Icahn takes a shot at Wall Street Journal
Stephen Shankland of CNET News writes Friday that activist investor Carl Icahn is upset with The Wall Street Journal for its coverage of his tactics in pressuring companies.
Shankland writes, “In taking The Wall Street Journal to task, Icahn argues activist shareholders are a positive force for corporate change and that the media is too cozy with corporate management.
“‘Historians will marvel at why the press won’t write more about the egregious abuses and mismanagement at corporate boards in America and The Wall Street Journal article of July 22 is a good example of this abdication,’ he said. ‘Are they intimidated by legions of public relations executives who spend shareholder money to defend bad managers and bad management decisions? Are they worried their access to management will dry up if they give too much ink to corporate critics? Are they beholden to the corporate interests of their parent companies, the media conglomerates? Or is it just easier to toe the company line?’
“After defending his record, he added, ‘Not all of my investments work out, but my record demonstrates that shareholder activism is a viable — and essential — strategy. I applaud those who undertake it, providing it is done intelligently and not recklessly or irresponsibly. It will be a good day for the American media when activism at faltering companies is applauded and not misunderstood or cast in a negative light–as it all-too-often is.'”
Read more here.Â