The big news this week is a report that activist hedge fund Starboard Value is pushing to remove the entire board of directors at Yahoo! Inc. The Wall Street Journal first reported on a letter that indicates Starboard is preparing to nominate nine directors to the company's board of directors, as the hedge fund remains discontent with the turnaround effort under CEO Marissa Mayer.
This would be the largest company to ever have its full board of directors replaced by an activist investor.
In a microcosm of what’s wrong with this country, NFA management has restructured the Board and set up this election to eliminate 50% of the representatives that were actually elected by you. This will result in even less oversight of a management team that has seen four major frauds happen on their watch recently.