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Morning executive shake ups and Yahoo! CEO stepping down over accusations he patted his resonates.
JPMorgan's chief investment officer is retiring after the -- two billion dollar trading loss.
And best -- founder is stepping down from the chairman spot amid a probe into the former CEOs reported misconduct.
No I didn't graduate from MIT would.
A degree in space rocketry silent question is is -- -- decline in leadership.
-- US companies all our leaders just being held more accountable right now let's bring in Lou Dobbs host of Lou Dobbs tonight -- what do you say.
Well I think its interest -- Scott Thompson starts to look better there doesn't it -- -- -- I thought it.
I just like Arafat and it with an accounting degree I don't understand how that became important to have a computer science degree was already leading.
PayPal but whatever goes through the minds of folks like this I don't know.
But it is clear that there's greater accountability here in this case in in the case of Scott Thompson -- because the company from.
His timing was -- are getting into a proxy fight with.
-- -- You know and in the case of -- I you know that's hardly -- -- story CEO gets involved with the wrong person namely an employee.
And then that.
German founder offer gets to actually do the right things for the magnificence are now satisfied with the new chairman -- new president.
-- -- It is however.
And it's good for shareholder to have full disclosure and figure it all -- especially -- but -- pilot Scott Thompson.
I feel compelled to stick up for -- because -- board at Yahoo! is so dysfunctional.
Has been over the past five different CEOs.
You don't see him as the major problem at Yahoo! and can't imagine that I don't I don't -- beautiful things that PayPal.
He he did and PayPal was a beautiful business and still is.
But here's here's a -- that I.
He's not a contact guy by any definition Yahoo! about their future is built on contact -- of people that are probably guys wanna.
Dress this up.
This is a -- content company that needs a mind.
-- a medium mine I mean it really does and the people they're bringing in.
Are again the board then -- before it oh yeah it is peculiar at best.
Whatever happened divesting actually really getting I guess this is not something that they would probably look at they just take -- -- -- Put on face value when it comes to stuff like resonates to those -- surely someone of that level.
Okay -- and people are not always accurate on that resonates maybe there's a date fog store maybe they make there.
Duties on their -- more impressive than they really -- but this was a huge I mean this was a big issue.
I mean let's be very straight forward here the search firm -- secure that resonate.
They're looking at what the performance of that -- that employee and -- he is and prospective employee.
And -- you know who cares or whether you had a computer science degree -- an accounting degree.
For whatever reason apparently he and he did.
But even that hasn't been fully demonstrated.
The search firm even turns on -- some -- he had bought it for PayPal.
I know it's -- in this -- this is nasty stop.
An unfortunate we actually have some breaking news right now Robert Gray house at Robert.
Hey let's say let's just going through of regulatory filing with the SEC filed by Yahoo! they have agreed to terminate -- -- termination letter basically with Thomson.
But not fully vested equity awards here at Thomson will not get a get severance compensation -- -- Scott Thompson obviously the former GE's chief executive at Yahoo!.
Again this discloses a settlement packed with third point that is -- -- Hedge fund of course the activists shareholder there's going to be nominate to the board now by Yahoo! Yahoo! is also.
At the same time cutting the number of board members.
Down to eleven from fourteen to -- mileage getting a couple of allies on the boards is a -- out.
Three out of the eleven coming from -- his own none nominees there to back to you.
Artsy doesn't get severance -- there five minutes that's not a science it's.
If you holidays in some ways though it does go to the issue added that his own integrity and his credibility and -- here so.
It's a very important thing for him the announcement that he has thyroid cancer -- diagnosis apparently in the last few days.
CM this thing gets -- -- and Merck here by the moment.
And and and as you look at what's happening it JPMorgan chase.
-- encouraged finally drew is I'll add to is the -- the CIO chief investment officer.
It would we don't know what's going on yeah and we've got but Mary Schapiro this CCC well you know we -- very interest in the all of us thank you very much.
The fact is that but no one in the SEC has the firepower that JPMorgan Chase.
That is required there isn't available that -- just beyond the resources right now the Federal Reserve -- the regulator.
And the SEC as a regulator over the derivatives market I mean this is.
This is pathetic when you've got a two and a half trillion dollar bank that is overwhelming the federal government and part of Iraq.
Appointment thank you very much for everybody should know you can catch -- every week I don't Lou Dobbs tonight --