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XXXXX DRUDGE REPORT XXXXX THU APRIL 18 2002 12:28:09 ET XXXXX
POWELL POWER: 'MY DAD WAS ON THE BOARD, I APPROVED THE MERGER'
Back when the stock was riding high and the smell of merger was sweet as NASDAQ, Federal Communications Commission member Michael Powell found no conflict in voting on the largest media marriage in history, between AOL and TIMEWARNER -- even though his father, Colin, sat on the board of the online leader!
Michael insisted that the FCC needed to tread carefully before disqualifying any commissioner's participation in a vote just because of some "fuzzy" connection.
Fuzzy: Despite his father's options on about $13.3 million worth of AOL shares and his management role at AOL, Michael, 38, did not recuse himself from participating in the FCC's decision on the merger -- voting in the affirmative.
Michael said he was not aware of his father bequeathing him or his children any AOL stock.
Colin confirmed that he did not speak with his son about the deal or his potential inheritance.
"If I let people lightly connect us, where I know there is no connection, I might as well get out of government," said Michael, now chairman.
The son approved the merger at FCC first approved by the father at AOL months prior, back when the stock was riding high and the smell of merger was sweet as NASDAQ.
But talk of "what's good for the consumer" and "what's best for the company [shareholders]" has been replaced by talk of bonds floated on the marketplace -- just to meet payroll.
Filed by Matt Drudge
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