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Hedge Funds Open to Petty Commoners

FINANCE • Steve Schwarzman's company may be public, but the Blackstone head retreated and declined to ring the opening bell at the NYSE this morning. [NYP] • The Supreme Court made it harder for investors to sue companies and executives for suspected fraud. [NYT] • The Wharton School hired a marketing guy as its next dean. Rich alums, hold on to your wallets. [DealBook/NYT]

GE Wants In on the Dow Jones Action

MEDIA • GE and Pearson, the parents of NBC and the Financial Times, are considering a rival bid for Dow Jones. [NYT] • Quadrangle Group bought Dennis Publishing for $240 million and is courting editorial talent. [WWD] • Demand for ad space pushes Page Six up to three pages. [NYT]

Charney’s Lawyers Toss Around Casual Nazi References

LAW • One of Aaron Charney's lawyers accuses Sullivan & Cromwell of having "adopted Dr. Mengele's techniques to torture the facts and law of this case." [Above the Law] • More than twenty lawyers filed an objection against the $125-apiece BAR/BRI settlement. [National Law Journal] • Summer associates at Pillsbury Winthrop practiced researching things in books this week. Next week: writing briefs by hand. [Law Blog/WSJ]

The Hatfields and McCoys of East Hampton

FINANCE • Squabbling neighbors Jim Chanos of Kynikos Associates and Marc Spilker of Goldman Sachs are providing this summer's drama in East Hampton. [Portfolio] • HBO is planning a new series about hedge-fund managers. Sounds more Entourage than Sopranos. [DealBreaker] • Australia leads in the world in paid time off, while the United States bests only Vietnam. [CNNMoney]

When $160,000 Isn't Enough

LAW • With the rest of the country matching the $160,000 mark, do New York's first-years deserve another raise? [National Law Journal] • Some lucky law students win the lottery to take the New York Bar on a laptop. But most are stuck writing longhand. [Above the Law] • Disgusted Yale Law students have sued the director of AutoAdmit.com for unflattering message-board postings about them. [Law Blog/WSJ]

You Know, For Kids

MEDIASeventeen will introduce an online game for teen girls called "Editor's Assistant." Well-heeled parents not required for play. [WWD] • Daniel Menaker, the editor who signed Ben Kunkel and Gary Shteyngart, will step down as executive editor-in-chief at Random House. [NYT] • First they came for the book reviewers. Now it's the classical music critics. [NYT]

Shamed Analyst Sues Fox Over ‘Borat’

FINANCE • A former JPMorgan analyst is suing Twentieth Century Fox for Borat-related "public ridicule, degradation, and humiliation." [DealBreaker] • Wachtell, Lipton sent around a memo to clients explaining a tax loophole that makes CFO salaries over $1 million tax deductible. Thus was the first rule of the tax-loophole club broken. [DealBook/NYT] • In a study of hours worked in developed nations, the U.S. only ranks sixth. Somehow, we got beat by Australia and New Zealand. [CNNMoney]

Another Buyer Interested in Dow Jones

MEDIA • Brian Tierney, the ad executive who bought the Philadelphia Inquirer, is interested in bidding on Dow Jones. [DealBook/NYT] • Women's Wear Daily is the latest paper to sell ads on its front page; the crass commercialism doesn't seem to bother anyone these days. [NYT] • The Newspaper Guild of New York (representing Time, Fortune, Fortune Small Business, Money, People, and Sports Illustrated) accuses Time Inc. of bargaining in bad faith. [Romenesko]

H&M: The Game

FASHION • When shopping at H&M isn't stimulating enough, play The Sims 2: H&M Fashion Runway. [Pro-G] • The Olsens do menswear. [Fashionista] • Ralph Lauren claims American fashion is just starting. [British Vogue]

Wall Street Suffering Butler Shortage

FINANCE • The Dutch-based International Butler Academy may open a New York training center to supply hedge-fund managers with personal valets. [NYP] • A Cerberus managing director admits the firm has a horrible name but says it's too late to change it. [NYT] • Activist fund managers are known on the Street to be bullies. But who's the meanest of them all? Vote now. [DealBreaker]

If You've Been Injured by a Man With Tuberculosis …

LAW • So the guy with the dangerous strain of tuberculosis (now quarantined in Colorado) is, naturally, a personal-injury lawyer. [Law Blog/WSJ] • An in-house lawyer at G.E. sued the company for gender discrimination but worries she won't find many plaintiffs to join her in a class action. [NYT] • Though William Lerach was never indicted as part of the Millberg Weiss kickback case, he is considering leaving his own securities firm. [NYT]

There's Nothing Uglier Than New Money

FINANCE • Which New York hedge fund makes its employees' spouses sign "postnup" agreements to protect assets? [FT via MSNBC] • Losses at Goldman's Global Alpha Fund mean smaller checks for employees. Will they leave the firm for a healthier, wealthier fund? [NYP] • Summer interns at Credit Suisse have an important role to play: standing in line at Shake Shack. [DealBreaker]

At Reed Smith, the Summers Make More Than the Staff

LAW • Reed Smith's summer associates are currently making more than the firm's first-years. The indecency of it all! [Above the Law] • Ann T. Pfau was named chief administrative judge of New York's court system, the first woman to hold the post. [New York Law Journal] • In addition to pay raises, Big Law has to offer associates some new perks like 401(k) plans, bonuses, and concierge services to retain them. [National Law Journal]

Private-Equity End-Time Is Near!

FINANCE • The big private-equity guns are sounding warning shots of a bubble. Henry Kravis and David Rubenstein believe the good days are waning. [WSJ] • Despite the bullish market, Goldman Sachs initiated a "pause" in hiring. Is an industry-wide freeze likely to follow? [Breaking Views via DealBreaker] • Wall Street firms are having trouble keeping analysts because the work is boring and the pay better elsewhere. [NYS]

Merrill Lynch Better Get Over That Case of the Mondays

FINANCE • Good-bye, long weekends at the Hamptons. Merrill Lynch employees now have just three sick days a year, down from an unimaginable 40. [DealBook/NYT] • At Renaissance Technologies, no traders and analysts need apply. The hedge fund hires only physicists, mathematicians, astronomers, and computer scientists. [Reuters via Deal Breaker] • Some notable Wall Street wives (Mrs. Leon Black, Mrs. Steven Roth, and Mrs. Carter McClelland, to name a few) backed the recent flop Coram Boy, the most expensive play ever staged on Broadway. [DealJournal/WSJ]

Hedge-Fund Managers Have Ostentatious Hobbies

FINANCE • Young hedge-fund managers play in cover bands but instead of sticking to local bar gigs, they fly to London and rock out there. [BBC via DealBreaker] • The only humans left on the NYSE trading floor are tourists. [NYP] • Bank of America is sued for racial discrimination after five black current and former employees claimed that white employees get all the lucrative clients. [NYT]

Former Goldman Sachs Head Scoffs at Street Salaries

FINANCE • John Whitehead, the former chief of Goldman Sachs, blasted the firm for leading Wall Street's "outrageous increase" in salaries. [Bloomberg] • John Edwards earned a paltry $480,000 while studying poverty at Fortress. [DealBook/NYT] • Should the SEC investigate claims of stock manipulation at Apple? The company shares were down 3 percent yesterday after the tech blog Endgadget published a false tip reporting product delays for the iPhone and a new Mac operating system. [DealBreaker]