The Wall Street Journal reports this morning on the demand that GM management be replaced as a condition of the proposed $15 billion short-term bailout currently being considered by Congress. The WSJ reporting included the following:
"On Sunday, Jerome B. York, an adviser to billionaire investor Kirk Kerkorian who served as a GM director in 2006 when Mr. Kerkorian owned a stake in the company, called publicly for sweeping change at GM. 'Aside from a failure of leadership at the most senior executive management level, GM has five long-serving directors who have been on the board 10 years or more,' Mr. York said in a telephone interview. 'They have approved of and overseen many of the moves that have contributed to the company's troubles. They should also resign.'"
Yup.
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