Icahn: US corporate governance worse than Washington

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Carl Icahn: Even D.C. better than corporate boardrooms

Billionaire activist investor Carl Icahn slammed the state of corporate governance in America on CNBC Wednesday, saying it was even more dysfunctional than the political system.

"I'm not here to defend what goes on in Washington, but even there, it's infinitely better than the corporate boardroom," the chairman of Icahn Enterprises said during a wide-ranging interview on CNBC's Squawk Box.

"You do have a somewhat fair election [in Washington]. You don't have fair elections, you know, in a corporate suite," Icahn added. "You're the ex-CEO, even if you've done a real bad job, they increase your salary, they give you a big bonus. Then you take the corporate treasury and spend millions and millions of bucks to hire a lawyer to defend you."