GM CEO Henderson: Getting a raise despite the pay czar's cuts

Americans can be excused for thinking that executives at the seven companies receiving TARP bailout funds would see a pay cut this year, following yesterday's news that the U.S. Treasury's pay czar would slash executive compensation by as much as 90 percent starting next month.

But at least one chief executive among the troubled automotive and banking companies is getting a raise -- Fritz Henderson, who replaced Rick Wagoner as General Motors CEO in March. Henderson (pictured) will see his total annual compensation rise to nearly $5.5 million under guidelines imposed on top executives at companies that received funds under the federal government's bailout plans, Bloomberg News reported, citing a person familiar with the matter.