missing as a result of a security lapse or because the hydraulics failed, they want
to expose the problem and break the story. They look for power that’s been
abused, money that’s been wasted, and investments that are Ponzi schemes.
If you’re going to ask “What’s wrong?” then you have to embrace bad news.
It’s why Steve Miller, a renowned investor and corporate turnaround artist, was
in such demand and paid so much money over the past three decades. His book,
The Turnaround Kid: What I Learned Rescuing America’s Most Troubled
Companies, tells his story of looking for bad news. A veteran of the auto
industry, Miller can spot a wreck a mile away.
Why is this company in so much trouble?
Where do the problems originate?
What isn’t working?
Miller asks for the bad, and then tries to outsmart it. He listens for
explanations, not excuses. When a mutual friend offered to introduce us, I
eagerly accepted and booked a trip to New York City to see him.
Miller cut his turnaround-kid teeth alongside legendary Chrysler CEO Lee
Iacocca. Burdened by high labor costs, poor quality, and uninspiring design,
Chrysler faced extinction when superior Japanese imports began flooding the
American market. As Chrysler’s financial answer man, Miller helped put
together that historic federal bailout that saved the company. After a falling out
with the charismatic Iacocca, Miller left Chrysler and went looking for other
endangered corporate species. He helped rescue trash giant Waste Management.
He led Bethlehem Steel through bankruptcy. He salvaged what he could of auto-
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