The Detroit 3 finally have CEOs worth betting on, says Steven Rattner, former head of the Obama auto task force that oversaw the bailouts of General Motors Co. and Chrysler.
Rattner, who has written a book on the bailouts titled Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry, said he would consider risking his own money in any of the three companies based on the skill of senior management.
Rattner was a successful private equity investor at Quadrangle Group and other investment houses before being the Obama auto task force chief from February 2009 to July 2009.
He was interviewed by Automotive News last week.
"If there's anything to make people who care about this industry feel optimistic, it's that for the first time in a very long time these companies have what I call backable CEOs, people I would put my money or my investors' money behind because they are superstars," Rattner said.
He was referring to Alan Mulally at Ford Motor Co., Sergio Marchionne at Chrysler and Dan Akerson at GM. Rattner was instrumental in recruiting Akerson to GM's board, and he supported Fiat's and Marchionne's role in rescuing Chrysler.