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  1. company town
    A New Bid for BarneysFASHION • Jones Apparel is entertaining an unsolicited $900 million bid for Barneys New York. The department store was promised to the government of Dubai last month for $825 million. [Reuters via NYT] • Cathy Horyn’s next grand feature will be on LVMH’s Sidney Toledano. [Fashion Week Daily] • Claudia Schiffer is Karl Lagerfeld’s muse in the new Dom Pérignon ads. [British Vogue]
  2. company town
    Scarborough Takes Imus’s SlotMEDIA • Joe Scarborough picks up Don Imus’s coveted MSNBC morning slot. [Radar] • The Dow Jones editorial-independence agreement with News Corp. stipulates that disputes will be aired on the Journal’s editorial page. [WSJ] • News Corp. bought two Bronx weeklies, expanding its weekly neighborhood newspaper holdings. But how well will Murdoch papers go over in Greenpoint and Williamsburg? [NYT]
  3. company town
    The Return of Imus?MEDIA • CBS Radio employees are hinting that Don Imus may be back in the fall. [NYP] • Former Intermix head Brad Greenspan, who once owned MySpace, has made his own bid for Dow Jones. [NYT] • Universal Music has canceled its contract with iTunes and will now sell music through Apple at will. [NYT]
  4. company town
    Capitalists Against Michael MooreFINANCE • Maria Bartiromo tried to interview Michael Moore on the floor of the NYSE, but the exchange barred the director from entering. [NYDN] • A scathing farewell e-mail from a young JP Morgan banker is probably a hoax. The supposed author says he didn’t write it and still has his job. [DealBreaker] • Bear Stearns’ CEO James Cayne is suffering from poor self-esteem following the near collapse of two hedge funds. [NYT]
  5. company town
    Murdoch Waits on BancroftsMEDIA • Rupert Murdoch reaches a deal with Dow Jones and gives the Bancrofts three weeks to take it or leave it. [Reuters] • Jeffrey Goldberg, The New Yorker’s Washington correspondent, defected for a top role at The Atlantic. [WWD] • Secret passageway from Sardi’s to the Times building no longer a secret, or useful. [NYO]
  6. company town
    Bedbugs Infest Cadwalader, Wickersham & TaftLAW • Bedbugs infest Cadwalader, Wickersham & Taft’s New York office, but the person who “brought the insects into the firm … is no longer associated with the firm.” [Above the Law] • Wannabe law students are looking to blogs and independent rankings for information about prospective schools. [WSJ] • Two partners at Chadbourne & Parke are drafting a lawsuit to force the New York State Legislature to raise judicial pay. [New York Law Journal]
  7. company town
    Only Larry King Will Have ParisMEDIA • Larry King will get the Paris Hilton interview. No money changed hands, but neither will any significant questions. [TMZ via Mediabistro.com] • News Corp. and Dow Jones are close to terms for maintaining the Journal’s newsroom independence in the event of a takeover. [NYT] • Jason Binn will merge Niche Media (Gotham) with Greenspun Media Group (Vegas). New company has sixteen titles and expected revenues of over $300 million. [NYT]
  8. company town
    Hedge Funds Open to Petty CommonersFINANCE • Steve Schwarzman’s company may be public, but the Blackstone head retreated and declined to ring the opening bell at the NYSE this morning. [NYP] • The Supreme Court made it harder for investors to sue companies and executives for suspected fraud. [NYT] • The Wharton School hired a marketing guy as its next dean. Rich alums, hold on to your wallets. [DealBook/NYT]
  9. company town
    ‘Wall Street II: Business Boogaloo’FINANCE • Wall Street II screenwriter Stephen Schiff is doing field research among London bankers. [Alphaville/FT] • Investment bankers are on drugs, mental-health experts reveal. News flash, that. [Reuters via DealBreaker] • Lehman analyst Kelly Chin won the women’s race at the JPMorgan Chase Corporate Challenge. The 799 other Lehman’s entrants were canned for underperforming. [JPMorgan Chase Corporate Challenge]
  10. company town
    Surprise! Big Money Causes Big ProblemsFINANCE • Hedge-fund divorces are drawn-out, acrimonious, multi-million-dollar affairs. Turns out money causes problems! [Financial Times via LAT via DealBreaker] • CNBC commentator Ron Insana has at least thirteen managers seeding his new fund-of-funds. [Deal Journal/WSJ] • Insider trading: It’s not just for greedy Americans anymore. [NYT]
  11. company town
    GE Wants In on the Dow Jones ActionMEDIA • GE and Pearson, the parents of NBC and the Financial Times, are considering a rival bid for Dow Jones. [NYT] • Quadrangle Group bought Dennis Publishing for $240 million and is courting editorial talent. [WWD] • Demand for ad space pushes Page Six up to three pages. [NYT]
  12. company town
    Charney’s Lawyers Toss Around Casual Nazi ReferencesLAW • One of Aaron Charney’s lawyers accuses Sullivan & Cromwell of having “adopted Dr. Mengele’s techniques to torture the facts and law of this case.” [Above the Law] • More than twenty lawyers filed an objection against the $125-apiece BAR/BRI settlement. [National Law Journal] • Summer associates at Pillsbury Winthrop practiced researching things in books this week. Next week: writing briefs by hand. [Law Blog/WSJ]
  13. company town
    The Hatfields and McCoys of East HamptonFINANCE • Squabbling neighbors Jim Chanos of Kynikos Associates and Marc Spilker of Goldman Sachs are providing this summer’s drama in East Hampton. [Portfolio] • HBO is planning a new series about hedge-fund managers. Sounds more Entourage than Sopranos. [DealBreaker] • Australia leads in the world in paid time off, while the United States bests only Vietnam. [CNNMoney]
  14. company town
    When $160,000 Isn’t EnoughLAW • With the rest of the country matching the $160,000 mark, do New York’s first-years deserve another raise? [National Law Journal] • Some lucky law students win the lottery to take the New York Bar on a laptop. But most are stuck writing longhand. [Above the Law] • Disgusted Yale Law students have sued the director of AutoAdmit.com for unflattering message-board postings about them. [Law Blog/WSJ]
  15. company town
    You Know, For KidsMEDIA • Seventeen will introduce an online game for teen girls called “Editor’s Assistant.” Well-heeled parents not required for play. [WWD] • Daniel Menaker, the editor who signed Ben Kunkel and Gary Shteyngart, will step down as executive editor-in-chief at Random House. [NYT] • First they came for the book reviewers. Now it’s the classical music critics. [NYT]
  16. company town
    Shamed Analyst Sues Fox Over ‘Borat’FINANCE • A former JPMorgan analyst is suing Twentieth Century Fox for Borat-related “public ridicule, degradation, and humiliation.” [DealBreaker] • Wachtell, Lipton sent around a memo to clients explaining a tax loophole that makes CFO salaries over $1 million tax deductible. Thus was the first rule of the tax-loophole club broken. [DealBook/NYT] • In a study of hours worked in developed nations, the U.S. only ranks sixth. Somehow, we got beat by Australia and New Zealand. [CNNMoney]
  17. company town
    Another Buyer Interested in Dow JonesMEDIA • Brian Tierney, the ad executive who bought the Philadelphia Inquirer, is interested in bidding on Dow Jones. [DealBook/NYT] • Women’s Wear Daily is the latest paper to sell ads on its front page; the crass commercialism doesn’t seem to bother anyone these days. [NYT] • The Newspaper Guild of New York (representing Time, Fortune, Fortune Small Business, Money, People, and Sports Illustrated) accuses Time Inc. of bargaining in bad faith. [Romenesko]
  18. company town
    H&M: The GameFASHION • When shopping at H&M isn’t stimulating enough, play The Sims 2: H&M Fashion Runway. [Pro-G] • The Olsens do menswear. [Fashionista] • Ralph Lauren claims American fashion is just starting. [British Vogue]
  19. company town
    Wall Street Suffering Butler ShortageFINANCE • The Dutch-based International Butler Academy may open a New York training center to supply hedge-fund managers with personal valets. [NYP] • A Cerberus managing director admits the firm has a horrible name but says it’s too late to change it. [NYT] • Activist fund managers are known on the Street to be bullies. But who’s the meanest of them all? Vote now. [DealBreaker]
  20. company town
    If You’ve Been Injured by a Man With Tuberculosis …LAW • So the guy with the dangerous strain of tuberculosis (now quarantined in Colorado) is, naturally, a personal-injury lawyer. [Law Blog/WSJ] • An in-house lawyer at G.E. sued the company for gender discrimination but worries she won’t find many plaintiffs to join her in a class action. [NYT] • Though William Lerach was never indicted as part of the Millberg Weiss kickback case, he is considering leaving his own securities firm. [NYT]
  21. company town
    There’s Nothing Uglier Than New MoneyFINANCE • Which New York hedge fund makes its employees’ spouses sign “postnup” agreements to protect assets? [FT via MSNBC] • Losses at Goldman’s Global Alpha Fund mean smaller checks for employees. Will they leave the firm for a healthier, wealthier fund? [NYP] • Summer interns at Credit Suisse have an important role to play: standing in line at Shake Shack. [DealBreaker]
  22. company town
    At Reed Smith, the Summers Make More Than the StaffLAW • Reed Smith’s summer associates are currently making more than the firm’s first-years. The indecency of it all! [Above the Law] • Ann T. Pfau was named chief administrative judge of New York’s court system, the first woman to hold the post. [New York Law Journal] • In addition to pay raises, Big Law has to offer associates some new perks like 401(k) plans, bonuses, and concierge services to retain them. [National Law Journal]
  23. company town
    Private-Equity End-Time Is Near!FINANCE • The big private-equity guns are sounding warning shots of a bubble. Henry Kravis and David Rubenstein believe the good days are waning. [WSJ] • Despite the bullish market, Goldman Sachs initiated a “pause” in hiring. Is an industry-wide freeze likely to follow? [Breaking Views via DealBreaker] • Wall Street firms are having trouble keeping analysts because the work is boring and the pay better elsewhere. [NYS]
  24. company town
    Merrill Lynch Better Get Over That Case of the MondaysFINANCE • Good-bye, long weekends at the Hamptons. Merrill Lynch employees now have just three sick days a year, down from an unimaginable 40. [DealBook/NYT] • At Renaissance Technologies, no traders and analysts need apply. The hedge fund hires only physicists, mathematicians, astronomers, and computer scientists. [Reuters via Deal Breaker] • Some notable Wall Street wives (Mrs. Leon Black, Mrs. Steven Roth, and Mrs. Carter McClelland, to name a few) backed the recent flop Coram Boy, the most expensive play ever staged on Broadway. [DealJournal/WSJ]
  25. company town
    Hedge-Fund Managers Have Ostentatious HobbiesFINANCE • Young hedge-fund managers play in cover bands but instead of sticking to local bar gigs, they fly to London and rock out there. [BBC via DealBreaker] • The only humans left on the NYSE trading floor are tourists. [NYP] • Bank of America is sued for racial discrimination after five black current and former employees claimed that white employees get all the lucrative clients. [NYT]
  26. company town
    Former Goldman Sachs Head Scoffs at Street SalariesFINANCE • John Whitehead, the former chief of Goldman Sachs, blasted the firm for leading Wall Street’s “outrageous increase” in salaries. [Bloomberg] • John Edwards earned a paltry $480,000 while studying poverty at Fortress. [DealBook/NYT] • Should the SEC investigate claims of stock manipulation at Apple? The company shares were down 3 percent yesterday after the tech blog Endgadget published a false tip reporting product delays for the iPhone and a new Mac operating system. [DealBreaker]
  27. company town
    Fashion Industry Turns Out for Isabella Blow’s FuneralFASHION • Fashion luminaries — Sophie Dahl, Alexander McQueen, and André Leon Talley among them — turned out in droves for Isabella Blow’s funeral. [WWD] • Uniqlo is refashioning its temporary Upper West Side location into a kids-only store. [Fashion Week Daily] • Prince is coming out with a new (pronounceable) fragrance: 3121. [Downtown Darling]
  28. company town
    Anyone Else Want to Acquire a Media Property?MEDIA • Thomson agreed to buy Reuters for $17 billion, creating the largest financial-news service and the first major rival to Bloomberg LP. [Reuters via CNNMoney] • Murdoch offered the Bancrofts a seat on the News Corp. board and asked to meet with the family personally. After an internal conference call, the Bancrofts seem unmoved. [NYT] • Ron Burkle bought the Primedia Enthusiast unit for $1.2 billion and now owns 70 titles like Dressage Today and Popular Hot Rodding. [NYP]
  29. company town
    Welcome, Topshop!FASHION • It’s official: Topshop is officially coming to New York. The Brit retailer is planning three outposts in Manhattan. [Racked] • Kate Moss reportedly saved Lily Allen from a beatdown at the Glastonbury festival. [Daily Mail] • Will Valentino finally choose a successor for his label? [British Vogue]
  30. company town
    Isabella Blow OverdosedFASHION • The speculation ends: Isabella Blow died of a drug overdose. [BBC] • Despite news that Jil Sander’s sales were up, rumors are swirling that the line may be sold. [Fashion Inc./Portfolio] • Diane von Furstenberg’s new neighbors have welcomed her flagship with open arms. [Downtown Darling]
  31. company town
    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]
  32. 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]
  33. 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]
  34. 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]
  35. 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]
  36. 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]
  37. 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]
  38. in other news
    Today in Legal Proceedings: Braunstein and Lidle and Miss America, Oh, My! In the criminal-justice system, as you know, the people are represented by two separate but equally important groups: the police, who investigate the crimes, and the district attorneys, who prosecute the offenders. Then there are the shyster defense lawyers, who try to convince juries that deranged and confessed torturers should get off; NTSB air-safety boards, who can’t quite figure out who was flying the plane that crashed into the buildings; and Miss America, who entraps sexual predators. Yesterday was a busy day for all of them, and these are their stories. Da-dum.
  39. 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]
  40. 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]
  41. 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]
  42. 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]
  43. 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]
  44. intel
    City Council: Beware of Nanny AgenciesIt’s nerve-racking enough to find a nanny in this city — well, at least so we’re told — and now it seems you can’t even trust the agencies that are supposed to help ease the process. The City Council released a study last week showing that about half the nanny agencies surveyed break the law: A four-month survey of 37 out of the city’s 52 nanny agencies (as well as interviews with a handful of nannies) turned up infractions running from the bureaucratic (leaving license numbers off public advertisements) to the dubious (overcharging both parents and nannies for services; operating without a license).
  45. 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]
  46. intel
    Abortion Ruling Causes Worries, Confusion for Angry City DocsThe Supreme Court decision last week banning so-called partial-birth abortions is causing confusion and apprehension in the city’s hospitals. At Bellevue’s Reproductive Choice Unit, for example, unnerved residents circulated stories about the hospital’s sordid past, when floors were once full of women who attempted termination on their own. “I don’t think many of us know what partial birth is — it’s not a medical term at all,” said Kiran Chawal, a third-year resident there. “We’ve all looked it up to figure out what they’re talking about. It’s difficult to understand or interpret.”
  47. 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]
  48. 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]
  49. 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]
  50. 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]
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