Zuckerman, Sulzberger, and the News Corp. Board Weigh In on Murdoch's ‘Newsday’ Bid

• Mort Zuckerman is restructuring his bid for Newsday to account for the Tribune Company's potential tax burden after sale. [Newsday]
• Meanwhile, News Corp. shareholders are concerned about the way that Rupert Murdoch is spending: "The bottom line is that News Corp. has not communicated a clear long-term strategy for the newspaper business." [NYT]
• And the New York Times Company's Arthur Sulzberger Jr. thinks newsday.com is nytimes.com's biggest rival. [NYO]

• How not to get fired on Wall Street? Lie low and cross your fingers. [WSJ]
• UBS investors took the bank to task, demanding that the firm cut back its investment bank and beef up its board. [WSJ]
• Last October, Bank of America CEO Ken Lewis said he'd "had all the fun I can stand in investment banking." But yesterday at the B of A shareholders meeting, he said the firm remains "committed to our investment banking." [NYP]

• Billable hours go up for lawyers as the subprime goes down. [DealBook/NYT]
• If you don't know by now to be careful what you say in e-mails, you deserve all the trouble you get. E-mails sent between bankers in the Clear Channel case show the banks scheming to get out of the buyout. [NYP]
• A Manhattan judge vacated an arbitration panel's $95,000 punitive damages award to a former Barclays Capital employee because the panel chose to ignore precedent. [Law.com]

• Tudor City residents fight the development of seven massive towers on the East River, which will add 3,000 apartments, 1 million square feet of commercial space, and 69,000 square feet of retail to the area. [amNY]
• Yesterday the city ordered inspections of high-risk construction sites following Buildings Commissioner Patricia Lancaster resignation on Tuesday. [NYT]