Why Do Weather Reporters Need to Stand IN a Hurricane to Report on It?

• Anderson Cooper, Katie Couric, Brian Williams, and other members of the media who were supposed to cover the Republican National Convention are rerouting their paths to the Gulf Coast as Hurricane Gustav's landfall becomes imminent. This means that the RNC won't get the same uninterrupted media attention that the media gave the DNC. [LAT]
• Speaking of which, why do TV reporters feel the need to interact with the weather? Washington Post writer Paul Farhi asks: "Is it really a weather story at all unless the TV people can go outside in the storm and, while risking bodily injury, warn viewers that they shouldn't go outside in the storm and risk bodily injury?" [WP]
• Arthur Sulzberger Jr. must comply with the subpoena Donald Trump's lawyers sent him requesting that the New York Times chairman answer questions regarding an e-mail exchange he had with the reporter of the 2005 biography TrumpNation: The Art of Being The Donald. Trump is suing the reporter for calling him a millionaire (oooh, how plebeian!) instead of a billionaire. [Philadelphia Inquirer]

• It's true! The Korea Development Bank is in discussions about acquiring Lehman Brothers, a claim that the Asian bank originally refuted. "It is difficult to say how the talks will progress in the future as we have not been able to narrow differences with the Lehman side over prices," said K.D.B. governor Min Euoo-sung. [DealBook/NYT]
• The U.S. Open, the world's best-attended annual sports event, has escaped the credit crunch — and it's making a killing off of Wall Street. Think $50 million in sponsorships alone. [Bloomberg]
• Being a hedge fund manager is not as illustrious a job as it once was. "There certainly seems to be a bigger number of hedge fund managers going out of business right now than ever before," says one hedge fund adviser. [IHT]

• Are suburban-like houses coming to a Manhattan street corner near you? Possibly. Some penthouses with gabled roofs have popped up on 97th Street. [NYT]
• Construction on the World Trade Center memorial begins today as its steel frame gets hoisted into place. [NYT]
• Sam Chang sold the new Holiday Inn in Chelsea for $66 million to a Rhode Island–based hospitality group. [NYO]
• Is Roosevelt Island getting ritzy? [NYO]

• Republican V.P. nominee Sarah Palin is the ultimate legal outsider. [Law.com]
• Meanwhile, Joe Biden's son is entangled in several lawsuits regarding the Paradigm Companies investment firm. [NYP]
• Weil Gotshal partner Harvey Miller, one of the nation's top bankruptcy lawyers, says this is the worst retail environment in 50 years. [NYP]