Rahm Emanuel: Chicago's new boss

If Chicago were a company, it would be the classic big, successful incumbent that needs new management. Its finances are out of whack. Public education is awful; only 55% of ninth-graders graduate from high school. The homicide rate is much higher than in New York or Los Angeles. America's third-largest city, Chicago gained population in the '90s and then lost all those gains over the past decade. The city still thrives -- it's No. 7 in a recent PricewaterhouseCoopers ranking of world cities by competitiveness -- but the trends aren't great. Chicago got new management in May when Rahm Emanuel was inaugurated as mayor. He's the kind of insider-outsider who often succeeds in redirecting an enterprise. A Chicagoan born and raised who worked in the first campaign of his predecessor, Richard M. Daley, he knows the territory. But he owes nothing to Chicago's Democratic machine. Emanuel, 52, was an adviser in the Clinton White House, then represented a Chicago-area district in Congress for three terms. After a stint in investment banking at Wasserstein Perella, he was President Obama's chief of staff before leaving to run for mayor. He talked recently with Fortune's Geoff Colvin about fighting the teachers' union, how to attract business to a city, his friendship with Steve Jobs, and much else. Edited excerpts:

Source: http://rss.cnn.com/~r/rss/money_latest/~3/dXspt3dLGZM/index.htm

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