Slipping The Ladies Past Accounting

Author:
Publish date:
Updated on

SEC filing addict Michele Leder writes with the news that Time Warner CFO Wayne Pace “has been authorized to use the corporate aircraft to travel between his work location in New York City and the residence he maintains in Atlanta since the fall of 2001.” These little trips set TWX back $512K last year, which has got to irk Carl Icahn to no end (unrelated: did you know Icahn hasn’t been an AOL user since the late 90s? Even he’'s embarrassed by the brand.) Sort of interesting, sort of “not until you realize that Pace is the same guy who got into some hot water this summer over his alleged soft spot for a certain accused Manhattan madame.
You remember this one, right? Wayne Pace was reportedly showering Andrea Schwartz with gifts and money. When she was arrested for allegedly running a drug and prostitution ring, Pace denied any kink was involved. He knew her merely as a real estate agent. There was no “inappropriate relationship.” He did not have sexual relations with that woman who is also not a prostitute.
It’'s not exactly clear why Time Warner looked the other way. At the time there was a lot of speculation that Wayne never caught heat because, well, who knows? Maybe it was because he didn'’t pay for the hookers on his corporate card and, ergo, did nothing wrong (or nothing that Time Warner had any business sticking its nose into; if he wanted a lecture he’d go visit his mother in Harrisburg, PA!). But, you know, maybe now someone ought to do some digging into whether all those trips between NYC and Atlanta were business. Or was Wayne visiting his "“real estate agent"?”
After all, we hear some companies have been letting people go for using the corporate jet to get close to their “very good friends.”
News flash: the flying CFO… [footnoted .org]

Related