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Walters Says Greenspan Always Gave Bad Advice

FINANCE • Alan Greenspan's old flame Barbara Walters complained the G-man never gave good advice, insisting back in the seventies that she avoid an apartment on Fifth Avenue because it was a "bad investment." [NYP] • Henry Kravis got a little egg on his face thanks to the collapse of the $8 billion Harman buyout. Steve Schwarzman gets bragging rights or an excuse to back out of his own impossibly huge deals. [Deal Journal/WSJ] • With computers taking over, the NYSE plans to cut the trading floor down by half from its historic high. The famous Main Room and "the Garage," opened in 1903 and 1922 respectively, will remain open. [NYT]

Goldman, Merrill Open Books, Loosen Collars

FINANCE • The SEC is investigating whether banks and brokerages are hiding subprime lending losses. Goldman and Merrill are the first to be scrutinized. [WSJ] • This is how bad the market is right now: Even music bloggers are worried about it. [DealBreaker] • KPS Capital Partners is ditching its MetLife Building penthouse for a two-story space on 66th and Lex that leaves room for expansion. [Deal Journal/WSJ]

Bear Stearns Execs Cashed Out Before Stock Dropped

FINANCE • James Cayne and three other top Bear Stearns execs cashed out $57 million in stock before the bank took a nose dive, pawning off $16 million in losses on regular investors. [TheStreet.com via DealBreaker] • With Ellyn McColgan's departure, Fidelity president Rodger Lawson has gone from new guy in town to likely successor. [Boston Globe via DealBook/NYT] • Blackstone raised $21.7 billion for its latest private-equity fund. Apparently drumming up the last $6 billion was pretty tough. Cue the violins! [Deal Journal/WSJ]

First You Save the Company, Then You Play Golf

FINANCE • Bear Stearns CEO Jim Cayne rewarded himself for firing the firm's second-in-command by playing his first round of golf in almost three weeks. [NYP] • Fidelity CEO Edward Johnson's uncertain succession plan claimed another victim as Ellyn McColgan, a longtime exec and onetime heir apparent, got fed up and stepped down. [NYT] • Were the threats against Goldman Sachs — "Hundreds will die. We are inside. You cannot stop us." — just a prank by three teenage kids? [Newsday]

At Bear Stearns, Watch Out for the New Guy

FINANCE • Bear Stearns seems to have great confidence in new president Alan Schwartz, even though Schwartz, an "old-line relationship banker," has no experience in the firm's embattled bond business. [NYT] • Bear Stearns' decision to liquidate their failed hedge funds in the Cayman Islands may help protect them from irate and litigious investors. [Bloomberg] • Banks working on the ABN Amro deal stand to make about $1.3 billion. Good news for Citi, Credit Suisse, and others. [Deal Journal/WSJ]

The Costly Return of JT LeRoy

MEDIA • A court ordered Laura Albert, a.k.a. JT LeRoy, to pay a film production company $350,000 for legal fees connected to her fraud case. [NYT] • The ABC News intern who posed nude for Playboy: Lace Rose Allenius. She works on the weekend edition of Good Morning America. [Mediabistro] • Manhattan Media, the owner of several weekly newspapers, bought New York Press and plans to merge it with Our Town Downtown, which covers lower Manhattan. [NYT]

Bad Days at ABC, NBC

MEDIA • Eric Wishnie, an NBC News producer who was fired in 2006 for substance-abuse problems, fell to his death from his West Village rooftop. [NYDN] • Good Morning America's Robin Roberts announced that she has breast cancer. [ABC News] • Condé Nast is expanding in India and expected to launch editions of Glamour, GQ, Condé Nast Traveler, Vanity Fair, and Wired. Vogue will launch in September. [FT]

Former Milberg Weiss Lawyer Was El Mirage's Landlord

LAW • Paul Young, a former partner at Milberg Weiss, owned the building that housed the El Mirage bathhouse and did nothing to curtail its activities. [Legal Pad/Fortune] • General counsels are on the up-and-up: Rosemary Berkery and Kenneth Frazier, the GCs at Merrill and Merck, both just got promotions to top leadership positions at their respective firms. [Law Blog/WSJ] • Some lawyers are salivating at their chance to put "hard-hitting" ads back on the air. [New York Law Journal]

End Is Nigh for Whole Foods Chief

FINANCE • Whole Foods CEO John Mackey has been asked to resign following the discovery of anonymous postings he authored on investment message boards. [NYP] • Leon Black, the secretive founder of Apollo Management, will be worth more than $3 billion when he sells part of the firm. [NYP] • Merrill Lynch CEO Stan O'Neal promoted one of his top aids, Rosemary Berkery, to the position of vice-chairman and general counsel, making her a likely successor. [MarketBeat/WSJ]

Steve Jobs Has Nothing on Armani

FASHION • Over the iPhone? Get the Armani phone this October. [Fashionista] • Need something to wear with that wrap dress? DVF is launching a shoe collection this fall. [British Vogue] • Thom Browne has put together a 25-piece womenswear collection available this fall at Barneys, Bergdorf, Jeffrey, and Colette. [WWD]

Does That Polo Pocket Look Like Levi's?

FASHION • Levi Strauss & Co. is suing Polo Ralph Lauren for supposedly copying the brand's trademark pocket stitching. [WWD via British Vogue] • Sass & Bide has canceled their New York Fashion Week show after one of the designers required further chemotherapy treatment for breast cancer. [Fashion Week Daily] • Women ages 40 to 55 get their own Izod line. [NYP]

So Who Will Run Viacom?

MEDIA • Sumner Redstone is feuding with his daughter, leaving the future of Viacom in doubt. [WSJ] • Forbes is putting its historic Greenwich Village building on the block. [NYP] • Countdown With Keith Olbermann referred to a Louisiana senator's wife as a ho. Imus again? [FishbowlNY/Mediabistro]

Mariane Pearl Sues Al Qaeda

MEDIA • Mariane Pearl filed a lawsuit in federal court against Al Qaeda and a major Pakistan bank to uncover more information about her husband's murder. [NYS] • The NFL passed a rule ordering press photographers to wear red vests with Canon and Reebok logos on them. [NPPA News via Mediabistro] • If Portfolio's second issue flops, editor-in-chief Joanne Lipman may be out of a job. [NYP]

Dow Jones, Mediabistro Play ‘Let's Make a Deal’

MEDIA • The Dow Jones board approved Murdoch's bid, but two of the four Bancrofts on the board refused to take part. The family is expected to meet Monday to begin deliberations. [NYT] • Jupitermedia bought Mediabistro.com for $23 million, causing critics to smell a tech bubble. [NYT] • The new issue of Portfolio will be out soon, and rumor has it that editor Joanne Lipman is ignoring Condé protocol by poaching other books' staff. [WWD]

Who Will Catch the ‘Redbook’ Traitor?

MEDIA • Will the $10,000 that Jezebel paid for an unretouched Redbook cover be enough to feed the sure-to-be-fired leaker? [WWD] • Houghton Mifflin will acquire Harcourt from rival Reed Elsevier for $4 billion. [NYT] • Rolling Stone publisher Tim Castelli has left the magazine to be New York sales director for Google. [Ad Age]

CEO Accused of Golf Manipulation

FINANCE • Hollywood Country Club is looking into allegations of score altering in a July 4 golf tournament by Bear Stearns CEO Jim Cayne. [CNBC] • The SEC began an investigation into Whole Foods CEO John Mackey's anonymous online postings. [DealBook/NYT] • Morgan Stanley's John Mack is hosting a fund-raiser for Hillary Clinton today. He supported George W. Bush in 2004. [Financial Times]

Couric Will Stay at CBS

MEDIA • CBS News president Sean McManus denied that Katie Couric will leave CBS Evening News before the end of her five-year contract. [AP via Fox News] • CNBC and the Financial Times plan to join forces and share content in case Rupert Murdoch's Dow Jones bid goes through. [WSJ] • TV Guide is moving into The New Yorker's old offices on West 43rd Street. [NYP]

Did You Hear the One About the iPhone Nano?

FINANCE • A JP Morgan analyst got canned for writing a report about a fictional Apple product, the iPhone Nano. [Apple 2.0 via DealBreaker] • Using the screen name Rahodeb, Whole Foods CEO John Mackey posted on Yahoo Finance bulletin boards to bash competitor Wild Oats. [Deal Journal/WSJ] • The SEC tries to reclaim authority over hedge funds by writing rules allowing the agency to sue for misleading investors. [Bloomberg]