It's hard to find good reporting on the GM problem. Seems like most most writers want to grind an axe - and generate more heat than light. Here's a refreshing analysis.

To which I would add this: Anybody who gets an MBA learns exactly how to pull profits in and push losses out - most quickly learn that they can defer those losses to some point well beyond their watch. We have a financial culture which values next quarter's numbers and ignores the long term implications. Managers build careers on short term profits and move on before the longer term losses become apparent.

Sooner or later somebody gets caught with the problem, of course. That fellow explains that the problem was systemic and happened well before his time. Gee, nobody's responsible. Neat huh?