Bush to Economy: ‘Hey, Did You Get a Haircut? Something's Different.’

FINANCE
• Bush acknowledges slower economy, but he stops short of warning about recession. Still, will he go for another round of tax cuts? [NYT, NYT]
• Financial titans Warren Buffett and Maurice Greenberg came under attack in the Gen Re trial. Neither stands as a defendant, but both were accused of being intimately involved in a fraudulent transaction worth $500 million. [NYT]
• Now that Jimmy Cayne's out of the picture, which hedge fund will step in to buy Bear Stearns? [Deal Journal/WSJ]

MEDIA
• Meet the newest member of the Order of the British Empire: Harper's Bazaar editor Glenda Bailey. [Folio]
• Condé Nast started some big-time housecleaning, firing group president Mitch Fox (whose visits to a career coach clearly didn't work), Lucky publisher Sandy Golinkin, and senior VP Amy Churgin. Billed as a way to streamline structure at the top, the moves, more importantly, will help consolidate CEO Chuck Townshend's power. [Portfolio, NYT]
• Jessica Seinfeld sued! [WSJ]

LAW
• Every lawyer's worst nightmare: filing one minute late costs megaclient $1 million. [Law Blog/WSJ]
• Wachtell co-founder Martin Lipton explains why top execs like him so much: "Come on, you can say it. I’m a professional entrencher of management.” [NYT]
• Obama adds one more job to the litany of high-paying careers he turned down to become a community organizer: "That's why I didn't become a trial lawyer." [Law Blog/WSJ]

FASHION
• Shu Uemura, cosmetics legend, died at the age of 79. [Yahoo! News]
• For the fashion collector who has everything: Viktor & Rolf porcelain dolls! [WWD]
• American Apparel founder Dov Charney’s sexual-harassment trial begins this week. [NYP]