KAREN FINERMAN: HI, CARL.IT'S KAREN.

ICAHN: HI, KAREN.HOW YOU DOING?

FINERMAN: GOOD.HOW ARE YOU IN I'M A BIG FAN.

ICAHN: KEEP GOING.KEEP WORKING.

FINERMAN: SO, THE PACKAGE THAT THEY PUT TOGETHER, THE SEVERANCE PACKAGE PACKAGE, A BUCK SIXTY A SHARE, FIRST OF ALL, IT SEEMS AN EGREGIOUSLY LARGE PACKAGE AND I HOPE YOU CAN DO SOMETHING ABOUT IT, BUT REALISTICALLY, I DON'T KNOW IF YOU CAN. DO YOU THINK THAT MICROSOFT SHOULD TAKE THAT OUT OF ANY PURCHASE PRICE OR THAT THEY WOULD PLAN TO TAKE THAT OUT OF ANY PURCHASE PRICE?

ICAHN: WELL, IT'S COMPLETELY DISINGENUOUS.SUE DECKER SAYS TODAY WE'RE DOING EVERYTHING WE CAN BUT THE PRICE ISN'T HIGH ENOUGH. IT'S NOT HIGH ENOUGH BECAUSE OF THAT PACKAGE. AND IT'S A BIT WORSE THAN YOU'RE ALLUDING TO BECAUSE ONE OF THE THINGS THAT MICROSOFT, I WOULD IMAGINE, NEEDS HERE IS THE WORKFORCE. AND HOW DO YOU THEN GO IN AND TELL THEM THEY'RE PAYING $45 BILLION BUT WE'RE INCENTIVIZING THIS WORKFORCE THAT YOU WANT TO LEAVE? I MEAN, IT'S SORT OF -- IT IS SORT OF INCOMPREHENSIBLE WHAT THEY'RE DOING HERE.

JEFF MACKE: CARL, WHAT'S PLAN "B" ON THIS? I'M CONFIDENT YOU COULD BEAT THE SNOT OUT OF THE YAHOO! BOARD RIGHT NOW BECAUSE THEY DON'T HAVE A DEFENSE. I DON'T KNOW HOW YOU COULD MAKE MICROSOFT TAKE THE BAIT, IS ONE PROBLEM, AND YAHOO! IS DESTROYING VALUE EVERY SINGLE DAY.EVEN WITH THE AUGUST 1st DEADLINE, HOW DO YOU MAKE MICROSOFT TAKE THE BAIT AND HOW DO YOU KEEP YAHOO! INTACT--

ICAHN: I BELIEVE VERY STRONGLY, AND I'M NOT THE ONLY ONE WHO BELIEVES THIS. A LOT OF PROS IN THE TECHNOLOGY AREA WE TALKED TO BELIEVE THAT THE ONLY WAY, YOU KNOW, THAT MICROSOFT CAN COMPETE IN THE LONG RUN WITH GOOGLE IS TO HAVE YAHOO!, IS TO HAVE -- IS TO HAVE A PRESENCE IN THE SEARCH AREA, BECAUSE EVENTUALLY -- AND IT'S HAPPENING RIGHT NOW IN THE OFFICE -- YOU KNOW, WITH OFFICE STOCKS THAT GOOGLE IS PUTTING OUT, BUT YOU'RE GOING TO BE DOWNLOADING A LOT OF THESE OPERATION SOPERATIONS OR YOU'RE GOING TO BE -- OR APPLICATIONS, ACTUALLY.YOU'RE GOING TO BE DOWNLOADING EVEN IN THE HOME THROUGH THE INTERNET.AND OBVIOUSLY, THE MORE YOU CAN ADVERTISE ON THE INTERNET, YOU'LL BE DOWNLOADING THOSE AND DOWNLOADING THEM POSSIBLY FREE.SO, YOU WANT TO BE ABLE TO COMPETE WITH GOOGLE IN THE SEARCH AREA. AND, I MEAN, IT'S NOT ME SAYING THAT. I MEAN, IT'S OBVIOUS ALMOST WHEN YOU'VE SEEN THE -- HOW LONG MICROSOFT HAS BEEN TRYING TO ACQUIRE YAHOO! SO, I REALLY DO BELIEVE -- I MEAN, SOMETIMES YOU HAVE TO HAVE PATIENCE, BUT I BELIEVE IF IT'S NOT THIS MONTH, IT'LL BE SIX MONTHS FROM NOW. BUT IT'S CRAZY FOR THIS COMPANY NOW TO DO THIS ALTERNATIVE DEAL AND GIVE THE STORE AWAY, BECAUSE OBVIOUSLY, AN ALTERNATIVE DEAL IS A POISON PILL, BECAUSE ONCE YOU'VE DON AN ALTERNATIVE DEAL AND GIVEN THE SEARCH TO MICROSOFT, YOU DON'T NEED MICROSOFT TO BUY YOU ANYMORE. SO, THAT WOULD BE A POISON PILL, AS BAD AS THIS, IN QUOTES, INGENIOUS CONTRAPTION THAT JERRY YANG PUT TOGETHER AND CALLED IT A SEVERANCE PACKAGE, WHICH IS NOTHING MORE THAN AN IMPEDIMENT. AND HE NEGLECTED TO SAY THAT MICROSOFT EVEN PUT ASIDE $1.5 BILLION FOR THE EMPLOYEES.

RATIGAN: HOW CLOSELY ARE YOU IN COMMUNICATION, CARL, WITH MICROSOFT'S MANAGEMENT?

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