Why Can't Bonus Season Last All Year?

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Guru Meditation:

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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]

MEDIA
• Back off, activist shareholders. Banker Howard Milstein is now the sixth largest stockholder in the Times, and he's on Pinch's side. [Portfolio]
• Elizabeth Spiers quits Dead Horse Media, the blog fiefdom she founded, citing "insurmountable differences" with her investors. [Gawker]
• Public backlash led news networks to ban or severely limit Cho's video, but it's too late now. [Slate]

LAW
• Aaron Charney accuses an attorney representing Sullivan & Cromwell of conspiring with the firm to create a false affidavit. [Above the Law]
• Wachtell Lipton hired a lateral partner for only the third time in its history. Michael Segal, formerly of Paul Weiss, will help lead the firm's executive-compensation department after two recent departures. [The American Lawyer]
• Former Justice Gerald Garson, now 74 years old, was convicted on three counts of bribery and faces up to fifteen years in prison. [New York Law Journal]

FASHION
• John Galliano was found guilty of plagiarism by a French court. The designer was accused of copying photographer William Klein's work in his spring ads. [WWD]
• Reese Witherspoon is rumored to be the new face of Estée Lauder. [FabSugar]
• Kate Moss will reportedly get married in a dress designed by Katy England from Top Shop. [British Vogue]