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AOL exec leads Social Security overhaul

AOL Time Warner Co-Chief Operating Officer Richard Parsons has been appointed co-chair of President George W. Bush's commission to overhaul Social Security. Parsons and his fellow co-chair, former Sen. Daniel Moynihan, D-N.Y., will oversee the 16-member commission that will try to allow Social Security participants to invest in private markets. Parson will not diminish his role in AOL Time Warner as a result of his appointment, an AOL representative said. Parsons last week filed to sell 700,000 shares for $35 million, according to a filing with the Securities and Exchange Commission. The sale will be used for personal gains and the funding of charitable efforts, AOL Time Warner said.

Jim Hu Staff Writer, CNET News.com
Jim Hu
covers home broadband services and the Net's portal giants.
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Jim Hu
AOL Time Warner Co-Chief Operating Officer Richard Parsons has been appointed co-chair of President George W. Bush's commission to overhaul Social Security. Parsons and his fellow co-chair, former Sen. Daniel Moynihan, D-N.Y., will oversee the 16-member commission that will try to allow Social Security participants to invest in private markets. Parson will not diminish his role in AOL Time Warner as a result of his appointment, an AOL representative said.

Parsons last week filed to sell 700,000 shares for $35 million, according to a filing with the Securities and Exchange Commission. The sale will be used for personal gains and the funding of charitable efforts, AOL Time Warner said.