Man the Buckets! Long Term Capital Is (Sort Of) Back!FINANCE • Some of Long Term Capital's former executives are making another go of it with a new fund, Quantitative Alternatives. [Bloomberg via DealBook/NYT] • Morgan Stanley will pay $8 million to settle federal fraud charges over its alleged failure to get the best prices possible for retail stock investors. [AP via NYT] • The SEC will announce Monday whether it will appeal a court ruling that overturns the "Merrill Lynch" rule, allowing brokers to offer fee-based services to clients without being registered as financial advisers. [NYP]
company town
Advantage: GrassoFINANCE • Richard Grasso may keep his money, after all. A New York State appeals court threw out four of the six claims filed against the former NYSE chair by the attorney general's office. [NYP] • Perella Weinberg may have missed out on advising the Ford family, but the firm finally got its first big deal with a lead role in Thomson's attempt to acquire Reuters. [DealBook/NYT] • The future of two Dow Chemical executives will be determined by testimony JPMorgan CEO James Dimon, who knows for sure if they spread rumors of a sale. [NYT]
company town
What Did the Editor Know, and When Did He Know It?MEDIA: • Wall Street Journal editor Paul Steiger opted to sit on the story of Rupert Murdoch's bid until it was broken by CNBC. But who else knew about the deal, and did they profit from the information? [NYT] • The Newseum will open in Washington in October. Exhibited artifacts will include Daniel Pearl's laptop and the slippers former blogger Ana Marie Cox wore while writing Wonkette. [NYT] • • If Thomson buys Reuters, Reuters's CEO would run the new financial-information company, to be called Thomson-Reuters.* [Reuters via Romenesko]
company town
Of Course Gordon Gekko Is a Hedge-Fund ManagerFINANCE • Gordon Gekko is back! Michael Douglas will reprise his Oscar-winning Wall Street role, only this time as a hedge-fund magnate. [NYT] • James Simons tops a list of Wall Street's highest earners. [Forbes] • Two of Rudy Giuliani's firms represented both a creditor and a debtor in a bankruptcy case, a possible conflict of interest that was not disclosed to the judge. [WSJ]
company town
Hedge-Fund Managers Can't Get Over AerosmithFINANCE • At this year's 2007 Robin Hood benefit, philanthropic hedge funders paid $400,000 to sing a song with Aerosmith, and $1.3 million for dinner with Mario Batali. [NYT] • Hafiz Naseem, a junior investment banker at Credit Suisse, was charged with insider trading after he tipped off associates in Pakistan about deals, including the TXU buyout, before they were made public. [NYT] • Google is the No.1 preferred employer for MBA students, with more traditional companies McKinsey and Goldman taking the next two slots. [Fortune via CNNMoney]
company town
Welcome, Hedge-Fund Backlash!FINANCE • Not all hedge funds are profitable. UBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT] • Ken Moelis, who is leaving as UBS's investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ] • The New York Fed warns that the current hedge-fund climate puts the economy at risk for a Long Term Capital–esque crisis. [DealBook/NYT]
company town
Bancroft Family Divided Over Dow Jones BidMEDIA • A Bancroft spokesman said family members who hold slightly more than 50 percent of voting shares will oppose News Corp.'s bid for Dow Jones. [NYT] • Don Imus hired a top-notch First Amendment attorney to see that he gets the $40 million left on his contract. [Fortune/CNNMoney] • Former Newsweek Interactive head Mark Whitaker will oversee TV programming and Web content at NBC News. [WWD]
company town
Murdoch Makes a Move on Dow JonesMEDIA • News Corp. made an unsolicited offer of $60 a share for Dow Jones today, sending the share price up 58 percent on the news before trading was suspended. [CNBC] • GQ auctioned off a one-month internship in its marketing department on eBay. The winner paid $30,200 — likely more than a marketing assistant makes in a year. [eBay via Media Mob/NYO] • Contrarian Christopher Hitchens called the Virginia Tech shootings a "non-story" at the annual ASME board meeting yesterday. [Fishbowl NY/Mediabistro]
company town
Skadden, Arps Tops AmLaw 100LAW • Skadden Arps tops the AmLaw list with $1.85 billion in revenue last year. [The American Lawyer via Law Blog/WSJ] • The AmLaw 100 reveals that the majority of top-performing firms have profits per equity partner of $1 million or more. [The American Lawyer] • Martin Armstrong, the Ponzi scheme investor who was jailed for contempt for over seven years, was released after a psychiatrist testified in his favor. Armstrong now begins his original five-year sentence, with no credit for time served. [New York Law Journal]
company town
Sing Along With Ernst & YoungFINANCE • So does your company have a lame, embarrassing theme song? It does if it's Ernst & Young. [DealBreaker] • A Banc of America analyst wrote reports on top pharma companies without talking to corporate management. So is he lazy or forward-thinking? [NYP] • Perella Weinberg Partners has raised $1.1 billion and hired 22 recognizable partners. But in eighteen months, the firm has yet to make a big deal. [NYT]
company town
Will Dior Ditch Galliano?FASHION • Are John Galliano's days at Dior numbered? [NYP] • Alice Roi's been busy: Her acclaimed Uniqlo collaboration hits shelves this week, and her pop-up store will open in May. [The Shophound] • Anya Hindmarch reportedly sent her ecoconscious "It" bag to editors in … a plastic bag. [Fashionista]
company town
Miller, Safire Go Silent on MoyersMEDIA • Who's afraid of Bill Moyers? Apparently Judith Miller, William Safire, and Charles Krauthammer — all of whom refused to be interviewed for tonight's PBS show Buying the War. [WP] • The Pulitzer Prize the Daily News received for coverage of the health of 9/11 first responders was the same story the paper downplayed in 2001. [VV] • Stick with fluff: The In Touch Virginia Tech cover was a flop. [NYP]
in the magazine
When Imus Stopped Giving Interviews (the First Time)Leafing through some seventies issues of the magazine earlier today, searching for David Halberstam's contributions to New York, we happened across the most curious thing. It was the October 30, 1972, issue, and Halberstam's piece was on the ascent of Spiro Agnew. (No, we couldn't make it all the way through.) But on page 62 we found this: "Why I Won't Talk to Journalists Any More." It was a media column by Don Imus. "I want to say right up front that I am a star," he begins. I am in fact a very big star. The hottest thing to hit radio in 50 years. I have been in New York less than a year, and when you are not in New York City the national press ignores you. I was a big star last year in Cleveland, but the New York press was not bright enough to realize what I was going to mean to them. Now everybody in the country wants to write about me.
company town
Bad Times for the 'Times'MEDIA • In a show of symbolic disapproval, New York Times shareholders withhold 42 percent of the vote for the company's directors. [AP via Yahoo] • Pulitzer Prize–winning reporter and prolific author David Halberstam died yesterday in a car crash on his way to an interview. [NYT] • Are Marie Claire's video podcasts too commercial to be called editorial? [WWD]
company town
Private Equity Votes for RomneyFINANCE • Investment bankers may be backing Barack Obama, but private equity is investing in Republican Mitt Romney's future. [DealBook/NYT] • KKR's Henry Kravis credits Morgan Stanley and Merrill Lynch with doing "extremely well" in buyouts but disses Goldman Sachs by omission. [Deal Journal/WSJ] • Stephen S. Roach, Morgan Stanley's chief economist, will take his dour views on the American economy to Hong Kong as the bank's chairman of Asian operations. [NYT]
company town
Why Can't Bonus Season Last All Year?FINANCE • It's never too early to start talking bonuses, and rumor has Goldman and Merrill paying out the most to first-year analysts. [Portfolio] • JPMorgan exec Timothy Ryan, Henry Paulson's personal choice for a top job at the Treasury Department, withdrew his nomination for unspecified "personal reasons." [DealBook/NYT] • If you run the numbers, the Yankees and the Mets are the two most valuable teams in Major League Baseball. And that's taking into consideration that the Yankees were the only team in the league last year to lose money. [Forbes]
company town
Another Duke Alum Joins Morgan StanleyFINANCE • The former captain of the Duke lacrosse team was hired by Morgan Stanley's investment-banking analyst program. JP Morgan had hired David Evans and then rescinded the offer after Evans's indictment. [Deal Journal/WSJ] • Tudor Investment Corp. forms a political-action committee, another step toward political sophistication for hedge funds. [WSJ] • If you take a cab that's showing CNBC, you might just hitch a ride with Jim Cramer. [DealBreaker]
company town
Kate Moss Gets a Font and Handicapped ParkingFASHION • Kate Moss gets her own typeface and her own wheelchair for a foot infection. [Fashionista] • Gareth Pugh's music muse is eighties diva Annie Lennox. [British Vogue] • Tuleh's Bryan Bradley is designing a line for Lord & Taylor. Charles Nolan is reportedly next in line for the stuffy department store. [Second City Style]
My CEO Can Beat Up Your CEOFINANCE • Lehman CEO Dick Fuld, nicknamed the "Gorilla" on the Street, didn't do so well when he picked a fight with another father at his son's hockey game. [Trader Daily via DealBreaker] • Paul Wolfowitz promotes his girlfriend at the World Bank, and his colleagues want him out. [CNNMoney] • The world's top earner in the financial sector: reclusive ex–Enron trader John Arnold, who netted almost $2 billion shorting natural gas. [The Guardian]
company town
Naked Law Student's Ex-Boyfriend Tries to Keep Low ProfileLAW • An ex-boyfriend of the nude-video Brooklyn Law chick appeared briefly in the video with her, and he hopes his employer doesn't find out. Talking to the press is a proven way of maintaining anonymity. [NYDN] • Oh, boy! It's omnibus-hearing day in the Aaron Charney case! We expect hot cross-motion action. [Above the Law] • Two loud and zealous attorneys, Michael S. Washor and Michael F. Vecchione, are out-shouting each other at a judicial corruption trial in Brooklyn. [NYT]
company town
Advertisers Flee Imus FiascoMEDIA • Advertisers ditch Imus faster than you can say "Rutgers basketball" — Proctor & Gamble is out, along with Staples and Bigelow Tea. Considering Imus's show generates 25 percent of revenue for WFAN, this isn't looking good. We'll see what happens when the Rutgers basketball team meets up with him. [WSJ] and [NYT] • SNL producer Lorne Michaels is frustrated with NBC's vigilante legal department for removing network material from YouTube. [NYO] • Newish Times editorial-page editor Andrew Rosenthal is embracing the Web in ways his predecessors have not. Anyone want a TimesSelect column? [NYO]
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Co-ed Naked Brooklyn Law StudentsLAW • A third-year Brooklyn Law School student has been identified as a woman being spanked and holding gavels up to her breasts in the Playboy TV show Naked Happy Girls. [NYDN] • Was Aaron Charney just afflicted by Sullivan & Cromwell's general malaise? The firm ranked 60th on a satisfaction survey of midlevel associates in New York. [New York Law Journal via Above the Law] • Judicial paradox: New York Chief Justice Judith Kaye says she's prepared to sue after Albany failed to deliver on judicial pay raises. [New York Law Journal]
company town
Bravo Makes Tim Gunn WorkFASHION • Tim Gunn will carry on for another season of Project Runway. Bravo executives can now breathe. [Downtown Darling] • Vogue's May issue spotlights the ten new top models, including Jessica Stam, Chanel Iman, Coco Rocha, and Agyness Deyn. [Fashionologie] • Henry Holland knockoffs continue to flood the market. The culprit this time: Urban Outfitters. [Fashionista]
company town
Burt Neuborne Still Fighting for FeesLAW • Holocaust survivors continue to dispute Burt Neuborne's millions in legal fees, despite a judge's call for a truce. [New York Law Journal] • When you sue your law firm for giving you bad advice, the attorney-client privilege is gone, ruled a Manhattan appeals court in a 4-1 decision. [New York Law Journal] • The future of Diet Coke is at stake! The Equal v. Splenda trial starts on Monday. [NYT]
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'Times' Gay Mafia Underground Even to its MembersMEDIA • Ben Brantley, identified by Out as part of the Times's "gay mafia," claims he didn't even know some other colleagues listed were gay. The first rule of the gay mafia … [WWD] • Ed Bradley wins a posthumous Peabody Award for his 60 Minutes pieces on the Duke rape case. [Peabody Awards] • Larry King wants to keep going for another ten years and then pass his show along to Ryan Seacrest. At which point it might actually get softer. [NYT]
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Kate Moss's Topshop Collection Goes OnlineFASHION • At last! Take a look at Kate Moss's Topshop collection. [Racked] • Gap ups the ante on high-low designer collaborations, teaming up with Doo.Ri, Thakoon, and Rodarte. [Fashion Week Daily] • Set your DVR to Cinemax on April 30 to glimpse rare footage of Helmut Newton at work. [Radar via Fashionista]
company town
Giuliani Asks Press to Back Off His Third WifeMEDIA • Presidential hopeful Rudy Giuliani asks the media to lay off his wife. Media laughs to itself and continues writing. [WCBS-TV via Mediabistro] • In an effort to make viewers stick around for commercials, Fox will experiment with running short programming clips during the break. [WSJ] • The entire Harper's archive is online, a cornerstone of the magazine's relaunched Website. [Harper's]
company town
Investment Banks Mull New Trading FloorsFINANCE • JP Morgan, Lehman, and Merrill are in talks with developers to build new trading floors in Manhattan. [Bloomberg] • Donald Trump set a new low last night, defeating WWF owner Vince McMahon in a "Battle of the Billionaires." [AP via Yahoo] • The SEC celebrates April Fools' Day with a prank press release about new disclosure rules. [Financial Times via MSNBC]
company town
Law-School Rankings LeakedLAW • The U.S. News 2008 law-school rankings were somehow leaked. Yale's still No. 1, but Harvard and Stanford swapped this year to be two and three, respectively. [Law School Discussion via Legal Blog Watch] • If you're looking for a good M&A lawyer, wait till they all come back from the Corporate Law Institute at Tulane. [DealBook/NYT via WSJ] • Seyfarth Shaw finally ups associate pay to match other New York firms. As one partner said back in February, "We don't follow all the other firms over the cliff like lemmings. We wait, think about it, discuss, and then jump off the cliff." [Above the Law and Above the Law]
company town
Allegra Versace Seeks Treatment for Anorexia FASHION • Allegra Versace, daughter of Donatella and heir to the fashion empire, is being treated for anorexia. [NYP] • The ever persistent rumors of Hedi Slimane leaving Dior Homme keep swirling. Slimane has let his contract go unsigned for nearly a year. [WWD via Flypaper] • Kate Moss picked close friend Irina Lazareanu as the face of her new Topshop collection. Lazareanu, incidentally, used to be the drummer of Pete Doherty's band, Baby Shambles. [British Vogue]
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Want a Raise? Move to LondonFINANCE • Another point for London: U.K. traders average salaries and bonuses 50 percent higher than their U.S. counterparts. [Bloomberg] • Everyone has a theory about why Goldman and J.P. Morgan were shut out of Blackstone Group's IPO, but who's right? [Deal Journal/WSJ] • Ernst & Young was censured and sanctioned by the SEC on Monday for alleged violations of auditor-independence rules. This was the second slap against the accounting firm in nearly three years. [AP via Forbes]
company town
Ad Agencies Better Figure Out the Internet Right QuickMEDIA • Nike abandons its longtime ad agency Wieden + Kennedy to search for a more digital-savvy firm; Madison Avenue fears its own Internet ignorance. [WSJ] • Has Tribune Co. finally settled on Sam Zell as a buyer? [WSJ] • Sharing a Daytime Emmy with another winner? The National Academy of TV Arts & Sciences is charging $350 for a second statuette. [Variety via Mediabistro] • Life magazine is dead for the third time. Time Inc. announced today that it will discontinue the Life Sunday newspaper supplement on April 20. [Time Inc.]
company town
Aaron Charney Wants Your StoryLAW • Do you know anything about the Aaron Charney case? His lawyers want to hear your story. [Above the Law] • GE's in-house council cuts 44 firms from its preferred provider's list, including Paul, Hastings and Sherman & Sterling. [Corporate Counsel] • Anyone want to buy a giant legal publisher? ALM is up for sale. [Legal Blog Watch]
company town
Sullivan & Cromwell's Silent PartnerLAW • Is Sullivan & Cromwell partner Stephen Kotran the quiet hero in the Charney case? [Above the Law] • Department of Justice e-mails recall high-school girlfriends and Raging Bull. [Radar] • Justice Anthony Kennedy recuses himself from a case involving Credit Suisse because his son is a managing director there. So why didn't that come up last December when Kennedy was involved in the decision to grant review? [Legal Times]
company town
Janice Dickinson Booted From Fashion WeekFASHION • Janice Dickinson's slurred antics get her banned from all IMG fashion events, including New York Fashion Week. [Fashionista] • Leave your dancing shoes at home. The Costume Institute is scaling back this year's gala to just dinner, no after-party. [Fashion Week Daily] • Jil Sander's moving out of the 57th Street flagship store. Moving in? Miu Miu. [The Shophound]
company town
Jim Cramer, Manipulator?FINANCE • Mad Money host Jim Cramer (and New York columnist) recalls his good old days of stock manipulation. [YouTube via NYP] • Activist shareholder Evelyn Y. Davis demands that the board of Goldman Sachs stop distributing stock options immediately. [DealBook/NYT] • Wannabe buyer attacks Smith & Wollensky CEO, claiming that accepting another, lower bid would personally benefit Alan Stillman. [Crain's]
company town
Gareth Pugh Dazzles But Doesn't SellFASHION • Gareth Pugh, the darling of London Fashion Week, has yet to turn his critical acclaim into commercial success — he hasn't sold one dress. [British Vogue] • Pete Doherty continues his rise from junkie rocker to fashion "It" boy as he graces the cover of this month's Vogue Homme. [WWD] • St. John's abandons its youth outreach program — sexier, fitted clothing modeled by Angela Jolie — and returns to its conservative, older-woman roots. [LAT]
company town
CBS Sports Understands the Kids and the YouTubeMEDIA • CBS Sports launched an NCAA Tournament channel on YouTube yesterday. Not everyone's afraid of the Web. [MediaWeek via mediabistro.com] • But things aren't as good over at CBS Radio, where CEO Joel Hollander is letting his contract lapse after disagreements with Les Moonves. [NYP] • Starting this weekend, you can add the Sunday Times of London magazine to the pile of things you don't have time to read. [WWD]
company town
Notes Go Missing in Charney CaseLAW • Gallion & Spielvogel is drawn into Aaron Charney case when notes the firm kept during a settlement conference are destroyed. [Soloway via Above the Law] • State Chief Judge Judith Kaye asks business leaders to lobby for judicial pay raises. [Crain's] • Harvard Law tops the list of 25 leading schools based on the success of its graduates. [Law Dragon via Above the Law]
company town
How Much Is Mike Bloomberg Worth?FINANCE • Will new accounting rules force a clearer picture of Mayor Michael Bloomberg's net worth? [Breaking Views via WSJ] • Two of the thirteen people recently indicted for insider trading were Long Island football heroes. [Newsday] • Students graduating from the country's leading MBA programs can command starting salaries over $180,000. [Bloomberg]
company town
Weinstein Goes from Film to FashionFASHION • As rumored, film producer Harvey Weinstein bought Halston. [Reuters via CNNMoney] • Ralph Lauren will be honored with the CFDA's first-ever "American Fashion Legend Award." [British Vogue] • Sarah Jessica Parker to launch her own line, Bitten. [The Daily]
company town
Giant Bonuses for Former Clerks Make Judges Feel Even WorseLAW • Associate pay raises are pretty good, but $200,000 signing bonuses for former Supreme Court clerks are even better. [Slate] • Ben Rosenberg starts work today as chief trial counsel for the New York State attorney general's office. His first task is to win back some of Dick Grasso's money from the NYSE. [Law Blog/WSJ] • Lawyers who play Second Life are bringing their real legal expertise to this artificial world. [ABA Journal via Legal Blog Watch]
company town
NYSE President-To-Be Better Watch His BackFINANCE • In the ongoing war between man and machine at the NYSE, incoming Exchange president says he doesn't want "five guys named Vinnie" completing his trades. [NYP] • Operation Spamalot: SEC suspends trading on 35 stocks promoted in recent spam campaigns. [NYT] • Ivan Boesky slated to appear in the can't-believe-it's-not-out-already sequel to Forrest Gump. [/Film via DealBreaker]
company town
Heatherette Honcho Throws Weirdly Normal Birthday PartyFASHION • Heatherette designer Traver Rains turned 30! And, apparently, his "Wild West" surprise party started on time and everyone invited actually got inside. [Fashionista] • Calvin Klein has high hopes that CK in2u will replicate the success of CK One. [NYT] • Giorgio Armani will design uniforms for Russell Crowe's Australian rugby team. [British Vogue]
company town
Hovering Parents Overtake Corporate RecruitingFINANCE • Big firms concede to overinvolved parents and now include them in the recruiting process of recent grads. [Career Journal/WSJ] • Happy belated 70th birthday, Ivan Boesky! [DealBreaker] • The management maxims offered in business books might just be bull, not foxes and hedgehogs. [Forbes]
company town
Tyra's Audience Yearns for 'Oprah' TicketsFASHION • Tyra makes audience wear swimsuits and flaunt their weight. No car giveaways here. [Fashionista] • Jeweler Raymond Weil's breach-of-contract suit against Charlize Theron (he says she wore Dior) moves to federal court. [British Vogue] • Ralph Lauren and Johann Rupert join up for a new luxury watch and jewelry line. [WWD]
company town
'Voice' Voiceless, AgainMEDIA • David Blum out at the Village Voice. He was the fourth editor there since December 2005. [Gawker] • Flummoxing DVR users everywhere, ABC green-lights a sitcom based on the Geico cavemen commercials. [WSJ] • Pulitzer judging starts today at Columbia University; judges from Willamette Week, the Indianapolis Star, and others read actual printed copies of newspaper articles. [E&P]
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Warren Buffett Wants a New Warren BuffettFINANCE • Buffett 2.0: Oracle of Omaha seeks young understudy to take over Berkshire. [Fortune] • Thirteen charged with insider training, including Morgan Stanley, UBS, Bear Stearns, and Bank of America employees. [NYT] • Goldman, Merrill, and Morgan Stanley traders rate own firms barely above junk-bond status. [Bloomberg]
company town
It'll Always Be Brian Williams's ShowMEDIA • NBC to fire Nightly News exec producer John Reiss. But is it for ratings, or does Reiss not get along with anchor Brian Williams? [NYT and LAT] • Tunku Varadarajan moves from an editorial-page writer to an assistant managing editor at the Wall Street Journal, only the third time in 50 years someone has jumped that divide. [NYO] • Bellevue Hospital starts its own imprint; wannabe Ken Keseys hope for literary success. [NYT]
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