there exist control persons who are not subject to external disciplines imposed by various forces over and above competition." The lack of these disciplines, said Whitman, lead to "1. Very exorbitant levels of executive compensation… 2. Poorly financed businesses with strong prospects for money defaults on credit instruments… 3. Speculative bubbles… 4. Tendency for industry competition to evolve into monopolies and oligopolies… 5. Corruption." For all of these he provides recent examples from the U.S. economy, which he considers to be in some respects under-regulated, although in other respects over-regulated (he is generally opposed to Sarbanes-Oxley ). He believed that an apparently "free" relationship—that between a corporation and its investors and creditors—is actually a blend of "voluntary exchanges" and "coercion". For example, there are "voluntary activities, where each individual makes his or her own decision whether to buy, sell, or hold" but there are also what he defined as "[c]oercive activities, where each individual security holder is forced to go along…provided that a requisite majority of other security holders so vote…" His examples of the latter included proxy voting, most merger and acquisition transactions, certain cash tender offers, and reorganization or liquidation in bankruptcy. Whitman also states that "Corporate America would not work at all unless many activities continued to be coercive." "I am one with Professor Friedman that, other things being equal, it is far preferable to conduct economic activities through voluntary exchange relying on free markets rather than through coercion. But Corporate America would not work at all unless many activities continued to be coercive." Retirement In February 2012, Whitman announced that he was retiring from active management of the $3.2 billion Third Avenue Value Fund. he will hand over responsibility to his longtime co-manager and protégé, Ian Lapey on March 1, 2012. Philanthropy In 2003, Whitman donated $23 million to Syracuse University which renamed its School of Management after Whitman, becoming the Martin J. Whitman School of Management. The same year, he was elected member of the board of trustees at Syracuse University. He was also an adjunct faculty member at Yale School of Management In 2008, he and his wife founded The Lois and Martin Whitman Scholarship Fund at Tel Aviv University to support the educational needs of Arab-Israeli students. Whitman related his experience as a Jew in the United States, “I spent half my life as a second-class citizen” and his inability to attend Ivy