Actually, this headline is wrong, so why don't you just replace it? They didn't clear him of being a Sugar Daddy: they just "cleared" him of using Timewarner funds. They conspicuously said nothing about whether he goes to prostitutes.

I personally don't care what the average person does with his money, but when a CFO patronizes a high-priced prostitute, that's a problem. The next thing you know, money is missing and your daughter is knocked up.

i hope nobody thinks this means that this ass hat can continue as cfo of time warner its time for pace to resign immediately

look, i honestly don't give a crap where wayne gets his booty or how much he has to pay for ok, to be honest, i do take a certain puriant tabloid delight in the scandal, but no more and no less hugh grant or any other public figure

and there are plenty of jobs across time warner where wayne's dalliances could be enjoyed as nothing more than a lurid and laughable peccadillo

however, if there is one position for certain that even the appearance of improriety cannot be tolerated --- its the goddamn CHIEF FINANCIAL OFFICER isn't this company just breaking out from under the cloud of a multi-year investigation by the sec? hasn't the sec set up an onsite sattelite office just to facilitate ongoing investigation and oversight? how can anyone believe this situation can go on even one more day

even if shareholders were to accept the findings of an internal investigation (i am not so charitable), the issue is not whether wayne used to the corporate credit card to fund his visits to an exclusive brothel the issues are: how far would he go to hide his deviant and illegal personal activities, what leverage does waynes crimes or indiscretions give a less scrupulous third party, not to mention -- just how focused can this guy be in one of the most important roles at any company when he has heidi fleiss's ugly sister waiting for him in a midtown flophouse?

wayne should be canned any executive knows better than this he should not even be afforded the dignity of resigning in disgrace if he gets off an e-mail or a claim to the press that he is leaving to spend more time with friends, family and floosies, he's gotten off too easily

ok, who among us has not visited a prostitute at some point in their life? well, now that you ask, i haven't! i'm no saint. i've indulged in recreational drugs, i've been to a gentleman's club or two, i've puked on myself after and during a hard night of drinking --- but i've never paid a woman for sex this is truly out of the mainstream behavior, and most certainly criminal activity

did wayne file a 1099 for ms hoochie coochie on the monies and consideration he did send her way? somehow i doubt it

also, call me old fashioned, but isn't pace married? if the old perv won't honor his sacred vows of matrimony, do we really believe he'll blink at conveniently ignoring the generally accepted accounting principles?

um, some perspective from our female board members and shareholders would also be appreciated do you not find this behavior offensive and demeaning to women is this guy the role model that we expect our corporate leaders to be? i think not

ok, perhaps i overstate the moral, legal and ethical aspects of wayne's behavior it's possible, we don't have a lot to go on in the way of public information how about we take a look at wayne's behavior as compared to time warners formal code of ethics

please consult the text yourself, it's publically available at http://www.timewarner.com/corp/corp_governance/pdf/Code-of-Ethics_Financial-Officers.pdf the first paragraph clearly states:

"This Time Warner Code of Ethics has been created as a supplement to the Time Warner Standards of Business Conduct to meet the requirements of Section 4.06 of the Sarbanes-Oxley Act of 2002."

it goes on to read. "This Code of Ethics applies to Time Warner's Chief Executive Officer, Group Chairmen, President and Chief Operating Officer, if any, Chief Financial Officer, Controller, Deputy Controller...."

ok, that's you wayne, now lets see what you should have done:

"Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;"

strike one

"Avoid conflicts of interest and disclose to the Time Warner Compliance Office any material transaction or relationship that reasonably could be
expected to give rise to such a conflict;"

strike two

"Comply with applicable governmental laws, rules and regulations, as well as the rules and regulations of the New York Stock Exchange and any other selfregulatory organizations of which Time Warner is a member; and"

strike three and you're out in the bowery having a hot cup of sterno with jerry levin

"Promptly report any possible violation of this Code of Ethics to the Time Warner Compliance Office or any of the parties or channels listed in the Time
Warner Standards of Business Conduct."

strike four

you may continue to consider waynes behavior in light of time warner's more general standards of business conduct, also publically available at:
http://www.timewarner.com/corp/corp_governance/pdf/SBC_External_062205.pdf

Here's a few winning exceprts from this text:

"We respect and obey the law."

strike five

"fraud and other unlawful acts;"

i think we got you on unlawful acts, and that's even without speculating what else went on at the high rent brothel... unprescribed viagra, nose candy, etc.

strike six

"Giving something of value to an individual in return for a favorable exercise of that individual’s discretion;"

strike seven

i don't know about you, but i believe in a seven strikes and you're out policy

now c'mon, are you really telling me that wayne is going to make his usual quarterly appearance at the next earnings announcement and maintain his composure walking us through OIBIDA with all the sniggering on the phone? if as expected he tells us that aol's advertising "continued to surge at a torrid pace", i swear to god i'm going to pee myself

friday is going to be a quiet market day ahead of the holiday weekend the timing is ideal for wayne to take himself out of the game if the board doesn't demand it friday morning, we are going to have a good bit of fun with dick and wayne next week

if you agree, please don't hesitate to make yourselves heard i have a couple of suggestions:

start with dick parsons dick often says "If you have any suggestions or comments, please feel free to send an e-mail to my personal mailbox Richard.D.Parsons@timewarner.com" let's take him up on it

if you get no joy with dick, no need to stop there:

put in a call to reuben mark over at palmolive (212-310-2000)

ring up steve bollenbach out at hilton hotels (310-278-4321)

i think debbie wright will want to hear from you at carver bancorp (212-876-4747)

don't you want to hear the perspective of senior counsel ken novack up in bean town? (617-603-2000)

the rest of the board includes

frank caufield at KPBC (650-233-2750)
francis t. vincent jr at vincent enterprises (858-756-7541)
mike miles at forstman little & co (212-355-5656)
jessica p. einhorn (jeinhorn@jhu.edu), (202)663-5624
call jimmy barksdale at home at (765-529-9611 ) or at time warner's corporate office in ny at (212-484-8000)

you might also try time warner investor relations, call them toll free at 1-866-INFO-TWX

benefit of the doubt time is up, get it over with mr. wayne

RIGHT ON TARGET Frodo Baggins. IF YOU DON'T NIP THIS KIND OF CRAP EARLY... YOU GET ENRON! REMEBER TIME WARNER WILL BE SETTING PRECEDENCE BY THE WAY THEY HANDLE THIS CLOWN. AS WE SAY IN THE ARMY "THE HIGHER UP YOU GO... THE HIGHER THE STANDARDS! WE ALL KNOW TIME WARNER IS A GUTLESS ORGANIZATION... JUST LOOK AT THE TANKING OF THE STOCK. TANK PACE IMMEDIATELY.