Indicted Bear Stearns Hedge-Fund Manager’s Business Card Raking In Cash on eBay

You can call Matthew Tannin, but he probably won'tanswer. Photo: eBay

FINANCE
• Most of City Council is backing a plan that would require hedge-fund and private-equity-fund partners to pay a city tax on income generated by investments. [NYS]
• The SEC and the Federal Reserve are finalizing a plan to start reworking how Wall Street should be regulated. [NYT]
• Citigroup is getting ready to lay off 10 percent of its bankers and traders. At least they're in good company: Even unflappable Goldman Sachs is getting ready to lay off 10 percent of its M&A staff. [FT via DealBook/NYT, href=" http://dealbook.blogs.nytimes.com/2008/06/22/citis-investment-bank-braces-for-layoffs/">DealBook/NYT]
• Someone is selling a business card belonging to Matthew Tannin, one of the Bear Stearns hedge-fund managers arrested last week for fraud, on eBay. Currently, the price is up to $20.50. [eBay via DealBreaker]

MEDIA
• Tom Brokaw will moderate Meet the Press through the November presidential election. [Politico]
• Many New York Times readers feel Maureen Dowd's relentless gender-laden assault on Hillary Clinton — in 28 of 44 columns since January 1 — crossed a line. [NYT]
• Tim Russert's Wikipedia page broke the news that the Meet the Press host had died. Now the person who updated the page has been fired. [NYT]

LAW
• Nearly three dozen former federal prosecutors are backing a congressional bill intended to safeguard confidential communications between lawyers and their clients. The bill would make it illegal for prosecutors and other federal enforcement officials to demand that a company under investigation disclose confidential legal communications or risk being indicted. [DealBook/NYT]
• The Clash's "I Fought the Law" and Warren Zevon's "Lawyers, Guns, and Money" are favorite songs among lawyers. [Above the Law]
• Comedian George Carlin, who died yesterday, was the inspiration for FCC v. Pacifica, the 1978 case in which the Court decided that FCC sanctions could be invoked against a radio broadcast of words dealing with sex and execration. [LawBlog/WSJ]

REAL ESTATE
• This will really make you want to hang out on your 21st-floor balcony: The company hired to test the strength of the concrete poured at some of the city's biggest construction projects hasn't really been doing its job. [NYT]
• The Supreme Court put an end the federal lawsuit filed by landowners and tenants against Bruce Ratner's Atlantic Yards project by declining to hear an appeal. Next stop, state court. [NYO]
• New Yorkers aren't the only ones who rent. The percentage of renters increased nationwide to 32 percent. [NYT]