New GM Head Seems Pretty Cool with Bankruptcy
New ObamaGM CEO "Fritz" Henderson gave a press conference this morning in which he seemed pretty cool with the possibility of bankruptcy -- noting that it would be the government-assisted, reorganizing kind, as Obama promised, not the one-piece-at-a-time auction kind. "If I didn't want to be part of a bankruptcy, I would have said, no" to the job, Henderson said, and admitted that it may be "the strategy that we need to deploy." Minyanville thinks he was trying to rattle the unions -- Henderson said he would probably offer workers a buyout. "If it wasn't clear before, it is now," says The Truth About Cars, "GM will use the next 60 days to prepare itself for a Chapter 11 filing." Apparently no one asked Henderson about the generous raise and bonus his predecessor received before abandoning his ruined company. Photo (cc) daniel.gene.
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