It's Expensive Being Rupert Murdoch

MEDIA
• Did Dow Jones cost Rupert Murdoch an extra $1 billion just because he’s Rupert Murdoch? [Slate]
• Rik Hertzberg to blog for The New Yorker. From YearlyKos. And without fact-checking. [WWD]
• Doug Henwood feels guilty about enjoying The Nation’s cruise. Because liberals always feel guilty. [The Nation]

FINANCE
• The Chinese government invested $3 billion in Blackstone when it went public, and a month later now, it's lost almost a half-billion dollars. So naturally Chinese bloggers are questioning Steve Schwartzman's honesty: "O senior officials of the Chinese government, please do not be fooled by sweet-talking wolves dressed in human skin." [NYT]
• Morgan Stanley is trying to settle a class-action suit brought by black and Latino brokers who alleged discrimination. [NYP]
• Wall Streeters are trying to make the philanthropic world more like, well, Wall Street. [NYT]

LAW
• Cravath sullied its white shoes by hiring someone from outside the firm — Richard Levin, a former Skadden partner — to set up a new, lucrative bankruptcy practice. [NYT]
• After Milberg Weiss was indicted for using kickbacks to attract clients in class-action suits, several accused class members filed yet another suit against the embattled firm. [Law Blog/WSJ]
• Thanks to backup systems built into the New York’s Bar Exam software no test-takers' essays were lost, as had been feared. [New York Law Journal]

FASHION
Marc Jacobs's new " Little Marc Box" includes PJs and a toy that say “Marc who?” It's based on a Happy Meal. [British Vogue]
• Oscar de la Renta won't show at the Fashion Week tents in September. Instead he'll be on Park Avenue. Which seems about right. [Fashion Week Daily]
• Kate Moss’s new perfume is getting mixed reviews. [Fashionista]