FINANCE
• JPMorgan Chase will probably move its investment-banking unit to Bear Stearns’ smokin’-hot headquarters on Madison Avenue. The building is valued at $1.2 billion, which is just one-fourth of quadruple the price JPMorgan paid for the firm itself. [NYP]
• JPMorgan Chase’s valuation of Bear Stearns shows that financial institutions are significantly overvalued. Speaking of which, many employees had their life savings wiped out. [NYP, WSJ]
• Meanwhile Goldman Sachs’ earnings are down but beat analysts’ expectations. [DealBook/NYT]
MEDIA
• Fox News’s newsroom has … bedbugs. [NYT]
• Could Katie Couric finally get to moderate a presidential debate? [NYO]
• In a particularly timely announcement, Slate is launching the Big Money, a Website that will report on Wall Street and financial affairs. [Reuters]
LAW
• Wow, that was fast. Bear Stearns shareholders file a suit against the firm, alleging fraud by the bank’s top execs. [Bloomberg]
• The Bear Stearns collapse could affect law firms such as Latham & Watkins, Skadden Arps, Cadwalader, and Wickersham & Taft. [WSJ]
• The credit crunch is raising new issues for … divorce lawyers? [
