Chairman Fights for G.M.’s Future and His Reputation - NYTimes.com:

"The lanky, 6-foot-4-inch Mr. Wagoner, a 55-year-old former Duke University basketball player and Harvard Business School graduate, has refused to consider resigning even if it would help G.M.’s chances of getting emergency aid.

G.M. has declined to make Mr. Wagoner available for interviews. In a Nov. 10 interview with the trade journal Automotive News, however, he said that a change in management at G.M. would not be wise at such a crucial time for the company. “I don’t think it’d be a very smart move,” he said. “I think our job is to make sure we have the best management team to run G.M. It’s not clear to me what purpose would be served.”

A spokesman for G.M., Tony Cervone, said Monday that the G.M. board remains supportive of Mr. Wagoner, who became G.M. chief in 2000 and added the chairman’s title three years later. Mr. Wagoner was paid about $24 million a year in 2006 and 2007 from a combination of salary, stock option grants and other forms of compensation. His 2008 base salary is $2.2 million."

Well that explains GM's problems .... Duke, $24 Million/year, bull-headedness, but most importantly Duke.