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Roger Ailes

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Fox News Sicced Bill O'Reilly on NBC's Punk Ass

Thin-skinned media bigwigs trade insults, Microsoft and Yahoo continue to make eyes at each other across the boardroom table, and a mysterious, rich felon moves into the Plaza … all in today's roundup of media, finance, law and real-estate news.

Steve Schwarzman Takes the Fun Out of Buybacks

FINANCE • Steve Schwarzman found yet another way to stiff his investors, using the GSO deal as an elaborate cover to buyback shares of Blackstone without the typical benefit a buyback program gives to other shareholders. No wonder the Chinese, who have lost $1 billion on Blackstone, hate him. [DealBook/NYT] • Bank of America bought Countrywide Financial, the huge mortgage company teetering at the edge of bankruptcy, for $4 billion in stock. Some observers worry the deal will take the bank down, but considering Countrywide was worth $30 billion before the mortgage meltdown, it may yet make B of A CEO Ken Lewis a king. [Deal Journal/WSJ] • Merrill Lynch will likely take a $15 billion write-down next week, far in excess of the $12 billion some already bearish analysts had predicted. John Thain is looking to rescue the bank with still more foreign investment capital, but with the Senate getting anxious, that stream dry up. [NYT, NYP]