The long-awaited blog of billionaire activist investor and sometime "corporate raider" Carl Icahn has gone live and the results are delightful. So far The Icahn Report has seven posts, none of which discuss his own holdings.

Much of what's on The Icahn Report will be familiar to anyone who has followed Icahn's grumblings about corporate governance in the past. Here's a great quote: "Poor corporate governance now threatens more than just potential shareholder value; it threatens this country's very economic survival."

The name of the post? "Corporate democracy is a myth."

The stuff on the site so far is classic Icahn -- nothing new, but a refreshing expose of corporate America nonetheless and talk you won't hear anywhere else. Normally talk about compensation gone wild is addressed as a populist issue, but Icahn discusses it the way it should be addressed: as a corporate governance issue.

If Icahn can keep up his blogging, the site could well become one of the most important financial blogs going. To learn more about the early part of Icahn's career, check out King Icahn -- one of the best out-of-print business books I've found.

I'd be thrilled to see future posts lashing out at management teams and directors at specific companies.