Meet Mary Barra: GM's First Female CEO

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Dec. 10 (Bloomberg) -- Jalopnik's Travis Okulski, Edmunds.com's Jessica Caldwell and Bloomberg's Matt Miller discuss the appointment of Mary Barra as GM CEO with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Banks and then all of a sudden people are going to go to new hampshire.

You're kidding yourself.

They're going to take the same risky test -- risky bets as hedge funds.

The banks are not prohibited from having those sorts of operations and a more highly regulated environment.

A big key, the rule will only be as tough as the regulators enforcing it.

That is why washington may weigh some time before challenging this rule in court.

It takes effect in july of 2015. peter, thank you very much.

Our chief washington correspondent peter cook.

You are just hearing from peter, the fulcrum rule about limiting risks.

-- the volt parole about limiting risks.

-- the volcker rule about limiting bets.

Su keenan is with me now with more on the story.

This move gets sac closer to that family office status.

Absolutely the last month they agree to pay a record 1.8 billion dollar fine and exit the hedge fund rule -- hedge fund world, raising the needs for cash and removing this need for sac read, a reinsurance unit, and it's may fund the reinsurance unit to access extra cash while providing the benefit of being offshore.

The statement from the sac spokesman says the firm is now focusing on its transition to a family office.

The sales price is estimated to be between $500 million and one billion dollars.

What happens now?

According to a financial statement the units now becomes a group led by the former ceo marshall maclennan.

The deal will likely be completed later this month and another sign that sac is officially leaving.

Thank you very much, from all assets to more traditional ones, gm is promoting mary to succeed dan ackerson as chief executive she will be the first female ceo in the global auto industry.

Number car expert matt miller has spoken to her throughout the years.

There were some hints being dropped along the way.

I know you sat down with her in the spring.

Did you get any inkling that she was -- i think a lot of people thought it was coming not only because dan ackerson at one point said, look, there are no car guys running general motors or the detroit automakers anymore but there will be a car gal running one of these companies someday soon viewed but also because she is the head of product.

She is one of the most important executives.

She has an impressive background there and she is clearly built her career there.

If you're going to pick a hometown hero, a home-grown talent, she is it.

Especially after the obama administration gets done with you.

It looks fantastic to have a female ceo.

I think that is going to be the one thing people say tom a just because she is a woman.

Otherwise her resume is absolutely spotless.

She is an electrical engineer, she went to stanford.

Fine, she is a woman -- i think it is great.

Everyone else involved thinks it is a home run as well.

I'm not sure how people will feel about being passed over for the role.

I asked her if the car show in new york what she thought about eating a woman and working with gm.

Listen to what she told me.

I worked at general motors for 33 years.

I've worked with ed ton of wonderful people -- with a ton of wonderful people.

We work and we come together as a team.

Putting a truck on the road or a car on the road as a team sport.

I see myself as part of a team.

If i could encourage young woman to lighten up on science and pursue technical careers -- i love doing that.

General motors -- i think i have the best job on the field there, to be able to workaholics all day long.

It is really a great thing.

I want to bring in someone who has worked and worn many hats in the auto industry in detroit.

But also running chrysler -- tom, thank you for joining us by phone.

Let me ask you about your previous experience.

What you think about the choice you go -- about the choice?

She is just a fantastic executive.

She has the background she has the engineering background, she is well-educated, and more importantly she is a great team player.

This is a good news for general motors to pick her area she is best to pick her.

I am really proud of her accomplishments.

This is great news for her and really for the industry.

I want to pick up on something that matt actually told me, which is one of her views is she is going to make management and the management team more streamlined.

Is that with the industry needs right now?

Yeah, there are still bureaucracy in any pinnie at any company.

She is already looked at doing that based on how she is structuring the organization.

Of take layers out and she is a great people person.

Get down to the rank and file where it all happens, she is a great operations executive and has surrounded herself with great financial people.

Gm has got a great team now.

We are looking at her resume here, and she started working at the plant at 18. she got her mba at stanford.

People think of her as a human resources person but she really just sort of got that role when she was running manufacturing and ran both for a while.

Then she was the first head of product development.

Tom, she was the perfect person in the perfect position to change general motors's culture when it needed it the most.

Right?

Absolutely.

Where you make or break a company is in product development.

It is about cars and trucks.

That, combined with a great sales forces where she is really going to work.

Internationally, gm is very solid in china.

I don't think that is a big worry for her.

Europe is going to be a big pain in the neck for her to get that fixed.

Generally speaking, the united states has great product.

I would hate to admit it working at chrysler, but i knew her and she's a great operations executive.

General motors a somebody who knows cars and trucks and can bring it to the market.

Matt was also telling me, just as far as the way gm is going to be run, you are people need to approve new design.

-- fewer people are needed to approve new design.

This may make gm even stronger.

You have to get rid of bureaucracy and gm is full of it still.

People may not agree to that what you hear it on the street.

I worked there and knew there were too many layers to make the call.

She will separate that, she knows the great players for building a team.

She is going to be an position for 10 to 12 years.

Gm has had a revolving door at the top of the host.

The organization doesn't really do rally around the -- doesn't really rally around the revolving door people.

I will bet throughout the plants and company this will be big news.

There is a lot of applause going

This text has been automatically generated. It may not be 100% accurate.

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