Hedge Funds Open to Petty Commoners

FINANCE
• Steve Schwarzman's company may be public, but the Blackstone head retreated and declined to ring the opening bell at the NYSE this morning. [NYP]
• The Supreme Court made it harder for investors to sue companies and executives for suspected fraud. [NYT]
• The Wharton School hired a marketing guy as its next dean. Rich alums, hold on to your wallets. [DealBook/NYT]

MEDIA
• GE and Pearson failed to reach an agreement on their proposed bid for Dow Jones, leaving Murdoch as the sole major contender. [NYT]
• The Times will make its video-embed codes available to the public by fall. [Beet.TV via Mediabistro]
• Janice Min is in no hurry to sign a new contract at Us Weekly. [NYP]

LAW
• If it's 82 degrees or higher by noon, that means it's Lemonade Day at Skadden Arps. [LawBlog/WSJ]
• How much did Blackstone lawyer Bob Friedman make from the hedge fund's IPO? Probably more than he made at Simpson Thacher. [LawBlog/WSJ]
• As firms move to de-equitize partners, is the partnership model established by Cravath in the twenties coming to an end? [ABA Law Practice Magazine via Legal Blog Watch]

FASHION
• Jones Apparel Group will likely sell Barneys New York to the investment arm of the government of Dubai for $825 million. [NYT]
• Is it the End of Days for celebrity-scent launches? [WWD]
• Rose Marie Bravo, the woman who made Burberry an international smash, is leaving the company for good on July 1. [Fashion Week Daily]