A week ago I questioned if Steve Ballmer was in fact running Microsoft or if it was Gordon Gekko, given just how hostile the takeover bid of Yahoo could go. Well it appears we've found that Gekko within Microsoft running point on the deal - his name is Christopher P. Liddell, Microsoft's CFO.

The New York Times piece lays out some very interesting tidbits about Mr. Liddell's thoughts and motivations for this hostile move towards Yahoo - and if he has enough clout, it seems like Yahoo's rejection of Microsoft' offer tomorrow could trigger some of the real hostility in Microsoft's bid.

From the Times:

“You have to be disciplined and ruthless,” Mr. Liddell said by telephone last week, before Yahoo’s board decided to rebuff the offer. “We should see acquisitions as a way of growth. We should not be embarrassed at all.”
...

First, Microsoft is planning to crisscross the nation to meet with Yahoo’s largest shareholders in an election-style campaign, hoping they can put pressure on Yahoo’s board, people briefed on the company’s plans said.
...

Microsoft could also decide to make an offer directly to shareholders, called a tender offer, which would put more pressure on Yahoo’s board to negotiate. At the same time, Microsoft could also set a deadline for its bid, known as an "exploding offer."

And if Microsoft decides to make this a nasty battle, it could start a proxy contest to oust Yahoo’s board at its next election; it would have until March 13 to nominate a new slate of directors.

This stuff sounds straight out of Wall Street. The difference is that this isn't Teldar Paper that Microsoft is trying to take over (incidentally, Liddell came to Microsoft after working at International Paper), this is Yahoo! - a company which the public (beyond the shareholders) actually cares and knows about. If Microsoft is too hostile in its tactics they might be seen as shrewd businessmen, but also as complete assholes in the eyes of the public - which might not be the best play in the world given the public perception Microsoft already has.

Things could get very, very interesting in the next few weeks if Microsoft takes this hostile path as it appears Liddell is ready to do when Yahoo tomorrow lets Microsoft know that they aren't going to take them up on their offer.

Hell, who needs a sequel to Wall Street when you can see one play out in real life?

The point is, ladies and gentlemen, that: Greed, for lack of a better word, is good. Greed is right; greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms, greed for life, for money, for love, knowledge — has marked the upward surge of mankind and greed, you mark my words — will not only save Teldar Paper but that other malfunctioning corporation called the USA.