In August, when Apple's stock was still in a bit of a malaise, Carl Icahn announced he was buying Apple shares. He also said he had plans for getting Apple's stock cranking again. Unsurprisingly, his plan centered on financial engineering rather than technological engineering. After a lot of jibber jabber, Icahn finally put out a plan. He wanted Apple to do a $50 billion buy back. That plan is up for a vote at Apple's shareholder meeting. Today, Apple released the proxy materials for that meeting. In the proxy materials, Apple told shareholders it thinks Icahn's plan is bad. The full Apple explanation is below. In short, Apple says we are already returning a lot of money to shareholders. We have essentially used all the cash we generate domestically to do so. It says it will continue to look at the best ways to return cash to investors, but it doesn't think it should be bound by Icahn's proposal to do return money. Here's the full explanation: The Board recomme ...
