Liz Claiborne, 78

FASHION
• Sportswear pioneer Liz Claiborne died yesterday of abdominal cancer at age 78. [WWD]
• VH1 plans a new reality series called America the Ugly in which normal people get berated by the Wilhelmina executive from The Agency. [Flypaper]
• The new face of Versace is a 16-year-old boy. [French Vogue via Fashionista]

FINANCE
• Hedge funds are being blamed for new excesses in men's fashion. [NYT]
• Goldman Sachs managing director Marc Spilker finished the job he started weeks ago, tearing out the rest of Jim Chanos's Hamptons hedge to clear a wider path to the beach. [DealBreaker]
• What do you do when your hedge fund is going to collapse? Go to a movie. But Richard Marin of Bear Stearns says you can "pass" on Mr. Brooks. [DealBook/NYT]

MEDIA
• Murdoch's deal with the Bancrofts for Dow Jones' editorial independence will never work, say critics. [E&P]
• Some Wall Street Journal reporters didn't go to work today to protest Rupert Murdoch. [Romenesko]
• Hamptons newspaper fight! [Forbes]

LAW
American Lawyer publishes the "A-list." Congratulations, Debevoise & Plimpton. [Law.com via Law Blog/WSJ]
• Thelen Reid is paying its associates on two tiers, depending on how many hours they work. [Above the Law]