MEDIA
• The American version of the Guardian hits our shores! [Guardian via Gawker]
• Stephen Colbert is leading Bill Richardson, Dennis Kucinich, and Mike Gravel in national polls; the media backlash has already begun. [WP, HuffPo, Gawker]
• ASME announced the finalists for the 2007 best magazine cover. They must have missed the backlash memo: Colbert is featured three times, more than any other star. [ASME]
FINANCE
• Last night saw the biggest gathering of Masters of the Universe since He-Man went off the air. Henry Kravis, Michael Milken, James Wolfensohn, John Whitehead, James Simons, etc., etc. were all on hand to celebrate the 40th birthday of Institutional Investor. Kravis brought the house down by apologizing for the now standard 20 percent private-equity charge, which he set back when the business as new. “You could have gotten 25 percent,” Kravis joked. [DealBook/NYT]
• Vikram Pandit may technically have been the best man for the job as leader of Citigroup’s big, new combined unit, but he still needs to prove he has the people skills to soothe the Citi-size egos Chuck Prince bruised by picking him. [FN via DealBook/NYT]
• Only James Cayne can go to China: Bear Stearns agreed to swap a billion-dollar investment with Citic Group, the investment arm of the Beijing government. The deal should help bail Bear out and give them a leg up in Asia. [NYP]
LAW
• Rumor has it that White & Case warned its partners not to bank on their requested Christmas time off this year. [Above the Law]
• Wachtell partner Marc Wolinksy admitted in court what everyone already knows: fairness opinions, the rubber stamps banks issue for $1 million a pop, are basically worthless. “A fairness opinion, you know — it’s the Lucy sitting in the box: ‘Fairness Opinions, 5 cents.’” [Law Blog/WSJ]
• Four New Jersey judges were indicted for ticket fixing. [New Jersey Law Journal]
FASHION
• This season’s bringing ugly back with shoulder pads and frosted hair. [Daily Mail]
• Aerin Lauder’s Private Collection Boutique featuring hostess gifts, not makeup, will launch at Bergdorf’s next month. [Fashion Week Daily]
• Bianca Balti takes over for Daria Werbowy as the new face of Missoni. [Fashionista]
