Dick Parsons for New York City mayor? A few weeks ago, I picked out an interesting tidbit in a story on why Parsons should be fired: Gramercy Capital Management's Joan Lappin dribbled the tantalizing rumor that the Time Warner CEO was considering a run for mayor when Michael Bloomberg's term is up in 2009.

Today's New York Magazine says "it's all but official." Parsons will run, with some insiders even saying he'll hand over the CEO position to Bewkes (Lappin said this, too) before his current contract ends in 2008. Naturally Parsons has said he'll fulfill his contract, but not opined on the mayoral run.

Frank Barnako of MarketWatch says this must be why Carl Icahn is buying up shares of Time Warner, while DealBreaker.com says Parsons entrance into the race "is not entirely unwelcome" and hints that the I-banking elite might vote for him. Would you?

Every time we write a critical post about Time Warner or Microsoft, or expose a negative fact, rumor or analysis, the refrain renews: fire the CEO! Dick Parsons, that lucky guy, gets the brunt of our readers' anger. He's screwing up Time Warner, you've told us time and time again, he should go. So say you of Microsoft's Steve Ballmer, he of the explosive personality, sweaty armpits, and billions in inexplicable operating expenses. Sometimes it's Jeff Immelt of GE, or even well-loved figures like Meg Whitman of eBay.

But usually, it's Dick. Today is no different. With 2nd quarter earnings coming out next Wednesday, and everyone wondering about the company's plans with its AOL unit, Joan Lappin from Gramercy Capital Management demands in the pages of Fortune, "Save Time Warner, Fire Parsons."

It's nothing new, but it's worth evaluating her reasons for the radical battle cry. She argues that Parsons is all about politics (in fact, he's rumored to be angling for a 2009 run for New York City mayor), a skill that helped him avoid perishing in the "shark tank" that has been Time Warner's boardroom for the past decade and earned him credit as being a "Teflon Don," but has failed miserably to maintain Time Warner's legacy as a creative, entrepreneurial culture where good managers were rewarded "generous financial incentives for producing solid earnings growth." Fire Parsons, she says, and maybe that creative culture can be revived.

I honor her passion, and agree that the creative, entrepreneurial company always wins over the political shark tank. But who, Joan, is positioned to take the helm from him? That question must be answered before anyone brings out a block and starts chopping.

When Jack Welch arrived at General Electric (GE) he examined what was working and what was not; what was profitable and what was not; and where the future would prosper. He established priorities based on his findings and took action! 

Transistor radios had to go! Jet engines and finance gad to grow!

I think Dick Parsons started on that path and then allowed inertia to set in, becoming more passive as he consolidated his power base. Now he seems overly methodical plodding. When Carl Icahn came along and tried to prod him into becoming more like Welch, he resisted and then took some steps to hold off the tides of change.

Hey Dick! Take a look at your price-to-book (1.25) and then take action!  (That link goes to my first "Hey Time Warner" post from yesterday).

You can read more about me and my investment philosophy here. Also for for value check out my my post on dividends! or another equally important  Magic words: return on invested capital. Which stocks perform best?

"The FCC won't let me be" opines Eminem in his 2001 hit "Without Me," and these days Time Warner is feeling Eminem's pain.

Recently, the Federal Communications Company (FCC) pushed back an announced June 29 auction for wireless spectrum. The new auction date will be August 9.

Why does this matter to TWX? Well, according to some, by getting in on this wireless auction, Time Warner Cable wants to get in on some wireless action. Given Richard Parsons's optimism at last week's shareholders meeting, one can't help but wonder: is this part of Parsons' plan to right the good ship TWX?

Whatever the future holds, I think we can be certain of one thing: unlike Eminem, TWX will never do a duet with Elton John.