An update on my post of May 25th regarding the pathetic state of affairs at the Interpublic Groups shareholder meeting. Apparently the idiots dumb enough to own stock in this fiasco voted down a proposal that would have pushed the company to recoup performance-based bonuses handed out to executives during periods of earnings restatement. They also rejected a proposal to separate the roles of chairman and CEO. Both that and the performance initiative, driven by activist shareholders and opposed by Interpublic's board of directors, were defeated by NINETY percent of the shareholders!!! Investor Ken Steiner said after the meeting the results came as no surprise. "The idea is to push them in the right direction, give them some reason to act," he said. "Every year you try to accomplish something, although it would be best if they had the right policies in place in the first place." Listen Ken… These bozos will never, ever get the right policies in place. Cut your losses and sell!
The Charman/CEO/Crook has a bridge he wants to sell you!
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