Corporate politics, while an inevitable aspect of any organization can be a particular problem in older ones where ossified mindsets hamper innovation and old allegiances protect incompetent employees.

I have written many times about such problems at General Motors. As I have noted, I have repeatedly been astonished at the arrogance of GM executives from Detroit engaged in what they (used to?) call "God's Work" compared with the down-to-earth enthusiasm and heartfelt humility of local GM dealers.

Such misgivings were supported by a story in The New York Times which reported that GM's chief financial officer, Ray Young, told reporters on June 1 that as a "privately held company," the company was not required to regularly disclose details on its financial performance.

This within hours of seeking bankruptcy protection with its new owners being American and Canadian taxpayers, the United Automobile Workers union and GM bondholders!

After Canadian officials and taxpayer advocates protested, GM retreated a day later, promising to make regular disclosures, the NYT reported.

- Peter C.T. Elsworth