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  • Posted 11/9/09 at 9:53 PM
  • Oh Albany!

Paterson Stresses the Importance of Cuts to Education, Medicaid in Special Joint Session

Governor David Paterson is dead serious about cutting $480 million in aid to local school districts.

Governor David Paterson is dead serious about cutting $480 million in aid to local school districts.Photo: Getty Images

“I will mortgage my political career on this plan. I will not mortgage the state of New York.” So said Governor David Paterson in a special joint session of the New York State Assembly and Senate in Albany this afternoon. Paterson reiterated the importance of making aggressive budget cuts in areas such as Medicaid and education in order to address New York’s estimated two-year $10 billion deficit. The proposed cuts in those areas total over $750 million and, to be fair, New York spends more money on Medicaid than any other state — $2,283 per capita, compared to second-most Rhode Island’s $1,659. Alternative plans, such as the one proposed by Senate Democratic Leader John Sampson of Brooklyn, could raise $500 million or more by refunding bonds that are backed with money from tobacco companies, but that might not be enough. State lawmakers will begin debating the cuts, along with same-sex marriage and the extension of the comptroller’s authority, in a special session called by Paterson tomorrow.

Paterson Demands Spending Cuts, Tax Amnesty to Close Budget Gap [Bloomberg]

  • Posted 11/9/09 at 8:49 PM
  • Ballsy Crimes

Former SEC Lawyer, Accomplice to Dreier, Pleads Guilty to Impersonating Canadians

Marc Dreier will have friends in jail.

Marc Dreier will have friends in jail.

Robert Miller was by design a perfect accomplice for Marc Dreier: He had an extremely nuanced understanding of securities law after working as a lawyer for the S.E.C. in the eighties, and ostensibly he does killer accents. Otherwise Dreier probably wouldn’t have paid him $100,000 to impersonate a Canadian pension plan representative on one call and an Icelandic hedge fund representative on another as the two worked together to unload bogus securities to hedge funds. Miller plead guilty today and will face up to twenty years.

Former SEC Lawyer Pleads Guilty in Connection With Dreier Case [WSJ]

  • Posted 11/9/09 at 8:15 PM
  • White Men with Money

Jurors in Bear Stearns Trial Could Not Seem Less Excited About Reaching a Verdict

After one day of deliberation, the jury in the securities-fraud trial of former Bear Stearns hedge-fund managers Ralph Cioffi and Matthew Tannin is already getting uppity. Today, taking the bait from the defense’s closing argument, the jury raised questions about venue: They’re not even sure that one of the four counts is being tried in the right court.

And they're making all sorts of ridiculous requests. »

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  • Posted 11/9/09 at 8:05 PM
  • The Fixer

Bill Clinton to Eat Lunch with Senate Democrats Tomorrow, Charm Them into Passing Health-Care Reform

Could you say no to this guy?

Could you say no to this guy?

Bill Clinton is not just a former president, he is the Democratic Party’s fixer. When Clinton went to North Korea to trade Kim Jung Il a photo-op for the freedom of two Current TV reporters, it was just a favor for his old friend Al Gore, right? Nothing official. Well now White House Chief of Staff Rahm Emanuel and Senate Majority Leader Harry Reid have invited Clinton to lunch with the Senate Democrats tomorrow to get them ready to go to work for health-care reform. And you know Clinton will bring his a-game pep talk. He’s been waiting fifteen years for this.

Ex-president to address Dems [Politico]

  • Posted 11/9/09 at 6:00 PM
  • The Greatest Depression

Recession Prompts Americans to Make Huge Sacrifices

Alone.

Alone.

America has seen tough times before. During the Great Depression, people survived by eating dandelions and small animals they shot in their backyards. During World War II, the government rationed items like gas, sugar, and butter. And now, the Greatest Depression has forced Americans to revisit those times by making personal sacrifices. Like Carrie Isaac, a stay-at-home mom in Colorado Springs, Colorado, who tells the Journal that she has learned, in the current economic environment, to make do without something very important.

CONDIMENTS. »

  • Posted 11/9/09 at 5:55 PM
  • Ink-Stained Wretches
Condé Nast to Launch More Magazines!

In China! The success of Vogue, Self, Modern Bride, and GQ over there has led the Newhouses to announce there will be more titles expanding there. We predict most brands will translate well. Except maybe Details. [WSJ]

  • Posted 11/9/09 at 5:34 PM
  • Party Lines

Lance Armstrong Is Only Allowed to Eat Scones a Little While Longer

Not the Central Park loop. But it could be!

Not the Central Park loop. But it could be!

On a recent weekend, we got to spend a lot of time in the same room as Lance Armstrong (and a few minutes actually talking to him!) as he came to town for the opening of a benefit art show called "Stages" at Deitch Projects, went home to Austin to trick-or-treat with his four kids, and came back again to auction off some sweet artist-designed Trek bikes at Sotheby's, all to raise money to fight cancer. You can read all about it in this week's magazine, and for you fans, here's some additional stuff we learned from the seven-time Tour de France winner.

Read more »

  • Posted 11/9/09 at 5:17 PM
  • The Greatest Depression
Dow Closes Weirdly High

The Dow leaped to 10226.94, its highest finish since October 3, 2008, today. Everyone has various theories as to why, but we like this one, which amounts to basically a shrug: "The market does create its own psychology. You would never go to the grocery store and pay a higher price because someone else did, but that's what happens in stocks." [CNN]

  • Posted 11/9/09 at 4:50 PM
  • Sex on Skates
Levi Johnston Sues Twitter

Levi Johnston, who is in New York already in anticipation of his (hopefully) big Playgirl shoot, has filed suit against Twitter for failing to prevent an imposter from posing as him on the site. Johnston was subsequently skewered through a dramatic reading of the fake tweets by William Shatner on the Tonight Show, which, in our opinion, is the highest honor a pseudo-celebrity can attain. [ET]

  • Posted 11/9/09 at 4:20 PM
  • Party Lines

Gideon Yago on Freebies: ‘How Does Any Travel Writer Write Anything About Anything Without a F—ing Junket?’

Last month, freelance writer Mike Albo got fired from his "Critical Shopper" gig at the New York Times after availing himself of a free Thrillist junket to Jamaica. With him on the trip was former MTV News correspondent turned freelancer Gideon Yago. When we ran into Yago last night at the premiere of The Messenger, we asked him if the Times was being fair.

Read more »

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  • Posted 11/9/09 at 4:12 PM
  • Feels Good
JPMorgan’s Christmas Gift to the Rich and the (Relatively) Poor

JPMorgan is lifting the onerous salary freeze it placed on employees earning more than $60,000 a year, and — ostensibly because they don't want to be seen as favoring the wealthy — they're throwing a few alms to the poor folks in their community, too: "In addition," the memo from HR reads, "We will grant a one-time US$500 special award early next year to employees globally with total annual cash compensation of less than US$60,000." God bless us, every one. [DealBook/NYT]

  • Posted 11/9/09 at 3:45 PM
  • Sex Diaries

The Bisexual Finance Marketing Guy Recently Out of a Straight Relationship

Once a week, Daily Intel takes a peek behind doors left slightly ajar. This week, the Bisexual Finance Marketing Guy Recently Out of a Straight Relationship, 26, male, Gramercy, bisexual, recently single.

DAY ONE
6:38 a.m.: Take out the computer to get some inspiration. Roaming through files and deciding over straight porn or gay porn; my collection is 40 percent to 60 percent, respectively.
6:40 a.m.: I go for two guys and a girl. I was gay in college; I messed around one night and discovered I liked pussy. It was one of the best sexual experiences I’ve ever had since I’d only fooled around with guys in the past. Vaginal sex is much easier than anal sex, since it’s self-lubricated.

Read more »

  • Posted 11/9/09 at 3:20 PM
  • Health Carnage

Abortion Is the New Public Option

This is some kind of anti-abortion statement, we're fairly sure.

This is some kind of anti-abortion statement, we're fairly sure.

It was all of, oh, a week ago that the public option was the major "line in the sand" imperiling health-care reform. To be sure, the public option is still a big problem — just yesterday, Senator Joe Lieberman said that he'll filibuster any bill that includes it. But suddenly a new wedge issue capable of destroying the entire legislation has emerged: abortion. In order to wrangle up enough support for her historic health-care-reform bill on Saturday, Nancy Pelosi was forced to allow a vote on an anti-abortion amendment, which easily passed with the support of 64 pro-life Democrats. The Stupak-Pitts amendment, as it's known, not only prohibits the government's public option from covering abortions, but also prevents private insurers from covering abortions for people receiving government subsidies.

The stage is set for a showdown ... »

  • Posted 11/9/09 at 3:00 PM
  • Media Deathwatch
Hachette Shutters Metropolitan Home

People either lost their homes during this recession or got too pissed off at their depreciating value to decorate them, and this past year home magazines InStyle Home, Cottage Living, Blueprint, Country Home, O at Home, and Domino all closed. Now Hachette Filipacchi Media has decided it will shutter Metropolitan Home, the shelter title best known for showing what appears to be the same exact interior in every issue. [Media Decoder]

  • Posted 11/9/09 at 2:45 PM
  • Gross Things

Teacher Suspended for Acknowledging That Teenagers Masturbate in Gross Ways

Greg Van Voorhis, a 30-year-old teacher at the Bronx School of Law and Finance, was suspended for giving students a Chuck Palahniuk story "about masturbation," per the Post. Our first thought when we read this: How bad could the story have been? Probably not anything worse than teenagers hear or see or read on the Internet.

But actually, it was. »

  • Posted 11/9/09 at 2:05 PM
  • Ink-Stained Wretches

Should the Post Be Worried About the Journal’s Planned New York Section?

Ever since word got out that The Wall Street Journal was planning to launch a New York bureau, some people over at News Corp.'s other paper here, the New York Post, have been a little uneasy. "People want to know what it means for us, whether [Rupert Murdoch will] lose interest," one reporter told the Times, noting that the Australian media tycoon's energy lately seems to have been directed more at the broadsheet paper. The Journal has nicer offices in the News Corp. building, for example, while the Post staff languishes in dingy, unrenovated spaces a few floors away. The Journal is also going to take over a portion of the Post's state-of-the-art printing facility. And now, since the larger paper will be covering the city more closely, some people say they're worried that means there won't be room for the Post in Murdoch's New York media strategy.

But isn't it a key element? »

  • Posted 11/9/09 at 1:25 PM
  • Photo Op

Hillary Clinton Encounters Doppelgänger During Trip to Germany

Hillary Clinton Encounters Doppelgänger During Trip to Germany

Photo: Getty Images

This morning, while in Germany to celebrate the twentieth anniversary of the fall of the Berlin Wall, Secretary of State Hillary Clinton was scheduled to meet with German chancellor Angela Merkel, but unexpectedly ran into an exact duplicate of herself instead. This amused Hillary to no end, but greatly concerned the Secret Service, who were left scrambling after quickly losing track of which Hillary was the real Hillary and which was the impostor. Eventually, through a series of intensely personal questions that only the true Hillary could answer correctly, the fraud was identified and whisked away to be interrogated at a CIA black site in Romania.

  • Posted 11/9/09 at 1:10 PM
  • White Men With Money

Feds Weren't the Only Thing That Drove Ken Lewis to the Edge

"All I want to do is dance."

It wasn't just the humiliation of being the second-largest recipient of TARP funds, the discomfort that came with being dogged by questions about bonuses given to Merrill Lynch, or that the combination of the above meant he was slowly losing his grip on the position he had held as Bank of America's chairman and CEO that prompted Ken Lewis to throw up his hands and say "fuck it" this past September. This weekend, the Journal gave us a revelatory look into the days leading up to his resignation.

Read more »

  • Posted 11/9/09 at 12:45 PM
  • Oh Albany!

There Isn't a Ton of Cohesion on the State-Budget Crisis Right Now

Governor Paterson is set to deliver a rare address to a joint session of the State Legislature at 3 p.m. today to press lawmakers on his plan to close New York's $3.2 billion deficit. But he'll need to really crank up that Paterson charm to get everyone on board with his proposed cuts to health-care and education funding. Democratic Senator Carl Kruger unveiled his own proposal over the weekend, which removed "everything that would inflict pain" from Paterson's plan. That's the type of wishful thinking and lack of resolve that got us into the budget mess in the first place, Paterson's camp contends, but vulnerable Senate Democrats, especially those in the suburbs with school districts that will be hit hard by the cuts, are wary of a voter backlash. Assembly Speaker Sheldon Silver isn't onboard with Paterson's plan, either, meaning that the solution to the budget mess is cloudy all around. So, yeah, the special session Paterson has called for tomorrow looks about as promising as one would expect.

State Dems plan to snub Gov. Paterson's call for health, education cuts [NYDN]
Dave's budget cuts in trouble after poll purge [NYP]

  • Posted 11/9/09 at 12:10 PM
  • Hellivision

Devorah Rose to Wage Reality-TV ‘War’ Against Tinsley Mortimer

We ran into Social Life magazine editor Devorah Rose on Friday night at the Sixth Annual Sharing the Light Gala, a charity soirée at The Four Seasons restaurant to benefit MacDella Cooper's efforts to build schools for needy children in Liberia — and, naturally, we were unwittingly foisted into the contrived melodramas of two grown women. With an open mind, we approached Rose to ask her what she's doing with herself besides appearing on other people's reality shows. Though we've been a little hard on her for this in the past, she brightly agreed to an interview. If, of course, we'd do it in front of a camera crew for, you guessed it, a reality show.

And not just any reality show. »

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