Michael Mukasey: Republican of the New York Variety
MEDIA • Incoming Time Warner CEO Jeffrey Bewkes may well spin off the company's huge cable unit, but a sale of Time Inc. looks unlikely since the small potential proceeds (and big tax penalty) would little benefit a company of Time Warner's size. [NYT] • Times editorial-page editor Andy Rosenthal calls all executive editors, including Bill Keller and his own father, crazy. Sweet. [Radar] • Rupert Murdoch is confirming to all his friends he plans to bring in Times of London editor Robert Thomson to become the Journal's publisher as part of an "Aussie invasion" in the first few months of next year. [Guardian via Media Mob/NYO]
FINANCE • Buffett to the rescue: The Oracle of Omaha may take a 20 percent stake in crisis-ridden Bear Stearns. If the deal goes through, Bear CEO Jim Cayne will have another new bridge partner to brag about. [NYT] • Goldman Sachs named Edward Forst as co-head of investment management, a troubled group with a mere $796 billion in assets. Forst takes the place of Eric Schwartz, who's retiring after 23 years with the bank. [NYP] • "The tears of Chuck Norris would supply enough liquidity to solve the credit crisis. Too bad he never cries." [Bloomberg]
LAW • Highly paid associates are wasting lots of time on Facebook, to the tune of $50 million a year in hours the little bastards should be billing. [NYO] • Cadwalader's bracing for a double whammy: While trying to deal with the massive slowdown in its core mortgage practice area, the firm's also facing a $70 million legal malpractice suit for mortgage warrantees from the late nineties. [Law.com] • Michael Mukasey, attorney-general nominee and New York homeboy, is facing complaints that he used a U.S. marshal to take out the trash, and we don't mean that figuratively. [AP via Law.com]
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