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Fannie and Freddie Get Some Good News

The mortgage giants have seen their largest profits in ten years. Plus, who buys a friend a $3 million apartment, and who wants a truck depot in Soho?

Stevie Cohen Could End Up in a Pickle

No, not in the Damian Hirst sense, though that would be amazing: The art-loving SAC Capital Management CEO could have some problems with the SEC if he's not careful. Plus! An ex–Bear CEO jumps ship at JPMorgan, Natalie Portman's apartment goes on the block, and Condé Nast has a green issue, in our daily rundown of industry news.

Erin Callan Out at Lehman

The ex-CFO leaves the embattled bank and its vicious queen CEO for hot Swiss action.

Crane Collapse Causes Building Delays

Also, the real Mr. Big thought watching the 'Sex and the City' movie was "eerie," and Wachovia chief G. Kennedy Thompson is out the door. And more, in our daily industry roundup.

Jamie Dimon: ‘Many’ of Bear's 14,000 Employees Will Lose Jobs

Did Bear Stearns collapse in part because of a whisper campaign? How will Starbucks keep its customers if everyone starts pinching pennies? And what did Sarah Jessica Parker think of Maxim naming her the "unsexiest woman alive"? Our weekly roundup of law, media, and business news.

Jane Fonda's Vocab Malfunction Might Affect FCC's Ruling on Janet Jackson's Nipples

LAW • Jane Fonda's vocabulary malfunction on NBC's Today show last week might influence the legal battle between CBS and the FCC over Janet Jackson's wardrobe malfunction in her 2004 Super Bowl halftime appearance. [Legal Intelligencer] • New York City criminal-defense lawyer Jeffrey Schwartz receives support for representing the accused murderer of a 7-year-old girl. [NYT] • Are television shows the reason lawyers get a bad rap? [Law.com]

William Kristol Has the Gray Lady's Knickers in a Twist

MEDIA • Both Times public editor Clark Hoyt and former Times conservative standby William Safire have panned Arthur "Pinch" Sulzberger's decision to foist William Kristol on the editorial page. Among the other conservatives considered and passed over: Charles Krauthammer, Ross Douthat, Max Boot, and a bunch of other Weekly Standard stalwarts. But at least Judith Miller approves: "[I]t's an appointment that's a long time coming. The page needed balance.… [But] an unabashed neocon without remorse is unacceptable to Times people.… He's not kosher in that sense." [New Republic] • New York Observer president Robert Sommer nailed his MSNBC interview: "We like to view our readers as some of the smartest, most insensitive — most… Some of the most brightest readers in the country and especially New York." [NYO] • David Blum goes through his fifth sex columnist in little more than a year, firing his latest hire at the New York Press after she stole questions from Dan Savage. Some might call that slutty! [NYO]

Former Cravath Associate Pleads Guilty to Sex Crimes

LAW • James Colliton, the former Cravath associate embroiled in a sex-crimes suit, got a lighter sentence after he admitted to paying a mother for sex with her two teenage girls. [Law Blog/WSJ] • Debevoise and Plimpton's marquee new hire, the former attorney general of the U.K., has a few scuffs on his highly polished shoes: He carried on an affair while in office with a leading woman barrister. [Above the Law] • When $1,000 an hour isn't enough, premium billing — a kind of law-firm tip for a job well done — is the best way to really start raking in the profits. [DealBook/NYT]

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]

There's Nothing Uglier Than New Money

FINANCE • Which New York hedge fund makes its employees' spouses sign "postnup" agreements to protect assets? [FT via MSNBC] • Losses at Goldman's Global Alpha Fund mean smaller checks for employees. Will they leave the firm for a healthier, wealthier fund? [NYP] • Summer interns at Credit Suisse have an important role to play: standing in line at Shake Shack. [DealBreaker]