Ex-Hedge Fund Exec. Charged With GM Turnaround

Date: Thursday, April 9, 2009
Author: FINalternatives

A former hedge fund executive has been dispatched from Washington to Detroit to help speed General Motors’ turnaround.

Harry Wilson, a former partner at Silver Point Capital, is leading a team of 15 from President Barack Obama’s auto industry task force that includes experts from Boston Consulting Group and the investment bank Rothschild.

The task force last week gave GM 60 days to make enough budget cuts to keep it viable. New CEO Fritz Henderson, who got the job when the Obama administration forced former CEO Rick Wagoner to quit, told the Detroit Free Press he expects the Wilson team to work at GM’s headquarters through the deadline.