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The Charney Conspiracy

LAW • Aaron Charney filed his long-awaited amended complaint against Sullivan & Cromwell. His new suit contains allegations of emotional distress and conspiracy. [New York Law Journal] • Things are getting ugly at the Harvard Law Review — the new president has a "decidedly fascist approach to leadership," complains one staffer. [Above the Law] • Australia's Slater & Gordon is the world's first publicly traded law firm. [Law Blog/WSJ]

Hedge-Fund Managers Have Ostentatious Hobbies

FINANCE • Young hedge-fund managers play in cover bands but instead of sticking to local bar gigs, they fly to London and rock out there. [BBC via DealBreaker] • The only humans left on the NYSE trading floor are tourists. [NYP] • Bank of America is sued for racial discrimination after five black current and former employees claimed that white employees get all the lucrative clients. [NYT]

Will Imus Return?

MEDIA • Is Imus's planned $200 million lawsuit a ploy to get back on the air? [NYP] • The final bids for Dennis Publishing are due next week, and it's shaping up as a showdown between Kent Brownridge and Ron Burkle. [AdAge] • Jeff Bridges will play Graydon Carter in the film version of How to Lose Friends and Alienate People. [WWD]

Former Goldman Sachs Head Scoffs at Street Salaries

FINANCE • John Whitehead, the former chief of Goldman Sachs, blasted the firm for leading Wall Street's "outrageous increase" in salaries. [Bloomberg] • John Edwards earned a paltry $480,000 while studying poverty at Fortress. [DealBook/NYT] • Should the SEC investigate claims of stock manipulation at Apple? The company shares were down 3 percent yesterday after the tech blog Endgadget published a false tip reporting product delays for the iPhone and a new Mac operating system. [DealBreaker]

Anyone Else Want to Acquire a Media Property?

MEDIA • Thomson agreed to buy Reuters for $17 billion, creating the largest financial-news service and the first major rival to Bloomberg LP. [Reuters via CNNMoney] • Murdoch offered the Bancrofts a seat on the News Corp. board and asked to meet with the family personally. After an internal conference call, the Bancrofts seem unmoved. [NYT] • Ron Burkle bought the Primedia Enthusiast unit for $1.2 billion and now owns 70 titles like Dressage Today and Popular Hot Rodding. [NYP]

Welcome, Topshop!

FASHION • It's official: Topshop is officially coming to New York. The Brit retailer is planning three outposts in Manhattan. [Racked] • Kate Moss reportedly saved Lily Allen from a beatdown at the Glastonbury festival. [Daily Mail] • Will Valentino finally choose a successor for his label? [British Vogue]

Isabella Blow Overdosed

FASHION • The speculation ends: Isabella Blow died of a drug overdose. [BBC] • Despite news that Jil Sander's sales were up, rumors are swirling that the line may be sold. [Fashion Inc./Portfolio] • Diane von Furstenberg's new neighbors have welcomed her flagship with open arms. [Downtown Darling]

Man the Buckets! Long Term Capital Is (Sort Of) Back!

FINANCE • Some of Long Term Capital's former executives are making another go of it with a new fund, Quantitative Alternatives. [Bloomberg via DealBook/NYT] • Morgan Stanley will pay $8 million to settle federal fraud charges over its alleged failure to get the best prices possible for retail stock investors. [AP via NYT] • The SEC will announce Monday whether it will appeal a court ruling that overturns the "Merrill Lynch" rule, allowing brokers to offer fee-based services to clients without being registered as financial advisers. [NYP]

Advantage: Grasso

FINANCE • Richard Grasso may keep his money, after all. A New York State appeals court threw out four of the six claims filed against the former NYSE chair by the attorney general's office. [NYP] • Perella Weinberg may have missed out on advising the Ford family, but the firm finally got its first big deal with a lead role in Thomson's attempt to acquire Reuters. [DealBook/NYT] • The future of two Dow Chemical executives will be determined by testimony JPMorgan CEO James Dimon, who knows for sure if they spread rumors of a sale. [NYT]

What Did the Editor Know, and When Did He Know It?

MEDIA:Wall Street Journal editor Paul Steiger opted to sit on the story of Rupert Murdoch's bid until it was broken by CNBC. But who else knew about the deal, and did they profit from the information? [NYT] • The Newseum will open in Washington in October. Exhibited artifacts will include Daniel Pearl's laptop and the slippers former blogger Ana Marie Cox wore while writing Wonkette. [NYT] • • If Thomson buys Reuters, Reuters's CEO would run the new financial-information company, to be called Thomson-Reuters.* [Reuters via Romenesko]

Of Course Gordon Gekko Is a Hedge-Fund Manager

FINANCE • Gordon Gekko is back! Michael Douglas will reprise his Oscar-winning Wall Street role, only this time as a hedge-fund magnate. [NYT] • James Simons tops a list of Wall Street's highest earners. [Forbes] • Two of Rudy Giuliani's firms represented both a creditor and a debtor in a bankruptcy case, a possible conflict of interest that was not disclosed to the judge. [WSJ]

Hedge-Fund Managers Can't Get Over Aerosmith

FINANCE • At this year's 2007 Robin Hood benefit, philanthropic hedge funders paid $400,000 to sing a song with Aerosmith, and $1.3 million for dinner with Mario Batali. [NYT] • Hafiz Naseem, a junior investment banker at Credit Suisse, was charged with insider trading after he tipped off associates in Pakistan about deals, including the TXU buyout, before they were made public. [NYT] • Google is the No.1 preferred employer for MBA students, with more traditional companies McKinsey and Goldman taking the next two slots. [Fortune via CNNMoney]

Welcome, Hedge-Fund Backlash!

FINANCE • Not all hedge funds are profitable. UBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT] • Ken Moelis, who is leaving as UBS's investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ] • The New York Fed warns that the current hedge-fund climate puts the economy at risk for a Long Term Capital–esque crisis. [DealBook/NYT]

Bancroft Family Divided Over Dow Jones Bid

MEDIA • A Bancroft spokesman said family members who hold slightly more than 50 percent of voting shares will oppose News Corp.'s bid for Dow Jones. [NYT] • Don Imus hired a top-notch First Amendment attorney to see that he gets the $40 million left on his contract. [Fortune/CNNMoney] • Former Newsweek Interactive head Mark Whitaker will oversee TV programming and Web content at NBC News. [WWD]

Murdoch Makes a Move on Dow Jones

MEDIA • News Corp. made an unsolicited offer of $60 a share for Dow Jones today, sending the share price up 58 percent on the news before trading was suspended. [CNBC] • GQ auctioned off a one-month internship in its marketing department on eBay. The winner paid $30,200 — likely more than a marketing assistant makes in a year. [eBay via Media Mob/NYO] • Contrarian Christopher Hitchens called the Virginia Tech shootings a "non-story" at the annual ASME board meeting yesterday. [Fishbowl NY/Mediabistro]

Skadden, Arps Tops AmLaw 100

LAW • Skadden Arps tops the AmLaw list with $1.85 billion in revenue last year. [The American Lawyer via Law Blog/WSJ] • The AmLaw 100 reveals that the majority of top-performing firms have profits per equity partner of $1 million or more. [The American Lawyer] • Martin Armstrong, the Ponzi scheme investor who was jailed for contempt for over seven years, was released after a psychiatrist testified in his favor. Armstrong now begins his original five-year sentence, with no credit for time served. [New York Law Journal]

Sing Along With Ernst & Young

FINANCE • So does your company have a lame, embarrassing theme song? It does if it's Ernst & Young. [DealBreaker] • A Banc of America analyst wrote reports on top pharma companies without talking to corporate management. So is he lazy or forward-thinking? [NYP] • Perella Weinberg Partners has raised $1.1 billion and hired 22 recognizable partners. But in eighteen months, the firm has yet to make a big deal. [NYT]

Will Dior Ditch Galliano?

FASHION • Are John Galliano’s days at Dior numbered? [NYP] • Alice Roi’s been busy: Her acclaimed Uniqlo collaboration hits shelves this week, and her pop-up store will open in May. [The Shophound] • Anya Hindmarch reportedly sent her ecoconscious "It" bag to editors in … a plastic bag. [Fashionista]

Miller, Safire Go Silent on Moyers

MEDIA • Who's afraid of Bill Moyers? Apparently Judith Miller, William Safire, and Charles Krauthammer — all of whom refused to be interviewed for tonight's PBS show Buying the War. [WP] • The Pulitzer Prize the Daily News received for coverage of the health of 9/11 first responders was the same story the paper downplayed in 2001. [VV] • Stick with fluff: The In Touch Virginia Tech cover was a flop. [NYP]