Icahn: Too many companies run by 'morons'

Carl Icahn defended the role of activist investors like him, saying that companies are being run by "morons" who need oversight.

"I do love this country. I'm not so sure I love a lot of the people, but I love the country. From my point of view, we're going to lose this because...the problem you have is the wrong side is running these companies," he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.

"We're going to have morons running the companies soon, and we're almost there. It's amazing how bad these companies are and the boards are when we get in them,"

Responding to criticism that activists are too focused on short-term gains rather than the ultimate good of companies, Icahn said there are too many lazy CEOs who need a wake-up call.

He added that most of the companies where he invests are long-term positions for him.

"The only you can get these guys off the golf course is when I file a 13-D," he said, referring to the regulatory filing in which an investor must declare a stake of greater than 5 percent in a company.

"What a board should do is not tell the CEO what to do. They should leave him alone, really leave him alone," Icahn added. "What they should say is if you're not producing...if you're not doing as well as your peer group, get off the golf course and get to work and stop worrying about what plane you have."

Icahn held court as the conference wound down for the day, dropping names of various companies he's helped along the way.

As he did during his 2013 appearance, he peppered his remarks with one-liners that nonetheless had a sharp edge gained through years of taking aim at struggling outfits like Family Dollar.

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