Welcome, Hedge-Fund Backlash!

• Not all hedge funds are profitable. UBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT]
• Ken Moelis, who is leaving as UBS's investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ]
• The New York Fed warns that the current hedge-fund climate puts the economy at risk for a Long Term Capital–esque crisis. [DealBook/NYT]

• If Rupert Murdoch buys the Journal, will the staff get the hands-on boss or the laissez-faire owner? [NYT]
• The new Times cafeteria will feature sushi, tapas, and a vaguely themed "international" bar. [Gawker]
• The Time 100 list is out. In: Mayor Bloomberg. Out: President Bush. [Time]

• Chloë Sevigny is the new face of Chloé fragrance. [Fashionista]
• Tom Ford's new store is pretentious. [NYT]
• Is Topshop now coming to New York? No one knows. [The Shophound]

• An academic suspects that law firms are fudging their numbers of equity partners to look better for the Am Law 100. [Law Blog/WSJ]
• Edwards Angell rescinded a job offer to a 3L because of his affiliation with the controversial message boards on the site AutoAdmit. [Law Blog/WSJ]