Not long ago, I wrote a little piece about The Walt Disney Company (NYSE: DIS) CEO Bob Iger. No, I'm not his biggest fan, and I have to say, I'm amazed that so many people revere him. Quite frankly, if you look at Disney's stock price, it is not representative of an unequivocal vote of confidence, in my opinion. Well, I'm here again to point out that Iger really has some explaining to do. Disney will be paying its annual dividend pretty soon (annual dividend, I hate those, it should be quarterly!). Here's the press release. The company plans on doling out $0.35 per share in spoils. But there's one huge problem, my friends. This is the same exact amount that was paid last year! And please note how in last year's press release Iger was crowing about the increase in the payout. Guess you're not that confident in the long-term fundamentals of your business, eh, Bobby? How else am I to interpret this move?

Oh, I know, we're in a credit crunch, recession, period of jobs-contraction, etc. If this were a movie, it would be called The Economic Calamity Horror, and the walls of all the institutions on Wall Street would be bleeding ectoplasmic ooze and there would be screams of warning from demonic voices to "get out!" of the stock market. I don't want to hear it, Disney. You could have raised your dividend. No, make that, you should have raised your dividend! At least 10%. Your dividend sucks as it is. As far as I'm concerned, Disney's cash-flow characteristics would have made a 10% increase feasible, even in this environment. Hey, I admit, I'm not on the inside, I don't see what he and the rest of the board sees in terms of what's coming down the pike. But, as far as I know, Disney isn't a financial company, and although it is certainly affected by what's going on, I don't think it needs to conserve capital like say a General Electric Company (NYSE: GE) needs to. GE has a ton of financial exposure. Disney simply isn't in the same league. I would love to know what better investment alternatives the board has at their corporate disposal that would make a dividend increase imprudent.

At the end of the day, Iger doesn't care about me and my little opinion. I know that. And I know many out there are simply wondering "why doesn't he just sell already?" Hey, maybe I will. I was hoping to hold Disney until I retired, but I need to see a better commitment to the dividend policy. I mean, not even a three-cent bump this year, Bob? Come on. I'm really amazed that there isn't more negative opinion out there about Disney's dividend. At least, I'm not aware of much. Jim Cramer did recently point out, however, that Disney's dividend doesn't amount to much. It certainly doesn't...

Disclosure: I own Disney, GE; positions can change without notice.