Daniel Loeb's letter to Yahoo's (YHOO) board (previous) doesn't pull any punches. He gets warmed up by voicing his concern over a potential leveraged recapitalization plan before honing in his main target. Loeb on Yang: "The [Board] should not have permitted Mr. Yang to engage in these discussions, particularly given his ineptitude in dealing with the Microsoft negotiations...he is simply not aligned with shareholders...corporate ethics require him to recuse himself from any further discussions."