Tuesday, September 05, 2006

Shareholder meetings are the American equivalent of May Day parades in Red Square

(My Deal Book comment today.)

Time Warner is the General Electric of the media world. For shareholders of both it’s Groundhog Day everyday.

Icahn’s efforts buying Time Warner shares bring to mind Michael Douglas’ character Gordon Gekko in “Wall Street” saying at a shareholder meeting where he’s attempting a hostile takeover, “I’m a liberator of capital!”.

A big difference between the “Teldar” meeting where Gekko spoke and the ones I attend to make my pitch for saving the shareholers’ bacon is nowadays directors are nowhere to be seen. When they do bother to showup, they sit with their backs to the shareholders and don’t answer questions. Usually the CEO and the corporate secretary are the only participants.

American shareholder meetings are like showing up on May Day in Red Square to watch from a great distance a few top leaders a Kremlim balcony watching the parade pass.

Comment by MARK KLEIN, M.D. — September 5, 2006 @ 10:19 am

Great comment. Any time you quote Gordon Gekko and reference “Teldar” you must be right on the mark.

Comment by Eric Cole — September 5, 2006 @ 3:59 pm


Anonymous Anonymous said...

You're absolutely clueless, as indicated in your NYTimes posts.

1:36 PM  

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