San Diego Housing Market News and Analysis
Join the United Shareholders of America: The Icahn Plan
User Forum Topic
Submitted by equalizer on October 8, 2008 - 11:29pm
Sounds like the socialist Nader below.
"One of the biggest problems we face today is the egregious mismanagement and reckless incompetence of many American corporate boards which utterly fail to do their primary job of holding managements accountable. Many board members are often beholden to managements for lavish pay and perks they get for very little work and oversight. The credit crisis we find ourselves in is a direct manifestation of board members' lack of oversight. Alarm bells should have gone off in board rooms as crisis loomed, but many boards looked the other way.
Our economy has floundered for nearly two years because boards allowed their companies to make vast leveraged investments into faltering mortgage-backed securities. These investments vaporized trillions of dollars in shareholder value and left the banking industry in crisis. Boards gave permission to CEOs to take these risks, which often times they misunderstood, which is like giving the fox permission to guard the henhouse."
But its from Carl Icahn, ultimate capitalist.
Can we just pick this guy next month and Pickens can be his sidekick?
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