When Yahoo Takes a Beating, Carl Icahn Has a Bad Day

FINANCE
• Yahoo's announcement that Microsoft is no longer interested in buying the entire company hammered the Internet giant's investors, including billionaire Carl Icahn, who saw the value of his 9 million shares drop 10 percent yesterday. The question on everyone's mind: How long will it be until his head explodes? [NYP]
• Erin Callan, the ousted Lehman Brothers CFO, joins Zoe Cruz, formerly the Morgan Stanley co-president, as the latest senior woman on Wall Street to fall. Now only a handful of women are left in high positions down in the financial district. How quaint. [Bloomberg]
• Sometimes, when you really mess up, it is good to admit you erred. Unfortunately, no one seems to have gotten that message through to Lehman Brothers. [NYT]

MEDIA
• Errors in The Wall Street Journal are up 25 percent. Is it because the Journal is running more stories, or was Robert Thomson right when he suggested that the reporters have become too arrogant? [Mixed Media/Portfolio]
• "Fake" Steve Jobs, Dan Lyons, is leaving his job at Forbes to blog at Newsweek. He joins a long list of recently departed Forbes staffers. [NYP]
• Hey, how about a rant about newspapers being not dead? Just to mix it up a bit. [Bing Blog]

REAL ESTATE
• The $950 million Barclays Center, the 18,000-seat basketball palace for the Nets, is going to be the most expensive arena in the world — and the IRS' new proposed rules on tax-exempt bonds might make financing the project even more difficult. [NYT]
• It's official: Developer Harry Macklowe, who was forced to sell the General Motors Building after defaulting on billions of dollars in loans, stepped down as chairman and chief of Macklowe Associates. He's succeeded by his son. [NYP]
• The invasion of foreigners continues. Italy's Sorgente Group, a group that invests in landmark properties, wants to buy a larger stake in the Flatiron Building. Let's just outsource every last one of our landmarks! [NYP]

LAW
• Just how far those in Hillary Clinton's lawyer fan base will be able to wriggle into Barack Obama's inner circle — and possible administration — is an open question. [Law.com]
• New York's Dead Man's Statute does not bar Manhattan attorney Richard Zalk from defending himself against charges of allegedly raiding $200,000 from an escrow fund of a deceased client. [Law.com]
• Joan Lukey, considered one of the nation's preeminent trial lawyers, will join Ropes & Gray after nearly 34 years at Wilmer Cutler Pickering Hale & Dorr. Although she's Boston-based, she'll be allowed to work from New York City, where her daughter is in law school. [Law.com]