GM boss to get the axe

Rick Wagoner, GM’s chief executive officer, could lose his job as part of any federal rescue package of the company, Bloomberg News reported Friday, citing comments from business experts and lawmakers.

“Management needs to be replaced," said Robert Crandall, former chairman and CEO of AMR Corp. “The fact is that the management as a whole has had lots of opportunities to fix this. They haven’t."

The government insisted on removing the CEOs of American International Group, Fannie Mae and Freddie Mac as part of its bailouts, Bloomberg notes. Wagoner has said he won’t offer to resign.