Carl Icahn wants to break-up Time Warner. His banking cronies are egging him on. It is a dumb idea. I have said it before, and will say it again. Maybe Wall Street should pay attention to Rupert Murdoch and ignore Carl ‘Clueless’ Icahn.
Look at Time Warner. They are very well run. If you split them apart, there’s no more than $1 or $2 in it for shareholders. And that’s without thinking about [capital gains] taxation. I don’t know what Icahn thinks he’s doing. Icahn has gone out on a limb. Even if he succeeds in getting it broken up—and that would be very sad—I don’t think he’d make money out of it.