On the one hand, it's pretty clear that there needs to be a profound shakeup at General Motors. Rick Waggoner has run the company into the ground -- perhaps he was overtaken by forces much larger than the company, but on the other hand, things started going very badly for GM long before the financial crisis precipitated the general recession. And for whatever reason, the stockholders of GM failed to take appropriate actions to remove Waggoner from his position of authority, something that needed to be done.
But on the other hand, I really don't like that it's the government doing it. I have less of a problem with that if it's happening by way of a court order in a Chapter 11 bankruptcy proceeding, but I do have a problem with the government throwing billions of dollars at GM* and then saying who gets to run the show there and who gets canned.
I've found the spectacle of conservatives crying "Oh noes! Beware the creeping socialism!" very distasteful. But I find the small truths beneath that panic equally distasteful.
* You could put a period right there and it would be an equally true statement.