William J. Holstein

Remaking GM’s Board: Is Washington Smart Enough to Do That?
March 30--In addition to making a mistake in pushing Rick Wagoner out of General Motors, the New York Times says the Obama administration task force on autos is going to replace most of the company's board of directors over the next few months.

This is new territory in the relationship between government and business in the United States. Is anyone in Washington really so smart that they can pick and choose which directors should go? And can they really select new directors who can oversee GM's return to profitability?

I'm afraid that it's difficult to be optimistic about this. Putting in the wrong sort of board could cripple the company and its management for many years. Obama is truly playing with fire.