Kleinfeld Letter to Paul Singer - where is the hidden Agenda?

That there will be little - if any - love lost between Arconic's Kleinfeld and Paul Singer should not surprise anyone. But when I read the controversial letter I was left with just one question: What was Singer up to in Berlin during the Soccer World Championship 2006? Apart from that I think the 'Activist' style of Asset Management needs more scrutiny from regulators as well as the Corporate Governance Crowd. Communication between Asset Managers and Companies should be on a fully transparent basis and any motions to change management should be addressed to the totality of shareholders who can then vote on proposals at the Annual Meeting (or extraordinary Meeting if required). Backseat driving should be discouraged as much as possible. And with respect to this letter: can ANYONE find the hidden agenda that so upset Singer and the Arconic Board? I would like to see your comments!