GM, "The Weakest Finance Operation Ever Seen," says Rattner

By Scott Sarvay

June 18, 2010 Updated Oct 21, 2009 at 12:52 PM EDT

WASHINGTON (Indiana's NewsCenter) - The former head of the Federal Auto Task Force says the shockingly poor financial management of General Motors and Chrysler weakened their case for a government bailout.

But he said his team feared letting the automakers collapse would deal a devastating blow to the economy.

Steven Rattner writes in a piece posted on Fortune's web site Wednesday that he was alarmed by the automakers' "stunningly poor management" and says GM had "perhaps the weakest finance operation" his team had ever seen at a major company.

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