BailoutmaniaSo. The Big Bailout. The Rescue. The Emergency Economic Stabilization Act of 2008. (That’s what we are calling it now you know). It’s been not even three weeks since we first heard of this thing, and we have all aged years. So much has happened!
Bailout Not So Popular on the HillSenators from both parties responded with a range of emotions at the hearing today, from grudgingly cooperative to Paul Revere–style riding-and-yelling levels of alarm.
Katie Couric: ‘America Is Giving Me the Hillary Clinton Treatment’The CBS anchor identifies with the former presidential candidate. Plus, why it’s not looking good for Wall Street bonuses, or the doorman who won $5 million on a scratch ticket a couple of months ago, and more, in our daily rundown of New York media, finance, real-estate, and law news.
Bankers to Paulson: You’re Kidding, Right? (Updated)Wall Streeters hope that Treasury Secretary Henry Paulson’s plan for overhauling the U.S. financial system is an April Fools’ joke, Goldman head Lloyd Blankfein buys his maid a nice apartment, and someone has a birthday in our roundup of finance, law, media, and real-estate news.
About.com Chief Steps Down As New ‘Times’ Investors Eye Internet AssetsFINANCE
• Scott B. Meyer, the chief of About.com, said yesterday that he would step down next week, on the heels of news that Scott Galloway and his merry band of vagilantes were going to try to pressure its parent company, the New York Times, to change the way they handle internet operations. [NYT]
• Two former Wall Streeters take responsibility for insider trading. [WSJ]
Karl Rove to Finally Profit From Professional Secret-KeepingMEDIA
• Here come the NBC News pay cuts: Jeff Zucker plans to slash anywhere between $20 and $40 million, including an entire level of MSNBC management. And thanks to the writers’ strike and fears of recession, future cuts may only get worse. [NYP]
• Karl Rove may be offered $3 million for a memoir, in which we may find out how much he got in exchange for his soul. [NYP]
• At least one person thinks the press did a heckuva job in reporting the lead-up to the Iraq war — former top White House communications adviser Dan Bartlett. [NYO]
Who’s the Real Heir to Sandy Weill?FINANCE
• Citigroup’s Chuck Prince and Chase’s Jamie Dimon are battling it out to see who’s the real heir to Sandy Weill. With Citi crashing and Chase eking out a gain despite the credit crunch, it looks like Dimon, long prodigal, may be the true son. [Deal Journal/WSJ]
• Treasury Secretary Henry Paulson warned that we may see as many as one million home foreclosures before the end of the year. [NYT]
• Want to be a hedger and a do-gooder, work a trading floor and enjoy the peace of mind of a nonprofit? Join the World Bank like former Goldman exec Robert Zoellick, and you can manage $55 billion in assets. [NYT]
Air America Host Randi Rhodes Mugged?MEDIA
• Air America talk-show host Randi Rhodes was assaulted on Park Avenue last night while walking her dog? [Gawker]
• Jack Shafer investigates the billionaires behind ProPublica, the newly established New York–based investigative-journalism nonprofit led by former Journal managing editor Paul Steiger. Surprise, they’re big Democratic donors. [Slate]
• Howard Kurtz took the nonstop promotion of his gossipy new book to its logical conclusion, interviewing himself on his own CNN show. [HuffPo]