Carl Icahn will launch a lobbying group to promote shareholder friendly legislation

Carl Icahn will launch a lobbying group called United Shareholders with the intention to pass more shareholder-friendly legislation.

Icahn's office told me they intend to officially announce the effort later this week. We'll be sure to post the details when we get them.

In the meantime... a report from MarketWatch suggests that the purpose of the lobbying group is to promote laws that will block large compensation packages for executives at underperforming companies. In addition, the group will press for legislation that will make poison pills and staggered boards illegal.

Posted by Damien Park from Hedge Fund Solutions