Jerry Yang, Yahoo's brilliant CEO who is under fire from greedy shareholders, has dismissed Wednesday allegations that the portal company is in trouble. "The perception of us being a company under siege is just not accurate," said Yang at the "All Things Digital" conference in Carlsbad, California.

Jerry Yang, Yahoo's co-founder, said that Microsoft was the one walking away from the deal because it did not want to pay what the Yahoo board thought the company is worth. He also mentioned some regulatory concerns and other issues which hindered a deal going ahead. Another kind of deal, some sort of partnership, is apparently still possible according to Steve Ballmer's speech a day before.

Yahoo President Susan Decker was at Yang's side, explaining that the company was reorganizing around four pillars: home page, search, mail and mobile services.

So did Yahoo overvaluate itself and Yang and his fellow executives are a pack of fools who threw a great opportunity away? Well, no, Yang knows very well there are estimates, such as the one from JP Morgan, which puts the Yahoo stock up 70 percent in 2009 following a lucrative deal with, let's say, Google. This means that shareholders could get more value than the Microsoft offer, without selling off to the Redmond giant and ruining Yahoo's different corporate culture.

Meanwhile, greedy shareholders such as Carl C. Icahn, the billionaire investor who recently bought 50 million Yahoo! shares, are trying to replace the company's board which supports Yang and his decisions.