GM's Bankrupt Board
There's just one thing dumber than a CEO who watched his company lose $83 billion over a span of four years: A board of directors who leave their dirty work to the president of the United States.
Yes, we're talking about General Motors
Wagoner, the 56-year-old Harvard MBA who spent his entire career at GM until this week, might feel like calling his Ivy League alma mater for a tuition refund. It seems he was unprepared for the mess he got himself into.
The Obama administration publicly paraded him down the plank. Or, as Wagoner put it, "requested that I 'step aside,'" as an example of what can happen to executives who run a loose ships, then request tens of billion of dollars in government support.
GM's board didn't seem to notice, but then the board members aren't really Mensa material either.
In fact, not only did the board shirk its responsibilities to crack the whip on the CEO, it resisted meaningful change from a major shareholder. GM's board fought tooth and nail to keep former Chrysler CFO and restructuring veteran Jerome York away, despite a push from Kirk Kerkorian - once the No. 3 investor in GM - to add York to the board. While York eventually joined their ranks, he resigned with a fiery letter in October 2006.
Translation: What a bunch of dumb chumps.
Dumb-o-meter score: 95 -- Whether or not GM ends up in bankruptcy, one thing is clear: GM's board is intellectually bankrupt.