My father-in-law retired from GM in 1983. 30 years on the job.
He said they were in trouble then. Honda made better cars. So the product model was there, but the fat cats didn't wanna rock the boat they were happy in.
They've known it and have done nothing.
The bad mortgages/loans were on the books, being flipped, sharked, and "creatively financed," for years. The CEO's aren't the only ones that should be held accountable. Their accountants and the auditors, both in- house and state reps, didn't do their jobs. Even the FDIC conducts separate audits. There's enough salaries and bonuses to collect from these people to fund a national vacation to Fiji. Maybe not first class, but Spring Break pile-up style. LOL. Which is about how they conducted business. All aboard the fun money boat!
It's all a raw deal of irresponsible mania, and the bail-out is just a class action bewilderment proceeding. So when the ones on top are befuddled, it's a scary state for everyone else. I just hope things will pick up and find a correct path to betterment.