The failure of the board of directors at General Motors to fire CEO Richard Wagoner gives us a stark view of the realities of big-time corporate boards of directors.  Even years after the      colossal corporate failures of Enron and MCI and the chicanery of CEO’s Skilling, Lay, and Ebbers along with Kosloski of TYCO, resulting in incessant calls for more board scrutiny and accountability, the sight is not pretty.

In 2007, Mr. Wagoner's compensation rose 64% to    almost $16 million in a year when the company lost  billions. When Mr. Wagoner took the helm eight years ago the stock was trading at around $60 per share. The stock had fallen to around $11 per share before the current financial crisis. It's now below $5 per share.

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