HarperCollins is laying off staffers, the Toronto 'Metro' is written by interns, and approximately 41,000 media jobs have been slashed since the start of the recession. But things are looking up in France!
At a NYU Media Talk last night focusing on "Publishing and the Election," Newsweek’s Jonathan Alter called Thomas Payne “the original blogger.” We bet he didn't have to deal with unending pajama jokes!
• JPMorgan Chase will probably move its investment-banking unit to Bear Stearns' smokin'-hot headquarters on Madison Avenue. The building is valued at $1.2 billion, which is just one-fourth of quadruple the price JPMorgan paid for the firm itself. [NYP]
• JPMorgan Chase's valuation of Bear Stearns shows that financial institutions are significantly overvalued. Speaking of which, many employees had their life savings wiped out. [NYP, WSJ]
• Meanwhile Goldman Sachs' earnings are down but beat analysts' expectations. [DealBook/NYT]
Articles about some well-heeled journalist's quest for eating/drinking/smoking/owning the “best ever” usually leave us pretty cold, but Mike Steinberger’s Slate essay about trying to drink the legendary 1947 Cheval Blanc might be one of the most enjoyable wine tales we’ve ever read. The best part of the piece isn’t about the wine itself, a freak Bordeaux that somehow has only gotten better over 61 years or even that [SPOILER WARNING!] Steinberger gets to drink it (“The '47 Cheval I drank that night now ranks as the greatest wine of my life, a title I doubt it will relinquish”). Reading the essay, you actually get some feeling for what the wine is like and how it’s possible for a vintage Bordeaux to be accurately likened to Forrest Gump. A great read.
The Greatest Wine on the Planet [Slate]