Coach Burns Manhattan!

• The major fire on West 34th Street yesterday damaged the corporate headquarters of Coach — and it was likely started by one of the label's employees. [Fashionista]
• Shh! Profits at Victoria's Secret are down 47 percent. Don't tell anyone. [NYP]
• Tom Ford promises — again — that a womenswear line is coming, eventually. [British Vogue]

• Bill Keller: "Our stories are too often too long." Also, the Times' official new-media policy: "Fake it till you make it." [Gawker]
• A Citigroup analyst puts Rupert Murdoch's chances of acquiring Dow Jones at 65 percent, but only if he increases his bid to $65 a share. [DealJournal/WSJ]
• The final bids for Dennis Publishing are in. Rumor has it that if Kent Brownridge wins, Stephen Colvin, Rob Gregory, and Jimmy Jellinek will all get the boot. [Radar]

• It's tough out there for a vice-president: The pay gap between CEO and those one rung down has more than tripled in the past 30 years. [NYT]
• Former SEC chief William Donaldson called "pooled vehicles" like hedge funds and private equity a "ticking time-bomb that is going to blow up." [DealJournal/WSJ]
• A bunch of lucky bankers spent their week "working" at Cannes. [NYT]

• A Manhattan federal judge bench-slapped a Dorsey & Whitney partner for mishandling protected documents, suggesting she check out some continuing-legal-education courses on ethics. [New York Law Journal]
• Smaller firms are trying to match the $160,000 associate starting salaries by paying associates hourly. [Legal Times]