OUT WITH THE OLD

Former AT&T Exec to Head G.M.

It isn't the most desirable job, but these days, beggars can't be choosers. Edward E. Whitacre Jr., a former CEO of AT&T, will be the new head of General Motors. Whitacre said that he was "honored to be able to serve G.M. at this critical juncture and take part in its reinvention." That said, "Reinvention" is somewhat of a euphemism, as President Obama demanded former G.M. CEO Rick Wagoner stepped down in March, along with an overhaul of the embattled automaker's board of directors. Six of the ten directors are expected to retire soon, the New York Times reports. G.M. has already received $19.4 billion in loans from the government, and will get another $30.1 billion to help it stay afloat. How can a company get so much money and still be bankrupt?