GM Board Dominated by PEU's

The General Motors board sacked Fritz Henderson after eight months at the helm. The board is stacked with private equity underwriters (PEU's), supposed turnaround or value creation experts. Never mind that Chrysler imploded under the ownership of PEU Cerberus. GM board members with a PEU/investment firm taint include:

Daniel Ackerson-The Carlyle Group

David Bonderman-TPG

Stephen Girsky-Centerbridge Industrial Partners

Kent Kresa-former Senior Advisor, The Carlyle Group

Phillip Laskawy-Director of Lazard Ltd.

Isdell Neville-Former Director of SunTrust Banks

Carol Stephenson-Director of Intact Financial Services (formerly ING Canada)

GM's future is in the hands of shadow bankers, at least at the governance level. That's where strategy and management priorities are confirmed or modified. If the board room had a glass wall, it could be an educational PEU farm.