Today's Outrage: Feds Do GM's Dirty Work

The ouster of General Motors Chairman and CEO Rick Wagoner under government duress is an indictment of the GM board. Now what about all the other boards?
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Of all the ham-fisted, meddlesome moments in recent government interventionist history, the

ouster of General Motors (GM) - Get Report Chairman and CEO Rick Wagoner

is perhaps the most unceremonious and unabashedly direct imposition of federal will on corporate governance.

And it was long overdue.

The most outrageous part of all of this is that the government had to do the dirty work for GM's board, which repeatedly backed Wagoner until the very end. The writing was on the wall, considering the performance of the century-old automaker since Wagoner became CEO in 2000 and chairman in 2003.

For the Obama administration, change was clearly not coming fast enough. They grew tired of waiting for Wagoner and the GM board to get into gear. So they switched drivers, like a Nascar owner changing up a losing team.

It's a nearly impossible task for any executive to be bold enough to undo all he had done, to tear down all he had built and to admit that what might have been right before is wrong now. Inevitably, this requires new blood, a fresh perspective and someone at the helm with no love of the past.

But the board members at General Motors couldn't see past their loyalty to one of their own. Wagoner was their chairman, and they stuck behind him even when they should have known his time had passed.

Now, finally, a board shakeup is on the horizon, with GM announcing that new directors will make up the majority going forward. It's about freaking time. Good riddance to the entire pack of pathetic sycophants.

But what about the other incompetent executives and boards out there, in particular those running the banks and other financial services companies that helped to bring GM down by crippling the credit markets?

Why target only General Motors? What about

Citigroup

(C) - Get Report

,

Bank of America

(BAC) - Get Report

,

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

AIG

(AIG) - Get Report

?

Is there reason for confidence in the boards and executives who run

General Electric

(GE) - Get Report

,

Verizon

(VZ) - Get Report

,

Coca-Cola

(KO) - Get Report

or any of the other companies that rank at the bottom of the list of

100 Best Corporate Citizens of 2008

compiled by CRO?

If any good comes out of the government's attack on General Motors' corporate independence, I hope that it is an emboldening of shareholders to demand accountability from company executives and board members.

This shouldn't be the work of the government.

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Hall is the editor of

TheStreet.com

. Previously, he served as deputy editor and chief innovation officer at

The Orange County Register

and as a news manager at

Bloomberg News

in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at

The Journal-Gazette

in Fort Wayne, Ind. His work also has been published in a variety of newspapers including

The Wall Street Journal

,

The New York Times

and

International Herald Tribune

. Hall received a bachelor�s degree in journalism and political science from The Ohio State University and has taken graduate management science courses at Boston University.