FINANCE
• The credit crunch may take down high-flying real-estate baron Harry Macklowe, who bought $7 billion worth of midtown office space with a mere $50 million of his own money. Here’s a tip — when journalists start calling you “high-flying,” you know you’re in for a fall. [NYT]
• The man behind the biggest fund in New York may be state comptroller Thomas DiNapoli, the sole trustee for the $154 billion state pension plan. Most states use a multi-trustee board, and some are complaining that DiNapoli has too much power. [NYT]
• Warren Buffett, looking to cash in on the credit crunch, may buy failing Countrywide. Meanwhile, you still can’t buy an apartment. [DealBook/NYT]
MEDIA
• TV critic David Bianculli, a fourteen-year veteran at the Daily News, got canned by the paper. No surprise — the Post is gloating. [NYP]
• Arianna Huffington and Arthur “Pinch” Sulzberger had a little tiff in Aspen last night over the Times’ coverage of the latest mine disaster. Pinch better watch his back; we hear she’s got Booker on her side. [FishbowlNY/Mediabistro]
• Portfolio responded via Facebook to Elizabeth Spiers’s recent critique: “Ouch.” [NYO]
LAW
• After years hovering around $950 an hour, many big firms are finally crossing the $1,000-an-hour glass ceiling. Top billers include Simpson and Thacher, Cadwalader, and Fried Frank. [WSJ]
• Antonin Scalia’s favorite D.C. Italian eatery is closing down after 58 years. Maybe he’ll have to come back home to New York to get the good stuff. [WP]
• As the mortgage meltdown continues, the inevitable legal bonanza is beginning to take shape. [New York Law Journal]
FASHION
• Stylist and editor Katie Grand is the new creative director of luxury brand Mulberry. The brand, which you may not now know, will focus more on fashion — which means soon you will. [British Vogue]
• Jessie Randall of Loeffler Randall, the CFDA winning accessories line, has been tapped to design a collection for Target next year. Atlantic and Flatbush in Brooklyn only set to get cooler. [Fashion Week Daily]
• The Kate Moss–Pete Doherty–Irina Lazareanu saga continues. First he’s arrested, possibly with Irina. Now he and Kate are having secret trysts in hotels. Can we just ship all three off the island soon? [Flypaper]
