Inserting leap second causing kernel to hang for CentOS 5.7

I have encountered an interesting problem today. I encountered an error on one of my server

kernel: Clock: inserting leap second 23:59:60 UTC

It results in the hanging of one of my node. There is a report on this Bug 479765 -Leap second message can hang the kernel. Apparently, the CPU ran into a

According to the report, the widely circulated fix as root fixes the symptoms

# date -s "`date -u`"