Barbs of Wisdom: Carl Icahn to Start Blogging
Carl Icahn is already turning up the heat fast enough around here. The “activist” investor announced last week that he will put forth a slate of director nominees at the next Biogen Idec annual meeting—as a first step to possibly trying to take control of the board next year—and let’s not forget he also has taken a small stake in Genzyme, for which his plans are not yet clear. But now Icahn is set to start blogging, aiming to air pointed observations about corporate missteps and abuses—from unsatisfactory performance to excessive executive pay—that he thinks executives and shareholders need to hear.
That’s the word from an item in today’s Wall Street Journal. Icahn’s blog site is called The Icahn Report. It’s not in action yet. But you can at least see a photo of the investor, pinstriped and imposing, half-seated on a barren desk.
Icahn’s exact plans for the blog are apparently still preliminary. However, reports the Journal, “According to Mr. Icahn, the site would feature reports written or directed by him taking shots at things shareholders should find objectionable.” At a meeting in Manhattan yesterday, Icahn said he is waiting to make sure the site will attract a critical mass of interest before getting going in earnest. He even encouraged meeting attendees to e-mail him and take part in what he described as a “grassroots” effort, the Journal reports.
Icahn said that for legal reasons he would not focus on companies in which he has invested—unless he is openly pressing for change, according to the Journal. If that holds true, it would likely mean we’ll be reading his thoughts on Biogen Idec, which he thinks should be sold, but maybe not on Genzyme—at least for the moment.