Moneyman Bill Miller saves Jerry Yang's job

Legg Mason portfolio manager Bill Miller controls 4.4 percent of all Yahoo shares and he's formally declared his plans to vote them for CEO Jerry Yang and the current Yahoo board. In a statement, Legg Mason says it doesn't buy corporate raider Carl Icahn's claim that Microsoft would only offer to buy the company again if it could negotiate with a new board.

We believe the current Board acted with care and diligence when evaluating Microsoft's offers. If Microsoft wants to acquire Yahoo, it can make the terms and conditions of its offer public. If Yahoo shareholders support it, I am confident the Board of Yahoo will accept it."

Miller's decision effectively reduces Icahn's chances of winning his proxy fight to almost zero. Which is really a shame, in a way, because after months of mealymouthed he-said, she-said, Yang only this week finally strapped on his shitkickers and had some developers do what Yahoo does best: create a website to campaign for his cause. The site's banner — a quote from Icahn that reads: "It’s hard to understand these technology companies" — mocks Icahn in a way we're used to from the Daily Show. Or maybe the Swift Boat Veterans.