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Now We’ll Get to See Even More of the Naked Cowboy

The scourge of Times Square is getting his own reality-TV show. Meanwhile, a Cadwalader partner sues over the mold in his Hamptons house, and the ‘Times’ thinks we care too much about people’s personal lives (can’t imagine why), and more, in our daily roundup of industry news.

Rent Stabilization Not As Stable As Before

Plus, Skadden's role in the failed Microsoft-Yahoo talks, what Perez Hilton is doing in James Frey's new novel, and the rest of today's industry gossip.

JPMorgan Gearing Up to Move Into Bear's Sweet HQ

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]

About.com Chief Steps Down As New ‘Times’ Investors Eye Internet Assets

FINANCE • Scott B. Meyer, the chief of About.com, said yesterday that he would step down next week, on the heels of news that Scott Galloway and his merry band of vagilantes were going to try to pressure its parent company, the New York Times, to change the way they handle internet operations. [NYT] • Two former Wall Streeters take responsibility for insider trading. [WSJ]

Martha Stewart Gets Starstruck When It Comes to Madonna

FASHION • Martha Stewart used her digital camera to snap pictures of celebrities at the Gucci event at the U.N. the other night. "It's for my blog," she explained. [WWD] • Anna Wintour and Suzy Menkes are getting kind of tired of Fashion Week. [The Cut] • A twelve-page photo spread in the March issue of Harper's Bazaar reenacts the two-hour delay of the Marc Jacobs show last fall, starring Helena Christensen, Allison Sarofim, Genevieve Jones, Cindy Sherman, Kim Gordon, and members of Jacobs's own PR team, all looking visibly annoyed. Weird, and also kind of awesome? [Fashion Week Daily]

Mon Dieu! French Fraud Costs Bank $7 Billion

FINANCE • Chase CEO Jamie Dimon has some big plans at Davos this year: "Number one on my list is world peace." [MarketBeat/WSJ, DealBook/NYT] • Looks like Steve Schwarzman is green only with greed — his newest moneymaking scheme hinges on building huge coal plants in pristine locales in the American West. [Fortune] • Société Générale, the second biggest bank in France, found that one of its "plain vanilla" traders had taken "massive fraudulent directional positions…far beyond his limited authority" that would ultimately end up costing the bank $7 billion. It is, according to the Times, "an exceptional fraud." Seriously! Quelle balls! [NYT]

Steve Schwarzman Takes the Fun Out of Buybacks

FINANCE • Steve Schwarzman found yet another way to stiff his investors, using the GSO deal as an elaborate cover to buyback shares of Blackstone without the typical benefit a buyback program gives to other shareholders. No wonder the Chinese, who have lost $1 billion on Blackstone, hate him. [DealBook/NYT] • Bank of America bought Countrywide Financial, the huge mortgage company teetering at the edge of bankruptcy, for $4 billion in stock. Some observers worry the deal will take the bank down, but considering Countrywide was worth $30 billion before the mortgage meltdown, it may yet make B of A CEO Ken Lewis a king. [Deal Journal/WSJ] • Merrill Lynch will likely take a $15 billion write-down next week, far in excess of the $12 billion some already bearish analysts had predicted. John Thain is looking to rescue the bank with still more foreign investment capital, but with the Senate getting anxious, that stream dry up. [NYT, NYP]

Let the Bear Blame Game Begin

FINANCE • Bear Stearns followed up yesterday's Morgan Stanley announcement with its own $850 million loss, again the first quarterly deficit in the bank's history. [DealBook/NYT] • Is former Bear Stearns exec Ralph Cioffi, the guy behind the two Bear funds that imploded this summer, the main culprit in the subprime crisis? New reporting suggests his team set off the plague of dirty debt that cost Citi and other top banks billions. Oh, and Cioffi's under investigation for pulling out a couple mil before anyone else got the chance. [Business Week] • What a mensch: David Rubenstein, the former lawyer turned Citadel private-equity master, decided to keep his new copy of the Magna Carta on display at the National Archives. Rubenstein paid $21.3 million — chump change for a guy worth around $2.5 billion. [Law Blog/WSJ]

Some Lawyers Are Sad

LAW • Know a troubled lawyer? If you work in the law, you probably do — some estimates put the ratio of depressed attorneys at 20 percent — and a few new Websites are trying help them out. [Law Blog/WSJ, WSJ] • How not to get out of your marijuana arrest: When the judge lets you off easy, pull out a driver's license covered in pot. [New York Law Journal] • So just how lame was Cadwalader's Wild Wild West holiday party last night? Wildly. [Above the Law]

‘Times’ Laughs in Morgan Stanley's Face (Well, Back)

MEDIA • Marcus Brauchli remains top editor at the Journal, but there's a growing sense of inevitability that Robert Thomson, Sunday Times of London editor and Murdoch "old boy," will challenge him for the position. (Related question: Does Murdoch have any "boys" who are not "old"?) [NYO] • The Times' third-quarter earnings almost doubled analysts' expectations, giving the paper a chance to gloat about the big hit Morgan Stanley took a week ago by selling its stake in the company. [NYT, DealBook/NYT] • Rick Reilly, previously the highest-paid writer in the history of Time Inc., will get $2 million a year for five years at ESPN. Who knew wussifying sports would pay so well? [NYP]

Bear Stearns, Really Into Bridge

FINANCE • Bear Stearns CEO James Cayne, ranked 611 in the world at contract bridge, fired Warren Spector, ranked in the top 225, for his role in the subprime crisis. Spector, a co-president at Bear, who took home $37 million, spent a whole two weeks at a bridge tournament in Nashville, while Cayne made do with a mere two days. Meanwhile, the firm announced 310 job cuts. [Bloomberg, DealBook/NYT] • Merrill Lynch canned three top executives before even disclosing its own subprime losses, which could exceed $4 billion. Dow Kim, the former co-head of institutional securities, Osman Semerci, global head of fixed income, and deputy Dale Lattanzio were all shown the door. [WSJ] • Zoe Cruz, co-president of Morgan Stanley, is the highest paid woman in America. At least there's good news for somebody! [CNN, WSJ]

Facebook Steals Your Billable Hours

LAW • Highly paid associates are wasting lots of time on Facebook, to the tune of $50 million a year in hours the little bastards should be billing. [NYO] • Cadwalader's bracing for a double whammy: While trying to deal with the massive slowdown in its core mortgage practice area, the firm's also facing a $70 million legal malpractice suit for mortgage warrantees from the late nineties. [Law.com] • Michael Mukasey, attorney-general nominee and New York homeboy, is facing complaints that he used a U.S. marshal to take out the trash, and we don't mean that figuratively. [AP via Law.com]

Bedbugs Infest Cadwalader, Wickersham & Taft

LAW • Bedbugs infest Cadwalader, Wickersham & Taft's New York office, but the person who "brought the insects into the firm … is no longer associated with the firm." [Above the Law] • Wannabe law students are looking to blogs and independent rankings for information about prospective schools. [WSJ] • Two partners at Chadbourne & Parke are drafting a lawsuit to force the New York State Legislature to raise judicial pay. [New York Law Journal]