Icahn Urges Shareholders to Unite

What's a disenfranchised shareholder to do? Icahn, in another scathing rant on his blog yesterday that excoriated board members, urged like-minded shareholders to join his movement to enact new laws to better promote shareholder interest. 

Citing recent privately funded initiatives such as Boone Pickens campaign for national energy independence and Pete Peterson's push to reduce the national deficit, Icahn is spearheading a movement to "push back against board entrenchment and make it easier for shareholders to promote change in companies they own" by pressuring lawmakers to enact new regulations.

"It is easy to point fingers at those who may be responsible for our current crisis. But we are seeking long-term changes. And the only way to make these changes is for large numbers of shareholders put pressure on lawmakers. Remember, shareholders vote," according to the post on The Icahn Report.

The "United Shareholders of America" campaign is "designed to change state and federal rules that favor entrenched boards that allow executives to receive bloated compensation packages for lackluster performance and perpetuate themselves indefinitely in office." Icahn suggests that millions of shareholders, including public pension funds, institutional investment funds, endowments, and retail investors would ultimately benefit.