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Citigroup Posts $2.5 Billion Loss

A lot of big news at the banks today — but there's also crazy stuff going down with Jeff Zucker, Dan Rather, Brooke Astor (from beyond!), and Barack Obama, in our daily industry roundup.

Jamie Dimon: ‘Many’ of Bear's 14,000 Employees Will Lose Jobs

Did Bear Stearns collapse in part because of a whisper campaign? How will Starbucks keep its customers if everyone starts pinching pennies? And what did Sarah Jessica Parker think of Maxim naming her the "unsexiest woman alive"? Our weekly roundup of law, media, and business news.

Encounter David Chang in This Week's ‘New Yorker’

Late in Larissa MacFarquhar’s profile of David Chang, the Momofuku man makes a confession: “I’m slowly realizing that I’m a highly complex individual,” he says. It’s not an insight likely to surprise readers of the piece, which will appear in The New Yorker this week. Chang comes across as brilliant, inspired, and high-strung to the point of actually giving himself shingles, a diagnosis made by a doctor after the chef literally incapacitated himself with worry and anxiety. But if you want to get a sense of how intense Chang really is, just read the passage where he reads the riot act to a group of hapless Noodle Bar cooks, who had committed offenses ranging from using tongs on the family-meal chicken (a Chang bête noire) to cutting up the fish cakes for the ramen carelessly.

Bagel Claim Laid Bare?

When we read in The New Yorker last week of a Long Island man who claimed to have invented the everything bagel 30 years ago in Howard Beach, one line stood out: “So far, no one has contested Gussin’s claim, setting his invention apart from the radio (Marconi vs. Tesla) and calculus (Leibniz vs. Newton). ” A droll enough observation, but one we suspected wouldn't last long in a city filled with boastful, self-promoting bagel mavens. And sure enough, Serious Eats reports that marketer Seth Godin has already contested the claim. But are we really to believe that the world waited until 1977 for the invention of the everything bagel? Somebody's zayde in Warsaw is going to be getting a phone call soon. Who Really Fathered the Everything Bagel? [Serious Eats]