Les Moonves Abrogates Responsibility to Stockholders (or) Viacom is The Target for CBS Fraud

My Poor Brain ^ | 09/10/04 | PresidentFelon

[PresidentFelon]

As most of us know, a corporate officer such as a CEO, Chairman, or other officer or Inside Director is required by law to act, at all times, in the best interests of it's Shareholders. Consider the case of Sumner Redstone, Chairman and CEO of Viacom, and Leslie Moonves, President and COO of CBS Television.

The most recent Pew Media Research Survey showed CBS News with a 13% favorability rating among those identifying themselves as Republicans. That's right, a whopping 87% of Republican respondents to the Pew Media researchers dislike CBS News. Of course nobody here is surprised but the astonishing thing is the that so many people agree on something. This is a statistical abberation that can only be explained by one thing; CBS truly deserves the loathing.

Of course CBS bias is legendary, but it has entered a level never witnessed. The ongoing trashing of the President by any means possible, selective reporting to support an obvious agenda, the endangerment of our troops by sensationalizing the Abu Graib prison scandal just to damage the President. The list is almost endless.

The question is; How can the Sumner Redstone of Viacom allow a business unit like CBS television to get to the point where half the electorate despise the CBS News label. What does it say to the stockholders when a large revenue source is potentially sacrificed so one man, Dan Rather, can frolic in his big partisan media playground.

If I were a Viacom Stockholder (which I may very well be since I don't know what funds my pension plan holds), I would be writing Mr Redstone and Leslie Moonves and asking why I should keep my money in a company that works so hard to alienate a huge demographic. . In fact, I would sell-off my Viacom stock and urge every other Republican to do the same. The Chairman is obviously not doing his job and protecting my financial interests.

Sincerely,

PresidentFelon

PS - I was looking at Viacom's 2003 Corporate Officers page so I hope it still Redstone in charge.

http://www.viacom.com/sumner.tin

[PresidentFelon]

What would you do?

[Viet-Boat-Rider]

HERE IS A COPY OF THE EMAIL THAT I SENT TO ALL OF THE ADVERTISERS THAT I COULD FIND ON CBS, AND TO ALL OF THE CBS AFFILIATES LISTED ON THE INTERNET:

To whom it may concern:

Dan Rather, on CBS 60 Minutes, presented fake documents to the American people in an attempt to discredit President Bush. The documents have been proven to be fakes, and Dan Rather continues to stand by his lies.

Dan Rather also attended, and was a Keynote Speaker, at a Democrat Fundraiser in Texas proving his bias against the Republican Party. Dan Rather has acknowledged his bias (and apologized) in a recent interview with Geraldo Rivera.

Dan Rather of CBS is blatantly biased and incapable of presenting, and representing, the news to the American public. Biased reporting of the “news” is unacceptable and deserves an appropriate response.

I am “deleting” all CBS affiliated channels from all of the televisions in my household (including and especially my children’s televisions) and advising all of my friends to do the same. Your advertisements will not show in my household or the households of my friends.

I will also use my best efforts to NOT purchase any of your products until you pull your advertisements from CBS.

I will put the CBS channels back on my televisions when Dan Rather apologizes for using his position with CBS for his partisan political antics and resigns.

As you can tell, I have had it with the biased media.

Sincerely,

[Congressman Billybob]

I would make sure I DID own some Viacom stock. Then I would attend the next Annual Meeting and ask Sumner to resign on the spot unless he is willing to order the immediate dismissal of Rather for destroying the corporate assets.

Then, when that effort failed, I would file a stockholders' derivative suit on the exact basis that you describe. LOL.

Congressman Billybob

Latest column, "I'm Mad as Zell, and I'm Not Going to Take It Anymore."

If you haven't already joined the anti-CFR effort, please click here.

[ClarenceThomasfan]

Good luck with your efforts but I heard that Redstone is a big time liberal. He and Dan Rather are probably big buddies.

[mindspy]

I thought the French own Viacom.

[PresidentFelon]

Thank You honorable Congressman Billybob, you are my very favorite poster and I am honored by your support for this not so novel idea.

Freegards,

PresidentFelon

[RayChuang88]

Actually, you may have far better luck with Leslie Moonves. Moonves has the experience of that fiasco with The Reagans miniseries and I don't think he wants a repeat of what happened last fall. I wouldn't be surprised that Moonves may ask Dan Rather to step down if the memos are proved to be hoaxes.

[Grig]

If it's possible to contact investors, they might want to know of some reasons that selling their CBS stock now would be a good idea. A falling stock price would get CBS's attention.

[MississippiMan]

I've often wondered why some of these public companies haven't been the target of a large class-action before. Public companies have a fiduciary responsibility to look after the BUSINESS interests of the shareholders in a reasonable way, yet we have such obvious evidence that media corps routinely have no problem with offending half the population.

MM

[spokeshave]

"What would you do?"

Take out put options on the stock....?

[Malesherbes]

Viacom closed today at $ 35.53. So one share would cost that plus brokerage commission. However, I think that old left-winger Redstone has it all wrapped around his finger.

[Steven W.]

but is it worth it to him and other shareholders to have a slew of shareholder lawsuits?