A Time to Laugh, a Time to Weep

Today’s big news in the city’s big businesses.

MEDIA
• It’s been a crappy day at the Time & Life building. Two percent of Time Inc.’s workforce is getting pink-slipped. [NYP]
Times editor Bill Keller wants ex–L.A. Times editor Dean Baquet back on 43rd Street. Standby for awkward penis jokes. [E&P]

FINANCE
• Steve Cohen’s henchmen have been spotted around the Beltway. Is his SAC hedge fund planning to move from suburban Connecticut? [The Hill via DealBreaker]
• In a shocking breach of capitalist decorum (or so we’re told), a rival private-equity firms has stepped in front of the Blackstone Group in its bid to buy the nation’s largest office landlord. [DealBook]
• A good news–bad news day for Commerce Bank yesterday: Q4 profits climbed 68 percent, but it’s also being investigated by the Feds. [Crain’s]

LAW
• The Pentagon meanie who wanted to punish law firms for representing terror detainees has had a change of heart. [NYT]
• Okay, so it’s not exactly the Oscars. The Law Technology News Law Firm Awards were announced. One Florida firm won for using Hollywood-style visuals to secure $110 million in damages for its client. Might Pixar be calling? [Law and Style]
• Lawyer for Guantánamo prisoner defends client over YouTube. Surprisingly, the clip doesn’t make the site’s Top Favorites list. [Law and Style]

FASHION
• The Proenza boys admit they’re stooping to low-end collaborations for cash. [NYT]
• Designer Rachel Roy debuted her spring 2007 collection on Oprah yesterday. Her O-ness approved. [Flypaper]
• Kate Moss and Bryan Adams join other celebs with too much time on their hands (J.Lo, David LaChapelle, Diane von Furstenburg) to design electric guitars for a Harrods exhibition. [British Vogue]

A Time to Laugh, a Time to Weep