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Carl Icahn: “Our System Is Breaking Down”

Carl Icahn, famous American financier, recently said “our system is breaking down,” noting that “we absolutely have a major problem in our economy today.” While refraining from opining on bank bail outs or not, Icahn told CNBC that “you can’t have the country feeling that it doesn’t matter if they save, it doesn’t matter, because they could spend all the money they want.”

Icahn says one major reason for the break down is “that you don’t have good corporate leadership.” That’s a problem, Icahn says.

“If you don’t have good corporate leadership, companies, you know, when the tide is high, and things are great, it doesn’t matter, and all these guys that are running these companies are partying and having a good time and giving themselves bonuses.”

Icahn also revealed why he and Warren Buffet do so well. “Because we go into companies and clean them up. There’s so much to clean up and it’s getting much worse now. One of the worst countries in the world as far as corporate governance goes, and I can go on and on about that.”

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