Icahn Says Boards Need To Be Held Accountable
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Carl Icahn is speaking at the Value Investing Congress and he is presenting his case against Company boards. For example, he just said, look at ImClone Systems (Nasdaq: IMCL). He said Imclone's board wanted to sell itself at $36 a share last year, which he vehemently opposed. Icahn said the board wasn't doing its job, they were actually sleeping on the job. He said look at ImClone today being acquire for $70 per share.
Icahn wants to start a movement, the "United Shareholders of America", where shareholders can take a stand. He said shareholders need to take a stand against boards, but we have an uphill battle as boards can afford to pay lobbyists to ensure current laws are not altered in Washington.
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