William Kristol Has the Gray Lady's Knickers in a Twist

MEDIA
• Both Times public editor Clark Hoyt and former Times conservative standby William Safire have panned Arthur "Pinch" Sulzberger's decision to foist William Kristol on the editorial page. Among the other conservatives considered and passed over: Charles Krauthammer, Ross Douthat, Max Boot, and a bunch of other Weekly Standard stalwarts. But at least Judith Miller approves: "[I]t's an appointment that's a long time coming. The page needed balance.… [But] an unabashed neocon without remorse is unacceptable to Times people.… He's not kosher in that sense." [New Republic]
• New York Observer president Robert Sommer nailed his MSNBC interview: "We like to view our readers as some of the smartest, most insensitive — most… Some of the most brightest readers in the country and especially New York." [NYO]
• David Blum goes through his fifth sex columnist in little more than a year, firing his latest hire at the New York Press after she stole questions from Dan Savage. Some might call that slutty! [NYO]

FINANCE
• Did France's $7 billion rogue trader, now identified as 31-year-old Jerome Kerviel, set off the huge global sell-off early this week? [Deal Journal/WSJ]
• Big banks began cutting personnel in earnest, with more than 1,000 jobs already on the chopping block for Morgan Stanley, Lehman, and Bank of America. According to one Credit Suisse trader, “Every conference room on the CMBS floor has an HR representative working through people as they show up for work. Analysts and associates seem to be the first out the door.” [NYP, DealBreaker]
• The market is so bad, even hedge funds are losing money. [Deal Journal/WSJ]

LAW
• Are law firms really becoming "cuddly"? Or just slightly less evil? [NYT]
• Philip Galanes is the latest gay New York lawyer to show off some fabulous real estate. [Above the Law]
• Should a first-year law student with bad grades drop out? [Law Blog/WSJ]

FASHION
• Kristen Dunst, the actress normally spotted out in stained T-shirts and ragged shorts, is launching a collaboration with Lutz & Patmos during Fashion Week. But of course… [China Daily]
• Glenn O'Brien and Fabien Baron will assume Ingrid Sischy’s former role as editorial director(s) at Interview. The duo will also take on the roles for Art in America and The Magazine Antiques. [WWD]
• Donatella’s darling Christopher Kane has a new Lancôme lip gloss. Bright! Juicy! Colors! Colors! Colors! [Nylon]