Via David Pogue's NYT Blog I learned about free teleconference hosting at LiveOffice (which, as Pogue notes, is not to be confused with Microsoft's Office Live). By merely registering, you can obtain a permanent telephone number that allows you to set up teleconferences for free without having to make any prior reservations. The only catch is that the number is a long distance number and all of the participants have to pay long distance rates to participate. However, since most of us are on plans that provide either large blocks of toll-free time or low rates for long distance calling, this would seem to be a minimal burden.
It was not until I used the service, however, that I learned that it allows the conferences to be recorded for free. However, mindful of the criminal charges brought against Linda ("With Friends Like Her, You Sure As Hell Don't Need Enemies") Tripp, I intend to make certain that I always inform the participants that the conference is being recorded.