Plus: Who will James Blunt annoy next?

FINANCE • The struggle to find a successor at Merrill and Citi demonstrates another big flaw in the current culture of Wall Street: Do-or-die standards, and growing demands on public executives, have left firms with no succession plan and few capable of stepping in to take over. Both firms have been forced to turn outside for help: Laurence Fink, the CEO of BlackRock, has been approached about O'Neal's old job, while Robert Willumstad and John Thain are in the lead to take Prince's place. [WSJ] • Why did Chuck Prince and Stan O'Neal fail? They took Gordon Gecko's favorite maxim—"I create nothing, I own"—a little too seriously, and forgot the other part of banking is to sell, sell, sell. [NYT] • Andrew Ross Sorkin dons his Miss Manners cap to explain the rules of corporate courting—and why Stan O'Neal's worrywart parents, the Merrill Lynch board, were only looking for an excuse when they grounded him for asking Wachovia to "merge." [NYT]

Judith Regan has secret tapes that may help her $20 million lawsuit against Rupert Murdoch. The Land Rovers and helicopters used to launch a new Ralph Lauren cologne may have disturbed a community of East Hampton piping plovers. Cindy Adams, who has a vendetta against Larry David because he dissed her once, claims that Laurie had been stepping out on him for quite some time (and that he's being set up with Ellen Barkin). Olivia Newton-John really liked Xanadu. OK! dropped $400,000 on sex pics of Nick Lachey and Vanessa Minnillo, but the mag won't publish them. Claire Danes may have landed the lead in the Pygmalion revival because the director directed her boyfriend in Journey's End. Annie Leibowitz angered the Queen of England by asking her to remove her crown during a photo shoot.