Top of the morning

The Obama Administration says that now General Motors CEO Rick Wagoner has been forced to leave, it is likely that a majority of the company’s board of directors will be replaced in the next few months, reinforcing the view that the board failed in its oversight role as the company was headed toward disaster.

The board currently includes UNC President Erskine Bowles, who is also on the board of Morgan Stanley, which also received bailout money. Bowles’ wife Crandall is a board member of JP Morgan Chase, another recipient of taxpayer dollars.

The Wall Street journal story about the possible GM board shakeup says that Bowles didn’t return a call for comment Monday.  He’s in public often enough as part of his day job running the university system. Seems like a local reporter could ask him a question or two about the corporations he is paid to oversee.