Carl Icahn used a Wall Street Journal editorial to blast the corporate governance system in American business. Icahn cited Dell as a prime example of what he sees as a “dysfunctional” system. He charged that the PC maker’s board lacked strategic foresight, didn’t do the necessary things to fuel innovation, and thus sat idly by as billions of dollars in market value were lost. All this while CEO Michael Dell was at the helm. Dell directors then froze out shareholders and voted to allow the CEO to buy the company “at a bargain price using shareholders’ own cash.” He further wrote: “In the Middle Ages, feudal lords asserted the ‘divine right’ of royalty to justify their lordly positions while plundering the peasants. Today’s boards act like they are vested with similar powers: the divine right of boards!” This issue is an issue not limited to DELL.