Remember when General Motors was sliding into bankruptcy in early 2009? Back then, it was common to hear people blast the old GM board of directors as being short-sighted, poorly run, and an example of how a board of directors should NOT function.
We were all told that things would change when the Feds put a new board of directors in place. After all, it would be stocked with veterans of corporate America who know the right way to run a company. Keep that in mind as you look at what's happened over the last couple of months at GM.
Heck, look at what happened in the last week.
Chairman and CEO Ed Whitacre Jr. wouldn't commit to running GM long term, so the board picked fellow director Dan Akerson to replace Whitacre. Ackerson may turn out to be a great CEO, but the process for selecting him was a mess.