Facebook Exerts Yet More Power

FINANCE
• Kathleen Corbet, the president of Standard & Poor's, agreed to step down after her company failed to accurately rate subprime bonds. Deven Sharma, an executive vice-president at S&P, will take her place as president. [Bloomberg]
• An angry Facebook group convinced HSBC, Britain's largest bank, to stop charging interest on overdrafts by recent grads. You see, interest rates are so Web 1.0. [Times of London via DealBreaker]
• With few big M&A deals on the horizon, it may seem like investment bankers could just stay in the Hamptons for the rest of the year. But the backlog of big deals from the halcyon days of last spring should keep them plenty busy — as long as the deals don't fall through. [Deal Journal/WSJ]

MEDIA
• New Voice editor Tony Ortega showed something of a temper when staffers complained about last week's "Live Nude Girls" cover. Also, he'd apparently shoot himself before letting anything like Julia Allison in the paper — but at least he personally responds to pitches. [Gawker, Gawker, Gawker]
• NBC failed to reach an agreement with Apple and will pull all of its content from the iTunes store by the end of the year. [NYT]
• Low cost tabs forced to raise price, may not be able to compete with the likes of People. Will Life & Style be dead in a year, as Jeff Bercovici predicts? [Media Week, Portfolio]

LAW
• The American Tort Reform Association found its own theme song to match Nixon Peabody, and theirs is by Weird Al. Clearly a bid for attention, but hey, it worked. [Above the Law]
• Some in the judiciary want to cut down on career law clerks to save money. In other news, there's such a thing as career law clerks. [National Law Journal via Law Blog/WSJ]
• Everyone's running Katrina anniversary coverage, but how is the gulf's legal system fairing two years later? [Above the Law]

FASHION
• Ferragamo has appointed Brioni designer Cristina Ortiz as chief of the Italian brand’s women’s collection. [FWD]
• Sienna Miller and sister Savannah say the success of their fashion line "Twenty8Twelve" is "overwhelming." [British Vogue]
• Burberry chief Angela Ahrendts is the world's 66th most powerful woman, according to Forbes. [Forbes]