Walters Says Greenspan Always Gave Bad Advice

FINANCE
• Alan Greenspan's old flame Barbara Walters complained the G-man never gave good advice, insisting back in the seventies that she avoid an apartment on Fifth Avenue because it was a "bad investment." [NYP]
• Henry Kravis got a little egg on his face thanks to the collapse of the $8 billion Harman buyout. Steve Schwarzman gets bragging rights or an excuse to back out of his own impossibly huge deals. [Deal Journal/WSJ]
• With computers taking over, the NYSE plans to cut the trading floor down by half from its historic high. The famous Main Room and "the Garage," opened in 1903 and 1922 respectively, will remain open. [NYT]

MEDIA
New Yorker festival smackdown: David Denby's interview with Judd Apatow and Seth Rogen sold out faster than David Remnick's chitchat with Sy Hersh. [WWD]
• The Bancrofts' Dow Jones sellout is even sweeter than previously believed: A little-noticed provision allows the family, and few other stockholders, to avoid taxes when the deal goes through. [Fortune]
• Rumor has it that Time Warner plans to spin off its trademark but declining magazine line soon. [Mixed Media/Portfolio]

LAW
• While pay for top law grads skyrockets, many newly minted lawyers are having trouble simply paying their debts, sometimes taking jobs for as little as $20 an hour. [WSJ]
• Does Jeffrey Toobin's The Nine really show that "no other reporters are as passive as Supreme Court reporters"? [Slate]
• Stephen Weiss defended his indicted father, Melvyn Weiss, in an e-mail on the old man's up-from-his bootstraps origins. [Law Blog/WSJ]

FASHION
• Marc Jacobs will receive the Designer of the Year award and Valentino will be given the Hall of Fame award at the upcoming Accessories Council Excellence Awards. [Fashion Week Daily]
• Donatella Versace's niece, Francesca, will show her first collection, Francesca V label, at Paris fashion week. [Guardian]
• Roberto Cavalli is considering selling a majority stake in his company to Swiss luxury-jewelry conglomerate Cie Financiere Richemont SA. [Forbes]