Yes there needs to be long look at the situation from everyone.
Firstly FSG chose Kenny twice as you've pointed out Loki. Firstly to take over from Hodgson and secondly when they gave him the permanent contract. Perhaps they see that as the wrong decision now but isn't hindsight a wonderful thing.
A few other questions that obviously need to be answered are:
1. Where did the "buy homegrown at any cost" policy come from? 2. Why hasn't the team performed? Where have the problem areas been 3. What needs to be changed to get the club together and moving forward again?