The Fog of Time Warner

The fog surrounding Time Warner (TWX Quote) continues to thicken.

Just as the media giant and its peers were uniting Tuesday against the threat of regulatory action, activist shareholder Carl Icahn dropped his own bombshell, naming as his new brother-in-arms the hard-hitting Lazard banker Bruce Wasserstein.

Icahn's group, which controls 2.5% of Time Warner shares, hired Wasserstein to rummage through the trash bins outside 1 Columbus Circle and to choose a fantasy-league board slate. Icahn's displeasure with Time Warner stems from the company's stock, which has been frozen in the teens for more than three years since its well-chronicled plunge after the big AOL-Time Warner merger of 2001. ...