As Jim Cramer heralds the downfall of cable, Time Warner's share price is down three percent, trading perilously near its 52-week low. We won't even start on AOL's woes. Pali Research's Rich Greenfield questions Time Warner's leadership, or, more to the point, the long, slow dance that Richard Parsons is taking before exiting stage right. (Pali Research via alleyinsider):

''Even if Bewkes is the right executive why is the transition to Parsons taking so long (not to mention why has Wayne Pace been on his way out and largely invisible to the investment community for the entire last year?). The board appears unwilling to make hard decisions (quickly) to move Time Warner forward. Even if Bewkes replaces Parsons by year-end, it remains unclear whether Parsons will remain Chairman thru May 2008, on the board long-term, etc…and whether Parsons' views will impact Board decision-making going-forward within a Bewkes regime.''

Next week Bewkes and Parsons and AOL President and COO Ron Grantwill be at the Fortune Global Forum, interacting with the press.

(image via notablebiographies)