Rattner, who led the group that did the hands-on work, believes passionately that the decision to intervene represented not "creeping socialism," as some feared, but a critical part of the effort to prevent economic collapse. Here is the full Fortune exclusive, where Rattner gives a behind-the-scenes look at the President's decision to impose tough medicine, the ouster of GM's Rick Wagoner, and the revolt of Chrysler lenders that forced bankruptcy. Rattner's account:

Reporting for my first day of work on the auto task force, I lingered outside a guard shack on Pennsylvania Avenue. My clearance into the fortress-like Treasury building was adrift in a bureaucratic haze, a fitting example of the chaotic start of my government service.

The reaction to my likely...