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LAW • Jane Fonda's vocabulary malfunction on NBC's Today show last week might influence the legal battle between CBS and the FCC over Janet Jackson's wardrobe malfunction in her 2004 Super Bowl halftime appearance. [Legal Intelligencer] • New York City criminal-defense lawyer Jeffrey Schwartz receives support for representing the accused murderer of a 7-year-old girl. [NYT] • Are television shows the reason lawyers get a bad rap? [Law.com]
FINANCE • William A. Ackman of Pershing Hedge Funds got everyone freaking out about bond insurers by issuing a report yesterday afternoon predicting that MBIA and the Ambac Financial Group might just lose $24 billion on mortgage investments. “Here comes Ackman at the 11th hour upsetting the apple cart,” Douglas M. Peta, chief market strategist at J.& W. Seligman & Company, told the Times. “I don’t think anybody has really thought it all through, but we all understand the implications of real trouble in the bond insurers could be far reaching.” [NYT] Related! MBIA announced a $3.5 billion write-down this morning. [CNN] • Wharton is still the number-one place in the universe to pick up an MBA. [FT] • Following in the steps of other CEOs with giant mortgage-related losses, Merrill won't give its top brass any bonuses. But they will give them stock options "to promote the continuity of the management team as they continue to navigate through challenging market conditions in 2008." That's one way to hang on to staff. [Reuters]
FASHION • The Gucci family is up in arms over Ridley Scott’s biopic. They fear he’ll focus on the family scandals. You know, instead of making a movie about all the boring stuff. [British Vogue] • Helmut Lang is opening a pop-up shop in the meatpacking district. Just what we need, another fabulous place to spend our money while we are drunk. [Fashion Informer] • Kaiser Karl rocked the U.K. with a Chanel fashion show. [WWD]
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