Rattner's Memoir Opens Curtain on Auto Bailouts
WASHINGTON - The Obama administration vetoed attempts by General Motors to abandon its Detroit headquarters, a new book by a former top auto adviser reveals.
The revelation comes in a 320-page memoir by Steven Rattner, who was President Barack Obama's auto adviser for six months last year, and helped shepherd the $85 billion government bailout and bankruptcies of GM and Chrysler, The Detroit News reported.
"Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry" also discloses Rattner secretly forced out GM Chairman Kent Kresa in June 2009, and offered GM's top job to Renault-Nissan CEO Carlos Ghosn.
The book paints a critical portrait of Chrysler Group LLC CEO Sergio Marchionne, other top executives and many in the government.
A draft manuscript was made available to The Detroit News by publisher Houghton Mifflin ahead of its Oct. 14 publication date.
Written with the help of a veteran auto journalist, Jeffrey McCracken, and Sadiq Malik, a former auto task force staffer, Rattner's memoir offers new evidence that the Obama administration's influence on the Detroit automakers was larger than previously revealed.
In addition to the government's role in personnel matters, and in keeping GM in Detroit, the book discloses the White House initially planned for a $100 billion bailout, but the aid package GM, Chrysler and their affiliated finance companies eventually came in at $85 billion.
The administration also considered a $10 billion fund to help auto suppliers -- but cut it to $5 billion -- and weighed but discarded a plan to provide funding to help suppliers go through bankruptcies.
Before his ouster as GM's CEO, Fritz Henderson proposed moving GM headquarters from Detroit's Renaissance Center to the automaker's Tech Center in Warren, arguing it would save money, and symbolize a commitment by the company's leadership to be more hands-on managers.
Rattner praised the idea. But a White House aide, Brian Deese, who has been heavily involved in auto policy, denounced it.
"Are you out of your mind?" Rattner quoted Deese as saying. "Think what it would do to Detroit."
Henderson proposed donating the iconic headquarters on the Detroit River to the city. Detroit received $20 million in tax revenue from GM.
The White House even commissioned an outside analysis of the impact a move would have on Detroit property values, Rattner wrote. The answer: an estimated "double-digit hit on already deflated real estate prices."
Leaving the RenCen "made a lot of strategic sense," Rattner wrote. But Michigan native Gene Sperling, a U.S. Treasury Department official, was one of many who fought the idea.
"It's over for Detroit if you do this," Sperling yelled in a meeting, Rattner recalled. "Don't do this to (Detroit Mayor) Dave Bing... He's a good man trying to do a good thing."
The request was passed up the chain to White House Chief of Staff Rahm Emanuel, "and word came down that the move would be a bridge too far," Rattner wrote.
"Fortunately, this unique intervention into a specific GM matter was never leaked to the press, saving us from having to explain how it comported with our policy of letting GM and Chrysler manage their own affairs."
In a Detroit News interview earlier this year, Henderson confirmed his interest in moving GM headquarters, but White House involvement has never been publicly reported.
Neither the White House nor GM would comment on Rattner's account.
"The book is history," said GM spokesman Greg Martin. "We're a new company and we have too much work to do and no time for book reviews."
More Industry

Charger Network Growth Slows
Despite a projected increase in public EV chargers in 2026, charging infrastructure remains a top concern for consumers as the gap between the most and least EV-friendly places remains substantial.
Read More →
Lenders, Consumers Take on More Auto Loan Risk
September records loosened credit access the most in over a decade as buyers took advantage of the conditions to afford trading, though loan applications fell.
Read More →
Next-Gen Hybrids in Sight
Dealerships can expect to see revamped hybrids from Honda next year as the company rolls out a new system and model lineup.
Read More →
Gem State Stores Change Hands
A larger auto group founded in the industry’s early years sold two franchises to a neighbor group that's on a growth spurt.
Read More →
Charging In Motion
Honda has been researching wireless in-motion charging for electric vehicles since 2025, and new technology developments have put it a step closer to a final product.
Read More →
Twin Cities Stores Sell
Minnesota-based Walser Automotive Group made what it called the most significant acquisition in its history with a three-rooftop deal in Minneapolis.
Read More →
U.S. Auto Sales Still Below Prepandemic Levels
Mobility Global industry observers don’t expect the market to return to the higher volumes that became routine before Covid but to stay well below its potential.
Read More →
The Powertrain Shift
Electric-vehicle owners are backpedaling, according to new data, with product availability driving many to shift back to gas-powered engines.
Read More →
Achromatic Autos
The shades that dominate the U.S. car market don’t call attention to themselves, though grayscale may have plateaued after a 30-year upswing, research shows.
Read More →
Used-Vehicle Affordability Worsens
Listing prices in August defied seasonal trends, rising above $27,000 for the second time this year.
Read More →