Carl C. Icahn
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Carl C. Icahn Icahn
Rather than making a case on behalf of his client, Carl C. Icahn, the activist investor leading the fight against Time Warner, Mr. Wasserstein assumed the role of activist investor himself, for reasons that remain inexplicable. He proclaimed to a crowded ballroom at the St. Regis Hotel in Manhattan that the plan to break the company into four pieces was his own. Wall Street's denizens might have snickered at Mr. Icahn, but Mr. Wasserstein and Lazard could have had some plausible deniability when the campaign failed to generate any enthusiasm.