Yahoo CEO Jerry Yang has written two letters in response to Carl Icahn's attempt to take over Yahoo's board. One addresses Yahoo employees and the other its senior management. Neither feature capitalization. Both suggest Carl Icahn's move to take over Yahoo's board "reflects a significant misunderstanding of the facts," which as Yang see's them are that he and Yahoo's board responded to Microsoft CEO Steve Ballmer's merger proposal with "diligence" as well as "knowledge, experience and commitment." Funny how Yahoo's largest shareholders seem to disagree. Both of Yang's letters are copied below.