask me to take on this important role. Throughout our many months of work, they were available, supportive, and decisive. They are public servants of the highest order and integrity.
During my time in Washington, I was fortunate to interact with many other government employees. Contrary to what some Americans may think, the Treasury is blessed with a large array of talented and dedicated staff members, both those who came as part of the Obama administration and those who have made it their careers to serve their country. In particular, I would like to thank Mark Patterson, Lee Sachs, Matt Kabaker, Michael Tae, Duane Morse, Mara McNeill, Lindsay Simmons, Alan Krueger, Stephanie Cutter, Jenni Engebretsen LeCompte, Meg Reilly, Jake Siewert, Herb Allison, Jim Lambright, Bernie Knight, Shira Minton, Ken Feinberg, and Gene Sperling.
Throughout this tumultuous period of my life, I was fortified by the friendship and support of many. I pay particular tribute to Mayor Michael R. Bloomberg, who truly knows the meaning of loyalty and standing up for people you believe in. But there are many others to whom I am equally grateful:
Ali Wambold, Margaret Carlson, Henry Hubschman, Michi Kakutani, Richard Cohen, David Westin, Louise Grunwald, Diana Taylor, Richard Holbrooke, Kim Fennebresque, Marc Nathanson, Ron Rappaport, Barry Diller, Paul Goldberger, Vernon Jordan, Tom Lee,Jes Staley, Amos Hostetter, Michael Kramer, Orin Kramer, Leon Black, Chuck Schumer, Josh Gotbaum, David Rubenstein, Harvey Weinstein, Warren Spector, Patti Harris, Glenn Dubin, John White, Judy Miller, Richard Haass, Jerry Speyer, Alice Ruth, Tim White, Mort Zuckerman, John Hess, Susan Rattner, Steve Shepard, Jeff Greenberg, David Bonderman, Eliot Spitzer, Paula Kerger, Tina Brown, Arthur Segel, Mitch Driesman, Ken Jacobs, Bob Rubin, Mickey Drexler, Bill Clinton, Henry Kravis, Charlie Rose, Dick DeScherer, Matt Mallow, Jamie Dimon, Bob Pittman, Susan McCaw, Charles Kaiser, Brian Roberts, Meryl Tisch, Jeff Nordhaus, David Stockman, David Ignatius, Mark Gallogly, Barbara Walters, Adam Miller, Walter Shapiro, Dan Lewis, Richard Plepler, Gordon Holmes, Roger Altman, Dan Rosensweig, Jim Tisch, Chris White, Joel Klein, Dick Fuld, Bill and Pat White, Sherrie Westin, Mark White, Norm Pearlstine, Tom White, Arthur Sulzberger Jr., Steve Weisman, Lynn Povich, Craig McCaw, Mort Janklow, Blair Effron, Nicole Seligman, Fred Wilpon, Skip Gates, Walter Isaacson, Ken Auletta, Francesca Stanfill, Greg Feldman, and Andrew Ross Sorkin.
At Houghton Mifflin Harcourt, I was the fortunate beneficiary of superb editing by George Hodgman, whose enthusiasm, dedication, and gentle lash kept me going when I flagged. I also appreciate the great attention and professionalism that I received from Gary Gentel, Bruce Nichols, Andrea Schulz, Laurie Brown, Bridget Marmion, Lori Glazer, Taryn Roeder, Becky Saikia-Wilson, Larry Cooper, Michaela Sullivan, and Melissa Lotfy.
My agent, Amanda "Binky" Urban, has been a close friend for more than twenty years, and I now understand why she has been so successful in her profession.
I've enjoyed working as part of teams for the past twenty-seven years of my career, so just as we had Team Auto, we had Team Book. At the forefront was Peter Petre, a distinguished former Fortune editor and experienced book hand. Peter was my patient guide through this new land, offering expert editing, great instruction in developing the narrative, and the all-important positive reinforcement. Sadiq Malik, a devoted member of Team Auto, generously signed up for Team Book and worked countless hours helping to re-create this complex story. I am also grateful to Jeff McCracken, a crackerjack financial journalist, who took time between jobs to bring to bear his reporting, financial, and auto expertise. Last, we had a terrific supporting cast of Maris Kreizman, Catherine Talese, Julie Sloane, Cynthia Colonna, and Hajera Dehqanzada. I am amazed at how much work it takes to produce a book!
My children—Rebecca, Daniel, David, and Izzy—have suffered through a father who spent six months perpetually preoccup
ied and with his study door closed as he tried to wrestle this tome to the ground. I hope that from this book—as well as from watching their parents try to do good in addition to doing well—they will take to heart the importance of giving back.
Most of all, I could not have gotten through the past eighteen months without the steadfast love and support of my wife, Maureen. She is truly my best friend and partner until death us do part.
West Tisbury, Massachusetts
August 2010
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Index
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