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Steve Rattner -- a major Democratic party fundraiser who heads the investment firm Quadrangle Group is the leading candidate for a position that does not formally -- and should never in my view -- exist. That is, Rattner for Car Czar. The Car Czar's job -- if Congress creates it -- will fix the U.S. automobile industry by using the threat of throwing the companies into bankruptcy to force economic "haircuts" on labor unions, dealers, bondholders and others.

I worked with Rattner in the Kerry presidential campaign and hold him in high regard. He worked to raise money for Hillary Clinton and when she did not win the nomination Rattner raised $100,000 for Barack Obama. And Rattner does not just serve Democrats -- reportedly he is managing independent New York Mayor Michael Bloomberg's $13 billion fortune. I find that feat to be a remarkable testimony to Rattner's investment acumen.

Nevertheless, I think it would be better to find a different way to use Rattner's talents. If the Car Czar position does get created, it should go to an individual with demonstrated experience turning around large organizations in deep trouble. The person who comes to mind is Louis Gerstner who fixed International Business Machines Corp. (NYSE: IBM). Gerstner is not a car guy but he knows how to fix a big organization and could bring in automotive expertise as needed.

Rattner would be an asset to Obama's administration, but if there must be a Car Czar -- find a better fit.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College. His eighth book is You Can't Order Change: Lessons from Jim McNerney's Turnaround at Boeing. He has no financial interest in IBM securities.

Rattner for Car Czar? originally appeared on BloggingStocks on Fri, 09 Jan 2009 10:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>automakersBarack ObamaBarackObamafeaturedIBMlouis gerstnerLouisGerstnerMichael BloombergMichaelBloombergquadranglequadranglegroupSteve RattnerSteveRattnerFri, 09 Jan 2009 10:45:00 EST<![CDATA[Media World: Merrill likely to sell Bloomberg stake to Mayor Mike]]>http://www.bloggingstocks.com/2007/10/26/media-world-merrill-likely-to-sell-bloomberg-stake-to-mayor-mik/http://www.bloggingstocks.com/2007/10/26/media-world-merrill-likely-to-sell-bloomberg-stake-to-mayor-mik/http://www.bloggingstocks.com/2007/10/26/media-world-merrill-likely-to-sell-bloomberg-stake-to-mayor-mik/#commentsFiled under: , ,

Merrill Lynch (NYSE: MER) Chief Executive Stan O'Neal, who is holding onto his job by a thread, likely will sell the Wall Street firm's 20% stake in my old employer, Bloomberg LP, to shore up his company's bottom line. Heck, O'Neal's successor probably will sell it as well.

If I was a betting man, I would bet that company founder and current New York Mayor Mike Bloomberg will probably buy out Merrill. Maybe a private equity player would buy the Merrill interest, reportedly valued at $20 billion, that Fortune values at least $4 billion. The magazine says Bloomberg LP is worth at least $20 billion. But I'm not sure Bloomberg would be willing to cede any management control to an outside investor. The same goes for a huge media company such as News Corp (NYSE: NWS) or Time Warner (NYSE: TWX).

What was obvious to even the lowliest peons at Bloomberg -- including me -- is that the company really likes being private. Management was always willing to try almost anything to keep people glued to their Bloomberg terminals even if it didn't earn an immediate profit. Legend has it, one time Mike Bloomberg noticed that people were away from their Bloombergs and learned that a major sporting event was going on -- he decided on the spot that the company would provide sports news. I have no idea whether this story is true, but knowing the company's corporate culture, it sure seems to be on the mark.

Continue reading Media World: Merrill likely to sell Bloomberg stake to Mayor Mike

Media World: Merrill likely to sell Bloomberg stake to Mayor Mike originally appeared on BloggingStocks on Fri, 26 Oct 2007 12:14:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Bloombergbloomberg lpbloomberg newsbloomberg tvBloombergLpBloombergNewsBloombergTvfeaturedmedia dealsMediaDealsmerMerrill LynchMerrillLynchMichael BloombergMichaelBloombergmike bloombergMikeBloombergFri, 26 Oct 2007 12:14:00 EST