Spitzer to Resign Within the Hour? (Updated)
FINANCE • As Blackstone's profit sinks 89 percent, Stephen Schwartzman gets the New York Public Library on Fifth Avenue and 42nd Street named after him. The naming rights came with a very generous $100 million donation, but we're not sure we're ready to go have lunch on the lovely steps of "Schwarzman." It'll feel like we're an undergrad at Penn or something. [NYT] • Wall Street says "There is a God" as its longtime persecutor, Eliot Spitzer, falls from grace. [NYT] • Lehman Brothers, the largest underwriter of U.S. mortgage bonds, plans to lay off 5 percent of its workforce, which is about 1,400 people. Meanwhile, Bear Sterns, the second-biggest underwriter of mortgage bonds, lost more than $1.3 billion in market value yesterday as investors worried about the firm's liquidity. [NYP, NYP]
Kristen, having already passed through the lobby, with its wing chairs and its gilded half-clad cherubs, arrived in a small room in a quiet corner of the “Club Floor,” a special wing for V.I.P.’s. A king-size bed commanded the floor. Two photos — of the Capitol and the Washington Monument — hung beside a wood-framed mirror. As soon as she came in, Kristen called her boss, Temeka Lewis, who was the booking agent for the Emperor’s Club V.I.P., an online prostitution ring, the affidavit said. Ms. Lewis told her that the client had arrived. He was headed for the room.