FORTUNE -- Presumably, they would be younger and better looking.
Carl Icahn says he is interested in helping to start up other activist funds that invest like him. On Tuesday, speaking at IMN's Active-Passive Investor Summit in New York, Icahn said he would be willing to provide seed money to get a number of funds off the ground.
Icahn said the new funds are needed as corporate boards and their lawyers are making it harder for activist investors to be heard. He also said he was growing tired of drawn out proxy fights, despite threatening a number of them in the past year. And was looking for some younger investors who would take on some of this work. "Storm clouds are coming for activism," says Icahn. "Poison pills are getting worse."
Icahn says he hasn't invested any money in other funds yet, and during the talk he didn't say how much he would invest in other funds. But in an appearance later on CNBC, he said he could see devoting as much as $1 billion to building an army of mini-Icahns.
Icahn said very little about how he would pick the managers, but he did say they would have to be "interested and involved in companies." Icahn also didn't say whether or how the funds might work together on investments. Recently, the SEC has been looking into whether there is a problem with activist investors colluding on deals.
Throughout the speech, Icahn sought to counter the notion that he is a short-term investor, a criticism that is often lobbed at him.
Earlier in the day, another prominent active investor, Jeff Ubben, criticized activist investors for not acting in the best interests of the companies they invest in. As an example, Ubben said his fund bought eBay (EBAY) shares earlier this year, but then exited the position once Carl Icahn's involvement with the company inflated its stock price. Ubben questioned whether Icahn's battles with the company had accomplished anything.
"There's been a lot of coverage of Carl, but not a whole lot of change," says Ubben. "Activists are getting too much credit and not being accountable for their short-term behavior."
But Ubben claimed he wasn't criticizing Icahn. "Not picking on Carl," says Ubben. "He plays with his money, and he's having fun. I hope to do that some day."
Highly leveraged banks pose risks to the financial system, but policymakers could ease the problem by reforming tax policies favoring debt over equity.
By Ilya A. Strebulaev
FORTUNE -- Regulating banks is the Gordian knot of today's financial system. There is no shortage of bank regulation proposals. Most are about constraining the amount of debt banks hold either by making capital requirements stricter or by forcing the banks to hold special MOREApr 4, 2014 10:50 AM ET
The reality is U.S. companies across all industries may be 'too big to fail,' not just Wall Street banks.
By Sanjay Sanghoee
FORTUNE -- The U.S. Federal Reserve recently concluded that six of America's biggest banks enjoy about $8.5 billion a year in savings, mostly in the form of paying lower borrowing costs than smaller institutions. That might sound unfair, but that's a pretty small price U.S. taxpayers effectively pay to avoid another MOREMar 31, 2014 2:23 PM ET
Sale of part of U.S Treasury's stake will yield the public a cash profit.
FORTUNE -- Crocuses and various other bulbs are popping up in my garden, a tangible sign that our brutal East Coast winter has finally ended. Something similar is sprouting on Wall Street, of all places: a tangible sign that taxpayers are finally going to get enough cash to turn a profit on Ally Financial, which had long MOREAllan Sloan, senior editor-at-large - Mar 28, 2014 5:00 AM ET
If the benchmarks used to determine the value of securities were to suddenly reverse course, the "new normal" could soon be history.
By Shawn Tully, senior editor-at-large
FORTUNE -- Seldom have so many of the metrics that influence stock prices strayed so far from the long-term trends we've come to consider "normal." Corporate earnings are far above what's normal historically, interest rates are way below normal because of Fed intervention, and MOREMar 26, 2014 3:17 PM ET
Few of J.P. Morgan's 'survivors' are still with the bank.
FORTUNE -- In the midst of the financial crisis, we here at Fortune published a cover story about how Jamie Dimon and his team at J.P. Morgan (JPM) seemed to be weathering the credit crisis storm. We called them "The Survivors," writing about how "Dimon relies on a trusted team of talented lieutenants who share his zeal for sifting piles of data to MOREDan Primack - Mar 25, 2014 12:42 PM ET
Regulators have grown increasingly concerned about banks' interest rate risk.
FORTUNE -- The Federal Reserve may not be satisfied with some of the results of the annual bank stress tests.
The first indication of how the banks did on those tests is set to be released on Thursday, March 20. It has been widely anticipated that all the major banks will pass.
But a source who is involved in the stress-testing process says MOREStephen Gandel, senior editor - Mar 17, 2014 5:00 AM ET
The primary regulator in charge of policing multi-level marketing frauds has only brought three new cases in the past 13 years.
FORTUNE -- Bill Ackman's campaign to prove that diet shake company Herbalife is operating a pyramid scheme has finally paid a dividend.
On Wednesday, Herbalife disclosed that it was under investigation by the Federal Trade Commission. The FTC later confirmed the news. Shares of Herbalife (HLF) have fallen 12% since the MOREStephen Gandel, senior editor - Mar 13, 2014 1:39 PM ET
Big IPO-like spikes, clients being favored over others, and the potential for unfair Wall Street profits. This certainly sounds like another manipulated market.
FORTUNE -- Wall Street may have a new debt problem.
Late last week, Goldman Sachs (GS) disclosed that regulators are probing how it allocates and trades bonds. Citigroup (C) is reportedly in regulators' crosshairs as well, along with the rest of Wall Street. At issue is how banks decide MOREStephen Gandel, senior editor - Mar 6, 2014 5:00 AM ET
Kevin Roose, the author of a hot new book on Wall Street, explains why a six-figure salary just ain't enough.
Fortune.com selects the most compelling short essays, anecdotes, and author interviews from "250 Words," a site developed by Simon & Schuster to explore the best new business books -- wherever they may be published.
FORTUNE -- For this installment, 250 Words' Sam McNerney sits down with Kevin Roose, author of Young Money: Inside the MOREFeb 20, 2014 7:00 AM ET
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