The writer was one of the leaders of the Committee to Restore Dealer Rights, which last year lobbied Congress to pass legislation setting up arbitration for rejected dealers.
To the Editor:
This is in response to "Book says GM had clueless 'culture of losing' " (Sept. 20).
Does Steven Rattner mention Rick Wagoner's bad decision on GMAC, which was compounded by Rattner's own, even worse decision, to do away with captive finance companies at both General Motors and Chrysler, as well as 25 percent of the dealer body?
Also, does he mention Ed Whitacre's courage in reversing both of those horrible decisions?
Rattner has the audacity to talk about his success in Detroit even though it's a D-minus at best.
When a man is repudiated by his former business partners, he is not a man to be trusted. Rattner's former associates at Quadrangle told the New York attorney general in April 2010 that they "wholly disavow the conduct engaged in by Steve Rattner. ..." They continued to say, "That conduct was inappropriate, wrong and unethical." They pledged to cooperate with the attorney general's continuing investigation of Rattner.
Rattner succeeded in taking the opportunity of a lifetime to help America compete on the world stage of automobile manufacturing and squandered it in favor of political gain while unnecessarily risking 100,000 jobs in car dealerships.
Read the July 19, 2010, report from the Office of the Special Inspector General for the Troubled Asset Relief Program, "Factors Affecting the Decisions of General Motors and Chrysler to Reduce Their Dealership Networks."