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Eddie Lampert

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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.

Things Eddie Lampert Thinks and Maybe Should Not Say

Eddie Lampert knows you make fun of him, okay? He knows that you think his strategy for turning around Sears and Kmart won't work, that people are saying he might have lost his touch. But long ago, his mother told him that winners never quit and quitters never win, and now he has a new role model who proves she was right: New York Giants quarterback Eli Manning. “Like Eli Manning, we know what it’s like to be underestimated and questioned, but we intend to keep working on our game to achieve our full potential,” Lampert wrote in a Jerry Maguire–like letter to Sears Holdings shareholders that was filed with the SEC today, along with the company's dismal fourth-quarter earnings.

Bill Keller: Unleashed

MEDIA • Bill Keller on Rupert Murdoch: "I don't know Rupert Murdoch, he is a combative 76-year-old newspaper guy with a tabloid soul and more money than God. With those resources at this stage it looks like he will do whatever the hell he wants to do. I don't think he is going to be constrained by some strategic planning consultant telling him what he can do. That makes him very hard to predict." [Media Mob/NYO] • Meanwhile, the Times gave Sam Tanenhaus still more power, expanding his purview beyond the Book Review to the halcyon halls of "Week in Review." It's hard to tell if this is Keller's endorsement of Tanenhaus's talents or just an absurd overselling of some serious cost savings. [Radar] • Jon Stewart shows he's a real mensch and begins paying his staff just like all the other late-night hosts (Even though Stewart is paid far less himself.) Daily Show staffers never even missed a check. [Mixed Media/Portfolio]

John Mack Gives Zoe Cruz the Heave-ho

FINANCE • John Mack decided to can Zoe Cruz just three weeks after naming her as a strong potential successor at Morgan Stanley. Two execs, Walid Chammah and James Gorman, will take Cruz's place as overseeing the firm's trading and risk operations. [NYT] • Eddie Lampert has lost quite a bit of his luster: The star investor sometimes mentioned as the heir to Warren Buffett lost millions on a big investment in Citigroup, and the earnings debacle at Sears is only making things worse. [Deal Journal/WSJ] • A small local council in Scotland managed to trump the Donald's $2 billion plan to build "the world's greatest golf course." It was just never clear on where Trump's hair would fit in the course. [NYP]