Just a few weeks ago I was celebrating the departure of Time Warner’s Dick Parsons, the only top exec left who was responsible for that company’s disastrous merger with AOL. (I hoped the door did hit him in the ass on his way out.) Because, thanks to “Teflon Dick”, a lot of TW shareholders for more than a decade curse him every time they look at their drowning portfolios. Now Obama wants to let him sink the Commerce Department? Noooooooooooooooooooooo. For crissakes, Time Warner today said it will take a non-cash impairment charge of $25 billion because of poor market conditions at its cable, publishing and AOL units. This, after Parsons back in July declared himself “bullish” on the outlook for the media industry. BFD that Parsons sits on the Obama Economic Advisory Board brainstorming solutions to the U.S. economic crisis. The fact he’s got a consistent record of abject failure at Time Warner should have disqualified him for even that. Worse, Teflon Dick was always fearful of making the really hard decisions necessary to fix what was wrong with that company, or even admitting responsibility by falling on his sword like Steve Case and Gerry Levin did. Hasn’t this country had enough of leaders unable to admit past mistakes or forsee future problems? My answer to those who think this Rockefeller Republican should join the Obama cabinet is this: he would have made a swell Bush appointee.
Dick Parsons For Commerce Secretary?
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