The Summer Is Getting REALLY Sticky and Unpleasant for Dick Fuld

And to think, this picture was taken  Lehman declared earnings. Imagine the face he's making now.
Photo: Getty Images


FINANCE
• Lehman Brothers announces that it expects $2.8 billion in second-quarter losses and that it intends to raise $6 billion. Both projections are worse than expected. [DealBook/NYT]
• Warren Buffett makes an expensive wager with Protégé Partners, a New York City money-management firm, over whether hedge funds are as lucrative as low-cost S&P 500 funds. [Fortune]
• London tops New York as the world's most influential financial center. [Telegraph]

MEDIA
• The impossibly posh consumer-porn articles in the New York Times are a bit too much, according to Simon Dumenco: "The Times' unblinking weekday coverage of insanely expensive goods and services — not far from its relentless news-section coverage of even middle-class Americans losing their homes to the subprime meltdown — just makes me want to drown myself." [Ad Age]
Harper's Bazaar editor-in-chief Glenda Bailey headed to Buckingham Palace last week to receive her Officer of the Order of the British Empire honor from Queen Elizabeth II. [WWD]
• A discussion of dos and don'ts of ethical reporting in the YouTube age has ensued after Bill Clinton told "citizen journalist" Mayhill Fowler that he thought Vanity Fair reporter Todd Purdum was a scumbag. [NYT]
• The James Beard Awards for the best food writing were dished out last weekend. Yay, Grub Street! [WWD]

LAW
• A paralegal got locked in a bar in Williamsburg overnight. Will he get fired for telling his story to the Times? Guess we'll find out! [NYT]
• A bookkeeper who sobbed in court that "I didn't know what I was doing" when he embezzled $4.3 million from his brother's New York law firm faces up to seven and a half year in the clink. [Law.com]
• Hillary Clinton had a lopsided lead in raising money in New York's legal community for her presidential run. [Law.com]

REAL ESTATE
• Britney Spears's old East Village pad is going for close to $7 million, which is well above what the songstress was able to fetch for it. [NYT]
• Mort Zuckerman closes his meaty paws around the General Motors Building [NYO]
• Tishman Speyer and Z-100 are teaming up to give one of the radio station's lucky listeners a free Stuy Town apartment for one year. [Curbed]