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Fritz Henderson Loses $310,000, Calls It 'Fair'

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Fritz Henderson, GM CEO

Fritz Henderson, GM CEO

The Treasury Department made headlines last week when it announced that bigwigs at bailed-out companies would be taking some sizable pay cuts. From banks to auto companies, many of those affected by the plan have remained silent, but General Motors' Fritz Henderson has now admitted that it's the right thing to do: "tough", but ultimately "fair". Of course, he's one of the lucky ones who's managed to avoid the feds' $500,000 salary cap. In fact, even with the reduction, Fritz will still make $950,000 a year, which sounds slightly more than "fair" -- though losing $310,000 worth of salary is slightly more than "tough", too. [DetNews]

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