Falling Glass a Metaphor for Bank of America’s Finances?FINANCE
• The debris falling off the new Bank of America tower at 42nd Street may have been metaphoric. The firm just reported steep losses, and their wannabe investment-banking unit, set to anchor the new tower, performed the worst. [MarketBeat/WSJ, Deal Journal/WSJ]
• Congrats, James Cayne — nobody wants anything to do with Bear Stearns. Contrary to reports, both Warren Buffett and China’s Citic Bank denied any interest in the bank. [DealBook/NYT]
• Today’s the real anniversary of the 1987 stock-market crash, but at least one veteran thinks parallels to the present are overblown. “The market is just like generals — everyone prepares for the last war.” [MarketBeat/WSJ]
company town
Rupert Murdoch and the ‘Journal’ Eye WashingtonMEDIA
• Murdoch’s WSJ plans to take on the Times’ Washington bureau. What’s next, Hollywood? [NYO]
• Jeff Zucker and NBC bought Oxygen, the cable network for bored housewives, at the bargain-basement price of $925 million. [NYT]
• CNN’s Rick Sanchez has one big skeleton in his closet. After drinking a little too much at a Dolphins game, the eight o’clock anchor did a hit-and-run on a pedestrian who later died from his injuries. “It could have happened to anybody There were probably a lot of other people leaving the stadium that had had a couple of beers as well.” No wonder he was nicknamed Miami’s “Least Credible News Personality.” [NYO]