Time Warner
ORG
Time Warner
When Bruce Wasserstein, the enigmatic investment banker who runs Lazard, presented a plan to break up Time Warner almost three weeks ago, he crossed a line between adviser and co-conspirator. Carl C. Icahn, the activist investor leading the fight against Time Warner, Mr. Wasserstein assumed the role of activist investor himself, for reasons that remain inexplicable. Ten days after Mr. Wasserstein declared that there was no compelling reason today for those businesses to remain together, and Mr. Icahn capitulated, settling his fight against Time Warner in exchange for some minor face-saving concessions.