Bernanke Says That a Recession Is ‘Possible’

FINANCE
• In his testimony to the Senate, Fed chairman Ben Bernanke said that the economy "will not grow much, if at all, over the first half of 2008 … a recession is possible." Ya think? [AP]
• Meanwhile, another one bites the dust: Bear director Paul Novelly sells his stock for $1.3 million. [WSJ]
• Blackstone has raised $10.9 billion to invest in property. [Bloomberg]

LEGAL
• A New York hedge-fund manager and art collector testified that alleged celebrity wiretapper Anthony Pellicano once offered to have a man killed for him. [NYT]
• The New York State attorney general's office has begun a formal inquiry into Roger Chapin's Salute America's Heroes Foundation. [Forbes]
• The vote for the congestion-pricing charge takes an interesting turn: One of the City Council members with habitually bad attendance was conspicuously absent, having viva-ed to Las Vegas. [NYT]

MEDIA
• Jared Kushner decides to throw his hat in the Newsday ring. [WSJ]
• CBS lays off 1,200 employees. [NYT]
• Time Inc. might be cutting titles from its roster of magazines. [Ad Age]

REAL ESTATE
• Bobby De Niro's newly opened Greenwich Hotel could teach Homeland Security a thing or two about screening. [HotelChatter]
• Watch out Flushing Meadows! Randalls Island is getting a $13 million tennis center. [NYT]
• St. Saviour Church has been, well, saved. [NYDN]