Mon Dieu! French Fraud Costs Bank $7 Billion

FINANCE
• Chase CEO Jamie Dimon has some big plans at Davos this year: "Number one on my list is world peace." [MarketBeat/WSJ, DealBook/NYT]
• Looks like Steve Schwarzman is green only with greed — his newest moneymaking scheme hinges on building huge coal plants in pristine locales in the American West. [Fortune]
• Société Générale, the second biggest bank in France, found that one of its "plain vanilla" traders had taken "massive fraudulent directional positions…far beyond his limited authority" that would ultimately end up costing the bank $7 billion. It is, according to the Times, "an exceptional fraud." Seriously! Quelle balls! [NYT]

MEDIA
• "If you want to know what Rupert Murdoch really thinks you should read the editorials in the Sun and the New York Post," Andrew Neil, former editor of Rupert Murdoch's London–based Sunday Times, told Britain's Post-Gazette. "There's no major political position the Sun will take…without Rupert Murdoch's major input." Another source says Murdoch is now so preoccupied with the Journal he's gotten "bored with Britain." [Press Gazette]
• The writers' strike looks like it may be finally winding down: A number of high-profile screenwriters and show runners threatened to effectively resign by filing for "financial-core status," allowing them to work despite the strike, and WGA leaders have started informal meetings with the big studios again. [Variety]
• Thanks to a late Tuesday closing date, People will be the only celeb weekly with Heath Ledger on the cover. [HuffPo]

LAW
• High-powered Quinn Emannuel partner John B. Quinn: "it has been suggested that i do not use capital letters in my typing in an effort to be 'cool.' i am not cool; wish i was, but after 56 years i don't think it is going to happen. the fact is i am not coordinated enough to hit the shift button with one hand and a letter with the other." [Above the Law]
• Are today's female lawyers a different breed from the first generation of women to enter the law? [Law Blog/WSJ]
• One former Cadwalader associate complains after the firm's big layoffs: “I thought it was a little bit insulting that these law firms come out with these announcements about increasing salaries and paying special bonuses.… I didn’t expect the layoffs to happen because I thought to myself, ‘They wouldn’t play with the big boys if they couldn’t do it.’” [NYO]

FASHION
• It's a makeup shake-up! L'Oréal's buying YSL Beauté for $1.68 billion. [WWD]
• Narciso Rodriguez has pulled the menswear looks from his upcoming collection. [Fashion Week Daily]
• Lauren Conrad's having her own fashion show. Yes, really. Unlike The Hills, this is not made up. [Fashionista]