Tuesday, October 14, 2008

Carl Icahn Starts a Club

A couple of weeks ago I mentioned Carl Icahn’s rant about big fat lazy do-nothing rubber-stamping corporate boards.

Since then, some of us have become distracted by other events, but not Carl. He’s continued blogging heartily about the clueless and lackadaisical behavior of nicely paid outside directors. And, hey, it's hard to argue with that one. Check out his latest post on Lehman. (How mean of Nell Minow to note, during last week's Congressional hearing, that the risk management committee of Lehman’s board met only twice a year during 2006 and 2007, and how mean of Carl to repeat it.)

But while CEOs like Richard Fuld sweat before Congress, and Anderson Cooper broadcasts mug shots of his "10 Most Wanted: Culprits of the Collapse," boards have mostly gone missing from the rogues' gallery.

So when the angry torch-carrying mob passes by, Carl will be there to wave it in the direction of directors. (“Get ‘em, guys! They’re up in the skybox!”) To that end, he's forming a new group, the United Shareholders of America. The idea is to get enough pissed-off shareholders together to counter folks like the Business Roundtable, who have gloriously defended entrenched boards against compensation caps, proxy access and other threats to the American way of life.

If you're so inclined, you can join the group right on Carl's blog.

I know why he's calling it United Shareholders of America. Those wasteful managers who make Carl so mad should watch and learn, because he sure knows how to save money. Every time Joe Sixpack yells “USA” at a political rally, Carl’s group gets free publicity.

Image source: epikwhite

1 comment:

Anonymous said...

Hi - i am not sure what your club can do - but, i have decided i have donated enough of my hard earned money to the hedge funds and shorts and hugely paid ceo's and i am out of the market until they change the rules so that it is more of an even playing field and less a gamble. CD's for me.