Can This Guy Save GM?

Someone has his work cut out for him: In an interview with The Wall Street Journal, the new GM CEO, Frederick “Fritz” Henderson, said he is prepared to do whatever is necessary to save GM, including taking the company to bankruptcy court. Henderson is a longtime executive at GM, having served as both the company’s chief financial and chief operating officers. He said he expects the Obama administration to help force autoworkers and bondholders to make concessions. He will earn $1.3 million a year after taking the 30 percent pay cut imposed on GM management.