Hedge Funds

Carl Icahn, Marc Andreessen Find Common Ground

Uncle Carl thinks that the Netscape founder thinks he’s stupid or lying, re: all of Andreessen’s conflicts of interest as an eBay board member. Marc Andreessen is happy to confirm as much, and to raise him one “hypocrite.”

In my opinion, Mr. Andreessen’s conflicts are clear and insurmountable. However, Mr. Andreessen attempted to defend himself, telling the Wall Street Journal that “he recuses himself from boardroom discussions that could involve companies his firm is backing.” Seriously? Mr. Andreessen expects eBay stockholders to be comforted by the fact that he self-polices himself? Excuse me if I do not find that nearly sufficient – especially in light of the Skype fiasco.

False and misleading accusations have been made against eBay and against me in my role as an eBay director….

Throughout the eBay board’s process of divesting Skype, I fully disclosed my potential interest and recused myself from all deliberations on the transaction, including all discussions, negotiations, and decisions. I was uninvolved in eBay’s decision to spin off Skype and in eBay’s decision to choose to partner with the Silver Lake syndicate….

I do not serve on the board of any company with any significant competitive overlap with eBay….

Some people have also floated a theory that venture capitalists are more prone to potential conflicts than other kinds of directors due to their investments in multiple companies at once. I also don’t think that’s true. For example, activist hedge fund managers also tend to hold equity stakes in many companies at the same time, creating the exact same kind of potential conflict.

Open Letter to eBay Shareholders [Shareholders’ Square Table]
My Statement on eBay Director Role and Governance [Marc Andreessen blog]

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5 Responses to “Carl Icahn, Marc Andreessen Find Common Ground”

  1. Guest says:

    Is it a conflict of interest you write this after your "word up" from Carl Icahn?

  2. Felixthecat says:

    Hey Yous Guys. Chaz here. Dats why dis guy likes me so much. Dis is just like me. He teaches people lessons to Gaspo way – punch 'm in da gut, kick m in da balls, spit in their face, amd tell dem how you banged their mom. Dats why da guys at CNBC gots togedder to gang up on me and get me fired. I taught dem a lesson two. FBN let's me do anyting I want as da ratins is so bad.

    Take for example da guy who was pickin on da size of my wife. I paid da waiter at Elios to spit in his meal and den spill a drink on him. Den, when we's got outside, I punched him out as he waitin for da cab.

    Me and Carl is a lot alike.

  3. Quant me maybe... says:

    Mark Andreesen is a good 'company fucker upper'.

    Not sure if Carl Icahn is a good 'company fixer upper' but he has a point.

    > When he gets on a board things are going wrong or are going to go wrong.

  4. 70Columbus says:

    Directors always have a duty of loyalty. Shareholders may or may not depending at least in part on %age ownership, which will generally be higher than Carl purchases. Andreessen probably knows this as a board member and private investor. The lawyers who helped him and his PR firm with the response certainly know this. So he's attacking Carl with a non-truth. That should piss him off – this thing's getting legs.