Carl Icahn Board Quotations

Last year, the company's board and management claimed to act in the interests of stockholders by spinning off the tobacco business of RJR Nabisco,

Given the fact that, despite its exceptional assets and a generally favorable operating environment, the company's stock price has underperformed significantly since 2002, we believe the time for steps to make the board and management more accountable are long overdue,

To the extent that opportunities are now available to enhance value at AOL, which we believe there are, we implore management and the Board to move more decisively than they have in the past.

In life and business, there are two cardinal sins, ... The first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.