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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]

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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]

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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]

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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]

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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]

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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]

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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]

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Bad Times for the ‘Times’

MEDIA • In a show of symbolic disapproval, New York Times shareholders withhold 42 percent of the vote for the company's directors. [AP via Yahoo] • Pulitzer Prize–winning reporter and prolific author David Halberstam died yesterday in a car crash on his way to an interview. [NYT] • Are Marie Claire's video podcasts too commercial to be called editorial? [WWD]

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Private Equity Votes for Romney

FINANCE • Investment bankers may be backing Barack Obama, but private equity is investing in Republican Mitt Romney's future. [DealBook/NYT] • KKR's Henry Kravis credits Morgan Stanley and Merrill Lynch with doing "extremely well" in buyouts but disses Goldman Sachs by omission. [Deal Journal/WSJ] • Stephen S. Roach, Morgan Stanley's chief economist, will take his dour views on the American economy to Hong Kong as the bank's chairman of Asian operations. [NYT]

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Why Can't Bonus Season Last All Year?

FINANCE • It's never too early to start talking bonuses, and rumor has Goldman and Merrill paying out the most to first-year analysts. [Portfolio] • JPMorgan exec Timothy Ryan, Henry Paulson's personal choice for a top job at the Treasury Department, withdrew his nomination for unspecified "personal reasons." [DealBook/NYT] • If you run the numbers, the Yankees and the Mets are the two most valuable teams in Major League Baseball. And that's taking into consideration that the Yankees were the only team in the league last year to lose money. [Forbes]

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Another Duke Alum Joins Morgan Stanley

FINANCE • The former captain of the Duke lacrosse team was hired by Morgan Stanley's investment-banking analyst program. JP Morgan had hired David Evans and then rescinded the offer after Evans's indictment. [Deal Journal/WSJ] • Tudor Investment Corp. forms a political-action committee, another step toward political sophistication for hedge funds. [WSJ] • If you take a cab that's showing CNBC, you might just hitch a ride with Jim Cramer. [DealBreaker]

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Olbermann Is Everywhere

MEDIAKeith Olbermann will take a break from slamming the Bush administration to co-host NBC's Football Night in America on Sundays this fall. [Hollywood Reporter] • Tired of losing to Condé Nast at the National Magazine Awards, Hearst will honor its own at the Tower Awards tonight. [WWD] • Newspaper coverage of the Virginia Tech shootings looked downright bloglike. [E&P]

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My CEO Can Beat Up Your CEO

FINANCE • Lehman CEO Dick Fuld, nicknamed the "Gorilla" on the Street, didn't do so well when he picked a fight with another father at his son's hockey game. [Trader Daily via DealBreaker] • Paul Wolfowitz promotes his girlfriend at the World Bank, and his colleagues want him out. [CNNMoney] • The world's top earner in the financial sector: reclusive ex–Enron trader John Arnold, who netted almost $2 billion shorting natural gas. [The Guardian]

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Naked Law Student's Ex-Boyfriend Tries to Keep Low Profile

LAW • An ex-boyfriend of the nude-video Brooklyn Law chick appeared briefly in the video with her, and he hopes his employer doesn't find out. Talking to the press is a proven way of maintaining anonymity. [NYDN] • Oh, boy! It's omnibus-hearing day in the Aaron Charney case! We expect hot cross-motion action. [Above the Law] • Two loud and zealous attorneys, Michael S. Washor and Michael F. Vecchione, are out-shouting each other at a judicial corruption trial in Brooklyn. [NYT]

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Advertisers Flee Imus Fiasco

MEDIA • Advertisers ditch Imus faster than you can say "Rutgers basketball" — Proctor & Gamble is out, along with Staples and Bigelow Tea. Considering Imus's show generates 25 percent of revenue for WFAN, this isn't looking good. We'll see what happens when the Rutgers basketball team meets up with him. [WSJ] and [NYT] • SNL producer Lorne Michaels is frustrated with NBC's vigilante legal department for removing network material from YouTube. [NYO] • Newish Times editorial-page editor Andrew Rosenthal is embracing the Web in ways his predecessors have not. Anyone want a TimesSelect column? [NYO]

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Co-ed Naked Brooklyn Law Students

LAW • A third-year Brooklyn Law School student has been identified as a woman being spanked and holding gavels up to her breasts in the Playboy TV show Naked Happy Girls. [NYDN] • Was Aaron Charney just afflicted by Sullivan & Cromwell's general malaise? The firm ranked 60th on a satisfaction survey of midlevel associates in New York. [New York Law Journal via Above the Law] • Judicial paradox: New York Chief Justice Judith Kaye says she’s prepared to sue after Albany failed to deliver on judicial pay raises. [New York Law Journal]

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Bravo Makes Tim Gunn Work

FASHION • Tim Gunn will carry on for another season of Project Runway. Bravo executives can now breathe. [Downtown Darling] • Vogue's May issue spotlights the ten new top models, including Jessica Stam, Chanel Iman, Coco Rocha, and Agyness Deyn. [Fashionologie] • Henry Holland knockoffs continue to flood the market. The culprit this time: Urban Outfitters. [Fashionista]

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‘Times’ Gay Mafia Underground Even to its Members

MEDIA • Ben Brantley, identified by Out as part of the Times's "gay mafia," claims he didn't even know some other colleagues listed were gay. The first rule of the gay mafia … [WWD] • Ed Bradley wins a posthumous Peabody Award for his 60 Minutes pieces on the Duke rape case. [Peabody Awards] • Larry King wants to keep going for another ten years and then pass his show along to Ryan Seacrest. At which point it might actually get softer. [NYT]

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