At yesterday's Morgan Stanley shareholder meeting, activist Harry Korba took the opportunity to grill John Mack (who is apparently "sexy" according to at least one of you) about the details of the business:
There were 270 lawyers employed by the company in 2001, Korba said, how many are there now?
"About 328 full time," said Mack. "Not including compliance."
How much did it cost per copy to print this proxy, Korba asked.
"Eighty-five cents," Mack said, not missing a beat.
We generally like shareholder activists because they make the conference calls more interesting. (While we were working for one, he once showed up for a 9AM investor conference completely stoned, and asked questions accordingly.) So we're of the opinion that people like Harry Korba should be encouraged.
We were already looking forward to Overstock's April 25th meeting, but even more so since the activists will be out in full force. Questions for OSTK, anyone?
Score One for the Kooks [MarketWatch]