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.