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CNBC TRANSCRIPT: CNBC'S MARIA BARTIROMO INTERVIEWS TIME WARNER CHAIRMAN RICHARD PARSONS ON CNBC'S "CLOSING BELL" TODAY

WHEN: Today, Thursday, November 13th at 4:40 PM ET

WHERE: CNBC's "Closing Bell"

Following is the unofficial transcript of a CNBC interview with Time Warner Chairman Richard Parsons, on CNBC'S "Closing Bell" today.

All references must be sourced to CNBC.

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MARIA BARTIROMO: PRESIDENT-ELECT BARACK OBAMA'S FIRST ORDER OF BUSINESS AFTER HIS WIN, BEGIN THE POLICY FRAMEWORK NEEDED TO TACKLE THE ECONOMIC TURMOIL. JOINING ME NOW, IS RICHARD PARSONS, CHAIRMAN OF TIME WARNER AND A MEMBER OF THE PRESIDENT-ELECT'S TRANSITION ECONOMIC TEAM, DICK PARSONS. SO NICE TO HAVE YOU WITH US. DUNCAN AND I WANT TO TALK ABOUT WHAT IS ON THE AGENDA FOR PRESIDENT-ELECT OBAMA. TELL ME WHAT YOU BELIEVE HIS FIRST ORDER OF BUSINESS WILL BE AND HOW THE TRANSITION HAS BEEN WORKING.

RICHARD PARSONS: I THINK HE INDICATED WHAT'S AT THE TOP OF HIS LIST OF PRIORITIES BY PUTTING THIS ECONOMIC ADVISORY GROUP TOGETHER AND HAVING HIS FIRST PRESS CONFERENCE AROUND THAT. THAT'S AT THE TOP OF THE LIST. I MEAN I THINK PRESIDENT-ELECT APPRECIATES THE COUNTRY IN A TERRITORY IT HASN'T BEEN IN IN THREE GENERATIONS IN TERMS OF ECONOMIC TURMOIL IN CRISIS AND HE KNOWS HE'S GOING TO HAVE TO STEP UP TO THAT SORT OF IN THE FIRST MINUTE, THE FIRST HOUR, THE FIRST DAY.

BARTIROMO: HOW WILL HE DO IT?

PARSONS: THAT'S WHAT HE'S WORKING THROUGH NOW. WHAT HE'S ASKED THE TRANSITION GROUP TO HELP HIM THINK THROUGH IS, NOT JUST WHAT ARE THE ISSUES BUT WHAT IS NOT ALREADY ON HIS AGENDA SHOULD BE ON HIS AGENDA AND HOW SHOULD HE PRIORITIZE THINGS?

HE CAMPAIGNED ON TRYING TO GIVE SOME RELIEF TO AMERICAN MIDDLE CLASS. I THINK HE BELIEVES THAT STIMULUS IS NECESSARY. I KNOW THAT HE BELIEVES THAT SOMETHING HAS TO BE DONE AROUND THE AUTO INDUSTRY BUT EXACTLY WHAT TO DO, HOW TO PRIORITIZE, IS WHAT HE'S AFTER TO THINK ABOUT AND HELP HIM THINK THROUGH.

DUNCAN NIEDERAUER (GUEST COMMENTATOR): EXCELLENT. AND IT SEEMS LIKE HE'S ALSO BEEN VERY FOCUSED ON TRYING TO WHATEVER STIMULUS PACKAGE THERE'S GOING BE, TO BE, GET IT TO THE HOUSEHOLD LEVEL. WE SAW THE SITTING TREASURY MAKE SOME REMARKS THE LAST COUPLE OF DAYS THAT WOULD SUGGEST THAT HE'S TRYING TO GO IN THE SAME DIRECTION, IT'S ALMOST AS IF MR. PAULSON FEELS AS THOUGH HE THOUGHT HE HAS DONE WHAT HE THOUGHT WERE THE RIGHT STEPS TO TAKE. CREDIT HASN'T SEEMED TO HAVE FOUND ITS WAY TO THE HOMEOWNER OR THE CONSUMER. ARE YOU GUYS FOCUSED ON THAT?

PARSONS: AT THE END OF THE DAY, WHO IS THE PRESIDENT-ELECT FOCUSED ON IS, YOUR'RE EXACTLY RIGHT, THE AMERICAN TAXPAYERS, THE AMERICAN CITIZENS. THE QUESTION IS, HOW DO YOU -- WHAT LEVERS DO YOU PUSH? WHAT INITIATIVES DO YOU UNDERTAKE TO GET RELIEF THERE? AND I THINK WE'RE ALL FOCUSED ON HOW TO GET THE CREDIT UNBLOCKED, UNFROZEN. HOW DO YOU GET THE CREDIT ROLLING AGAIN? AND SO EVERYONE IS TRYING TO WRESTLE WITH THIS. THERE'S A LOT OF GOOD DIALOGUE GOING ON RIGHT NOW BETWEEN THE TRANSITION GROUP AND PRESIDENT-ELECT AND THE CURRENT ADMINISTRATION. I THINK PEOPLE ARE TRYING TO COOPERATE. BUT HE'S TRYING TO GET HIS MIND AROUND, WITH THE HELP OF -- AS I WAS SAYING TO MARIA EARLIER, SOME OF THE BEST ECONOMISTS AND BUSINESS PEOPLE IN THE COUNTRY AND A COUPLE HUCKLEBERRIES LIKE MYSELF.

BARTIROMO: LET ME ASK YOU THIS. BARACK CAMPAIGNED ON A NUMBER OF THINGS AND NOW GIVEN THE FACT THAT WE'RE IN THIS VERY SHARP ECONOMIC SLOW DOWN AND WE'RE WORRIED WHETHER OR NOT THE GOVERNMENT SHOULD SAVE THE AUTOS. ALL OF THESE ISSUES ARE ON THE TABLE. PEOPLE QUESTION WHETHER HE'S GOING TO MOVE TO THE CENTER ON SOME OF THESE ISSUES. FOR EXAMPLE, HAS HE INDICATED THAT HE'S GOING TO RAISE TAXES ON 5% OF THE COUNTRY?

PARSONS: LET ME PUT IT TO YOU THIS WAY. I THINK THIS MAN IS A PRAGMATIST, I THINK HE SEES A PROBLEM, TRIES TO UNDERSTAND THE IMPLICATIONS OF IT, THE CAUSES OF IT AND THE SOLUTIONS, AND THEN TRIES TO SOLVE THE PROBLEM. THAT'S WHAT HE SAID TO US AND THAT'S WHAT HE'S ASKED OUR HELP FOR. SO I DON'T THINK THAT WE'RE GOING TO HAVE A DOCTRINAIRE OR PARTISAN APPROACH FROM THE PRESIDENT-ELECT WHEN HIS TURN AT BAT COMES. I THINK WHAT HE'S GOING TO DO IS TO TRY PUT PRACTICAL SOLUTIONS IN PLACE THAT SOLVE REAL PROBLEMS.

BARTIROMO: DID YOU GET A SENSE THAT HE MIGHT HAVE TO PUT SOME OF THOSE THINGS ON THE SECOND HALF OF HIS TERM AS OPPOSED TO DOING IT RIGHT AWAY?

PARSONS: WELL, AGAIN, TO GO BACK TO WHERE WE STARTED OFF, HE SAID, HELP ME THINK ABOUT NOT ONLY WHAT THE PROBLEMS ARE AND WHAT THE IMPLICATIONS ARE BUT HOW SHOULD I PRIORITIZE THEM? WHAT'S THE MOST IMPORTANT, SECOND MOST, AND THIRD MOST? I DON'T WANT TO BE A GUY WHO'S TRYING TO KICK 20 CANS ACROSS THE ROOM AND WHEN THE WHISTLE BLOWS I'VE KICKED ALL 20 HALF AWAY ACROSS. I WANT TO ACHIEVE -- THAT'S WHY I SAY HE'S PRACTICAL -- I WANT TO ACHIEVE SOME THINGS, TAKE THE BIGGEST PROBLEMS FIRST AND THEN FOLLOW ON AFTER THAT.

NIEDERAUER: AS I WAS SAYING BEFORE YOU CAME ON, IT WAS INTERESTING TIMING FOR ME LAST WEEK. I WAS IN CHINA ALL WEEK AND SO I WAS THERE DURING THE ELECTION. SO THAT, OF COURSE, SPARKED A LOT OF QUESTIONS FROM A LOT OF CHINESE EXECUTIVES THAT I WAS WITH. MANY OF THEM HAD READ MR. OBAMA'S CAMPAIGN PLEDGES AND SOME OF THE RHETORIC THAT COMES OUT OF ANY CAMPAIGN. AND WHAT I TRIED TO EXPLAIN TO THEM WAS THAT THEY SHOULDN'T READ TOO MUCH INTO THAT. SOMETIMES A SITTING PRESIDENT WITH THE REALITIES OF THE ROLE MIGHT BEHAVE IN A SLIGHTLY DIFFERENT WAY THAN WHAT SEEMS LIKE THE RIGHT THING TO SAY IN THE CAMPAIGN. HAVE YOU TALKED TO THE TRANSITION TEAM AT ALL LIKE ABOUT ISSUES LIKE TRADE WITH CHINA OR MAJOR COUNTRIES AROUND THE WORLD?

PARSONS: WELL, OBVIOUSLY. THE ANSWER IS YES. AND YOU KNOW, I HAVE THE SAME EXPERIENCE TRAVELING A LOT OUTSIDE OF THE COUNTRY PEOPLE DON'T KNOW WHO THIS MAN IS AND QUITE --

BARTIROMO: BUT THEY LOVE HIM.

PARSONS: WHERE HE'S COMING FROM. WELL, THEY LOVE THE FACT THAT HE'S OPTIMISTIC AND HOPEFUL AND STANDS IN THEIR MINDS FOR WHAT AMERICA IS SUPPOSED TO BE. YOU KNOW, THE REST OF THE WORLD WILL TELL YOU, WE NEED AMERICA TO BE WHAT WE ALWAYS THOUGHT IT WAS. YOU KNOW, THE SHINING CITY ON THE HILL. IT'S INSPIRATIONAL AND THEY SEE THAT IN BARACK BUT THEY DON'T KNOW WHAT HIS POLICIES ARE. HE IS FOCUSED ON GLOBAL ISSUES. HE UNDERSTANDS THE GLOBAL INTERDEPENDENCE OF THE WHOLE ECONOMY AND THAT YOU CAN'T JUST SOLVE THE PROBLEM HERE. IT'S GOT TO BE DONE IN A WAY THAT BRINGS THE REST OF THE WORLD ALONG AS PART OF THE COALITION. A LOT OF FOCUS ON THAT.

BARTIROMO: AND BY THE WAY, I THINK HE'S ALREADY BROUGHT THE WORLD TOGETHER. WE'VE GOT TO SWITCH GEARS HERE, DICK. LET ME ASK YOU YOUR TAKE ON CITIGROUP. THE STOCK TODAY HITTING A 13-YEAR LOW. AS A BOARD MEMBER, A SHAREHOLDER, WHAT ARE YOU GOING TO DO TO HELP FIX THIS SITUATION?

PARSONS: WELL, I THINK, AS A BOARD MEMBER, WE'VE DONE WHAT A GOOD BOARD DOES AND THAT IS, WE'VE PUT IN PLACE A TERRIFIC MANAGEMENT TEAM. WE'VE GOT VIKRAM PANDIT AS THE CEO. I'M TELLING YOU THE GUY IS TERRIFIC. WE'RE FORTUNATE TO HAVE HIM. HE'S PUT TOGETHER A TEAM -- WE HAD A LITTLE FLURRY IN THE PAPERS TODAY ABOUT MY GOOD FRIEND AND THE CHAIRMAN OF OUR BOARD SIR WIN BISCHOFF, I THINK YOU MAY HAVE SEEN HIM PUT OUT A STATEMENT SAYING THAT THE BOARD HAS NO INTENTION OF DISTURBING THE TEAM THAT WE THINK IS GOING TO BE THE TEAM THAT IS GOING TO TURN THIS THING AROUND. IT'S JUST YOU KNOW, CITI'S IN TROUBLE. WHAT FINANCIAL SERVICES INSTITUTION ISN'T? I MEAN, THESE ARE HEADWINDS LIKE WE HAVEN'T SEEN IN 60 YEARS.

BARTIROMO: NO DOUBT ABOUT IT. EXTRA ORDINARY TIMES. BUT IT IS YOUR RESPONSIBILITY TO LOOK AT A SITUATION AND SAY, HOW ARE WE GOING TO FIX THIS REGARDLESS OF WHAT IS GOING ON AROUND YOU.

PARSONS: I THINK WIN AND VIKRAM AND THE TEAM HAVE DONE A LOT OF VERY IMPORTANT THINGS, FIRST AND FOREMOST, RECOGNIZED EARLY ON THAT CAPITAL WAS GOING TO BE KING HERE. AND SO CITI HAS RAISED OVER $50 BILLION IN CAPITAL BEFORE THE FEDERAL INJECTION RIGHT. BEFORE THE BALLOON WENT UP.

BARTIROMO: AND NOW IT'S A $50 BILLION MARKET CAP.

PARSONS: WELL, THE MARKET -- YOU AND I COULD TALK FOR HOURS ABOUT WHETHER THE MARKET IS "ALWAYS RIGHT." I THINK MARKETS RIGHT NOW ARE TRADING TO A LARGE EXTENT ON PANIC AND JUST ILL LIQUIDITY AND CONFUSION. I THINK THAT THE CITI FRANCHISE IS STRONG, I THINK THE MANAGEMENT IS THE RIGHT MANAGEMENT. I THINK THE BALANCE SHEET IS -- WELL, NOBODY'S BALANCE SHEET IS BULLET-PROOF REALLY DEPENDING ON WHERE THIS ECONOMY GOES, THE BALANCE SHEET IS STRONG AND I HAVE EVERY CONFIDENCE THAT WE HAVE THE RIGHT TEAM ON THE FIELD TO PULL THIS JOB OUT.

BARTIROMO: WOULD YOU BE THE CHAIRMAN OF CITIGROUP IF ASKED?

PARSONS: I'D HAVE TO GO HOME AND TALK TO MY WIFE ABOUT THAT. SHE'S MY CONSTANT AND BEST ADVISER.

BARTIROMO: SHE'S THE BOSS.

PARSONS: JUST SO WE'RE CLEAR, I HAVEN'T BEEN, IT'S NOT BEEN SOMETHING THAT'S BEEN DISCUSSED BY THE BOARD. I DON'T KNOW WHERE THESE STORIES COME FROM. WE'RE HAPPY AND CONFIDENT WITH THE CURRENT TEAM THAT WE HAVE OF WIN BISCOFF, VIKRAM PANDIT, AND THE MANAGEMENT.

BARTIROMO: LET ME ASK YOU ONE MORE QUESTION, BECAUSE THE IDEA THAT WE'RE SEING NEW LANDSCAPE ON WALL STREET. DOES CITIGROUP NEED TO DO A DEAL?

PARSONS: MY PERSONAL VIEW IS NO. NOW, I'M NOT HERE TO SPEAK FOR THE MANAGEMENT OR THE BOARD IN ANY OFFICIAL SENSE IN THE ANSWER TO THIS QUESTION. MY PERSONAL VIEW IS THAT CITI, WAS AND IS, THE COMPLETE PACKAGE. NOW, IN A TIME WHERE THERE ARE GOING TO BE OPPORTUNITIES, DO YOU WANT TO BE OPPORTUNISTIC? OF COURSE YOU DO. BUT I THINK CITI HAS ALL THE PIECE PARTS TO BE THE DOMINATE GLOBAL PLAYER, UNIVERSAL BANK AND WHAT WE HAVE TO DO NOW FIRST AND FOREMOST, IS MAKE SURE THAT WE GET THROUGH THIS CRISIS, THIS STORM WE'RE IN. AND I THINK, AS I SAID BEFORE, WE'VE GOT THE RIGHT MANAGEMENT ON THE FLOOR TO DO IT.

BARTIROMO: WHERE ARE WE IN THE STORM? HAVE WE SEEN THE WORST OR NO?

PARSONS: NO. NO. NO. NO, WE HAVEN'T. THERE'S A TERM CALLED 2009.

BARTIROMO: HOW ABOUT 2010?

PARSONS: LET'S GET THROUGH 2009 FIRST.

BARTIROMO: MY SOURCES TELL ME THAT WE'RE BACK TO THE DRAWING BOARD AS FAR AS WHO PRESIDENT-ELECT OBAMA IS GOING TO CHOSE AS THE TREASURY SECRETARY. IS IT YOU?

PARSONS: NO, I'M SURE IT'S NOT ME, BUT I HAVE NO PARTICULAR INSIGHT INTO THAT. WE'RE TRYING TO HELP HIM FIGURE OUT WHAT TO DO WITH THE ECONOMY. I'LL TELL YOU THIS, THOUGH. I'M SURE THAT WHOEVER IT IS, IT'S GOING TO BE THE PRODUCT OF A LOT OF THOUGHT ON THE PART OF THE PRESIDENT-ELECT AND HE WELL APPRECIATES THAT IT'S GOING TO SEND A SIGNAL. PARTICULARLY, NOT JUST INSIDE THE COUNTRY, BUT OUTSIDE THE COUNTRY. IT WILL BE SOMEONE, I HAVE CONFIDENCE, THAT WILL GIVE ASSURANCE TO THE MARKET THAT, THE MARKETS AROUND THE WORLD, THAT THIS GUY IS SERIOUS ABOUT DOING WHAT'RIGHT, DOING WHAT'S NECESSARY TO STABILIZE THE SITUATION.

BARTIROMO: IS IT FAIR TO SAY IT'S NOT LARRY SUMMERS OR TIM GEITHNER?

PARSONS: AS FAR AS I'M CONCERNED IT'S NOT FAIR TO SAY THAT. I ONLY KNOW IT'S NOT ME.

BARTIROMO: DUNCAN, YOU HAVE THE LAST QUESTION.

NIEDERAUER: I DO AGREE WITH A COUPLE OF THINGS THAT YOU SAID, DICK. I THINK WE'RE TRADING MORE ON PSYCHOLOGY THAN FUNDAMENTALS RIGHT NOW. AND IT'S WONDERFUL THAT THE MARKET IS UP 550 WHEN WE WERE DOWN 300 AND CHANGE TODAY. I'M NOT SURE THAT SHOULD BE ANY MORE SETTLING THAN IT IS WHEN WE'RE DOWN 550 BUT THE OTHER COMMENT THAT YOU MADE IS RIGHT. THIS IS SUCH AN IMPORTANT APPOINTMENT THAT HE'S GOING TO MAKE. IT IS GOING TO SEND A VERY IMPORTANT MESSAGE. THAT ROLE RIGHT NOW IS SUCH AN IMPORTANT ROLE, MORE SO THAN ANY OTHER POSITION ANY OF US CAN REMEMBER. I'M PLEASED TO HEAR YOU SAY THAT BECAUSE THE COUNTRY AND THE WORLD ARE GOING TO LOOK VERY CLOSELY AT THAT AND IT SOUNDS LIKE HE UNDERSTANDS THAT.

PARSONS: LISTEN, THIS IS A VERY SMART MAN. AND HE UNDERSTANDS NOT ONLY SUBSTANCE BUT OPTICS AND IMAGERY AND SYMBOLISM.

AND I THINK THAT HE'S GIVING THIS THE THOUGHT IT REQUIRES FOR PRECISELY THE REASON YOU SAY. THE MARKET IS UP 500 IN THE LAST HOUR. THIS IS ALL TECHNICAL TRADING RIGHT NOW IN A CRISIS MODE. ONE OF THE THINGS THAT I HAVE CONFIDENCE THE PRESIDENT-ELECT IS GOING TO BE ABLE TO DO, HE IS GOING TO BE ABLE TO SPEAK TO THE AMERICAN PEOPLE ONCE HE'S GOT HIS MIND AROUND THIS IN A WAY THAT RESTORES THEIR CONFIDENCE. THAT'S MY BIG WORRY. MY BIG WORRY IS WHERE IS THE CONSUMER? THEY'VE GONE TO THE MATTRESSES.

NIEDERAUER: AND THEY'VE GONE TO THE HOME SAFES. WE HAD ONE LEADER OF A BUSINESS HERE RECENTLY WHO BUILDS HOME SAFES, THAT'S ONE OF THE FEW COMPANIES DOING WELL RIGHT NOW AND LOOK, IT WAS A CRISIS IN CREDIT AND NOW IT'S A CRISIS IN CONFIDENCE AND WE NEED TO FIX IT.

BARTIROMO: AND GOING INTO THE REALLY IMPORTANT HOLIDAY SEASON. DICK PARSONS, WE APPRECIATE YOU SPENDING TIME WITH US.





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