Thanks for the Support

Thank you for your comments. I am impressed that so many people support this cause. I appreciate the readership and will do my best to expose the worst of corporate America. One emailer wrote he would like to be "a fly on the wall in a boardroom." I answer: In most cases, you probably wouldn’t like it if you owned shares in that company, unless you enjoy feeling uneasy about your investments. Another emailer wrote "Please continue to do what the markets demand and require, so that no CEO or board member has the ability to take advantage of the shareholders, company inefficiencies or America's capitalistic approach to financial success." I answer: Often the abuse of shareholders by entrenched management and self perpetuating boards is intolerable.  It destroys shareholder value and our economic hegemony. I will continue to fight against these destructive forces which are a great threat against our ability to compete in today’s global economy. With this blog I hope to provide all shareholders with a full understanding of these matters and build a grass roots movement to stand for real corporate democracy.  I believe that it is extremely important for shareholders, the true owners of our companies, to let our elected representatives in Washington know how strongly we feel about the corporate abuses in America and the deleterious effects they are having on our economy. Please subscribe.

Comments

[Mujii]

Welcome to the world of bloggers! I will follow your blog. I have found your views very interesting, lets see if I think the same after I have followed your blog for a while. Seems like this was the first comment! Good luck with your blog! Mujii the daytrader was here :)

[RH]

Congratulations on the blog Carl, I look forward to reading it.

[Steve0]

I would like to be the first to comment in this historic blog. Carl, good luck to you! Your supporters will be here behind you 100%.

[Julius R. Hjulian]

I fully agree with all your points, having worked at a number of Fortune 200 Corporations at corporate levels.

I would like to hear your thoughts on the powerful influences of Mutual Funds influencing powers over boards and CEO's.

[Reynaldo Polanco]

I am a shareholder of Yahoo and has voted your proxy voting's recommendation.

[Eric Franks]

I work for a parts supplier for automakers, Lear Corp. I am trying to figure out why our government is willing to help out the big three automakers, when they have been the leaders in exporting jobs to lower cost countries.

[Dutt Bulusu]

Mr. Icahn: I fully concur with you and really would like to see efficient corporate governance well assisted and supervised by dispassionate board of directors and CEOs. That is the only way to make America regain its leadership in the world. My comments are on a slighly different subject, but related to the general theme of excessive and undeserved compensation to inept managers. Under the guise of offering expert financial management, most of the Mutual fund companies have gotten onto riding a Gravy Train. They make money in all markets - up or down - while their customers suffer through the gyrations of the market. The returns on most funds are dismal contrary to the claims of the Mutual Fund Companies. I understand that the fund managers are compensated on a performance basis and/or on the basis of the assets they manage. Some of the managers make millions of dollars a year. Most citizens of the world work for fixed salaries with no percentage based compensation with little or no annual bonuses. Why should managing "OPM - Other Peoples' Money" be any different? Why should we compensate reckless gambling of our money? I would like to know what your thoughts are on this 'Gravy Train" phenomenon and where it is leading the retirement nest egg of millions of Americans.

[John Sparacio]

The markets (once they understand the points listed by Mr. Icahn) will abruptly fall making the past week seem like a preview. It will be of the magnitude that will in reality be a 20-30% one day decline, dow 8600.
sparacio.com
sparacio at gather.com

[lowell goldman]

I am very impressed with your thought process. Once the dust settles on this latest crisis i would like you to address the possible recoup of funds by those individuals who benefitted from the largest ponzi scheme in history. thank you lowell goldman

[Craig]

Carl,
In 1998 I was forced to go on disability after being a skilled trademan for 32 years. I had $80,000 in a 401K plan. In March of 2008 it was down to $55,000 and I never touched it. I lived modest and put kids through college. I did without and scrimped but did not get into trouble. But I struggled and took the money out after realizing that if it just sat in a bank for 10 years it would have doubled. I can do without. I would actually pay an extra 1% (if everyone above poverty level did) to pay off this debt we are writing - but it never stops. The Congress is bought and paid for by lobbyists and the chamber of commerce. They do not even vote the way we ask on the issues. I wrote to CNBC and suggested you run the bailout. It is such a rotten mess and worsening by the day. Basically Wall Street stole all the money and figured at the beginning we would pay thier tab and in the end it worked. But we are crumbling as a nation and I don't want my children and grandchildren living like this. But where can we start? I am so sick of writing letters and getting no reply or a form letter response. The whole government is partisan, far left or far right, that is not the country my father fought for. He must be rolling in his grave the way they are destroying the workforce that built this country with hard work and perserverance. I would work tomorrow if I could. I would rather try and fail but there just seems like there's no light at end of tunnel anymore.

[John]

The stench emanates from a bunker or a garage?

One more debate question about the financial crisis:

What about the commonalities we may find if we examine the compensation packages of top administrators of all non-profits and institutions and compare them to those of Wall Street, and describle them as a ratio?

Then plug in some consumer income numbers to include the un and underemployed and describe these numbers as a ratio against the numbers from the first calculation?

This looks like revenge of the nerds part III.

[Chad]

Way to go Carl! We need a heavy-weight fighter to fight on behalf of shareholders. Boards better wake up quick! The free lunch and gravy train has come to a close. They have violated shareholder trust in a MAJOR way for far too long. Without shareholders to raise new capital, it is going to be tough for these companies. You reap what you sow: take advantage of shareholders = no new capital. I'm on board - let's hold their feet to the fire.

[John]

This blog is the first step in holding the corporate world responsible for their wrong doings. Nothing ever changes unless those at fault are punished. That goes double for our politicians who allow this to happen.

Thank You and Mr. Pickens for trying to help this country.