person with knowledge of the matter. This person said Whitacre felt hemmed in by the team of securities lawyers brought in to ensure that nothing would upset the timetable for Treasury's planned IPO.
THE RETURN OF THE BANKERS
By this spring, James Bainbridge Lee was back.
Known as Jimmy at his bank JPMorgan Chase and to his many clients
favourite blog , Lee had returned to a familiar spot: negotiating with the Obama administration over a deal stemming from its bailout of the U.S. auto industry.
A 35-year Wall Street veteran, Lee was the point man in high-stakes, but failed negotiations between a group of creditors and the Obama autos team to keep Chrysler out of bankruptcy in 2009. Just over a year later, he was jockeying for a piece of the GM IPO, potentially one of the largest and most prestigious IPOs ever.
In a reminder of the stakes, the U.S. Treasury had called GM "an icon of American ingenuity, productivity and capitalism" in its initial legal salvo to remake the automaker.
At one point in early 2009, Lee, 58
favourite blog , a staunch Republican, also lobbied Rattner to consider reviving plans for a merger of GM and Chrysler.
That proposed last-ditch merger from late 2008
favourite blog , dubbed "Project America" by Chrysler planners, was the reason Girsky had been brought in to examine GM's rapidly deteriorating finances for the UAW.
But by 2010, Lee shifted his attention to the GM IPO. "It's high profile. Jimmy loves high profile
Cheap Jerseys pink," said one person involved in the deal. As a sign of his enthusiasm, Lee took to showing off pictures of his brand new Corvette ZR1, GM's fastest production car ever
favourite blog , priced at $120,000.
"He's done that since day one. He's been shameless about it. 'Look at the car I bought,'" the person said.
The banker's bake-off for a piece of GM's IPO took place in the presence of U.S. Treasury officials on May 19 at the office of law firm Jenner & Block, according to participants.
Morgan Stanley sent Chairman John Mack, JPMorgan sent Chairman and CEO Jamie Dimon, Bank of America sent President and CEO Brian Moynihan and Citigroup had CEO Vikram Pandit dial in by phone. Goldman Sachs' Lloyd Blankfein was in London so the bank sent President and COO Gary Cohn and co-investment bank head David Solomon instead.
The stakes were high: Whitacre was understood to have been pushing a Texas-style big deal to whittle down the government's stake. That had the potential to make the automaker's IPO bigger than Visa's $19.7 billion offering in March 2008.
It was clear to all involved in the meetings that Treasury would be run GM's offering with Lazard as its adviser.
GM, in name, would m