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Warren Buffett

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Falling Glass a Metaphor for Bank of America's Finances?

FINANCE • The debris falling off the new Bank of America tower at 42nd Street may have been metaphoric. The firm just reported steep losses, and their wannabe investment-banking unit, set to anchor the new tower, performed the worst. [MarketBeat/WSJ, Deal Journal/WSJ] • Congrats, James Cayne — nobody wants anything to do with Bear Stearns. Contrary to reports, both Warren Buffett and China's Citic Bank denied any interest in the bank. [DealBook/NYT] • Today's the real anniversary of the 1987 stock-market crash, but at least one veteran thinks parallels to the present are overblown. "The market is just like generals — everyone prepares for the last war." [MarketBeat/WSJ]

Oracle of Omaha Screws With Everyone's Head

FINANCE • Buffett to the rescue: The Oracle of Omaha may take a 20 percent stake in crisis-ridden Bear Stearns. If the deal goes through, Bear CEO Jim Cayne will have another new bridge partner to brag about. [NYT] • Goldman Sachs named Edward Forst as co-head of investment management, a troubled group with a mere $796 billion in assets. Forst takes the place of Eric Schwartz, who's retiring after 23 years with the bank. [NYP] • "The tears of Chuck Norris would supply enough liquidity to solve the credit crisis. Too bad he never cries." [Bloomberg]

Someone Get This Lawyer a Monkey!

LAW • Did David Souter really weep when the Supreme Court handed down Bush v. Gore? Or is Jeffrey Toobin nothing but a big bad liar? [Above the Law] • Big Law partner to summer associate: "Now the reason I'm giving this project to you, and not my secretary, or say, a monkey, is my secretary is busy doing much more important things, and I don't have a monkey." [Urban Agora via Above the Law] • Jack Bauer, law professor? Georgetown plans to offer a course in The Law of 24. [Above the Law]

Warren Buffett Tries to Save Us All, Except Kate Moss, Who is Doomed

FINANCE • The credit crunch may take down high-flying real-estate baron Harry Macklowe, who bought $7 billion worth of midtown office space with a mere $50 million of his own money. Here's a tip — when journalists start calling you "high-flying," you know you're in for a fall. [NYT] • The man behind the biggest fund in New York may be state comptroller Thomas DiNapoli, the sole trustee for the $154 billion state pension plan. Most states use a multi-trustee board, and some are complaining that DiNapoli has too much power. [NYT] • Warren Buffett, looking to cash in on the credit crunch, may buy failing Countrywide. Meanwhile, you still can't buy an apartment. [DealBook/NYT]

The Soho Grand Is a Wonderland

Rumors of the demise of the John Mayer–Jessica Simpson relationship may be greatly exaggerated; the two spent Sunday night together at the Soho Grand. (Mayer is also still doing the stand-up comedy thing). Today show correspondent Jill Rappaport owns eighteen acres in the Hamptons. Johnny Damon hung out till 4:30 a.m. on Sunday morning, but he still hit a two-run double later in the day. Ivanka Trump and Zach Braff exchanged numbers. (Uh-oh. Does Jared Kushner know about this?) Warren Buffett, David Remnick, John Kerry, Ted Turner, and Jann Wenner, among others (ahem), were all rejected from Harvard. After asking for $5.5 million, Stone Phillips sold his penthouse on West 72nd Street for $4.35 million. Times managing editor Jill Abramson is suing the truck driver who ran over her foot.

RIP, Isabella

The death of Isabella Blow by either cancer or suicide dominated conversation at the Costume Institute Gala last night. (We've got a Costume Institute slideshow and a tribute to Blow by Harriet Mays Powell and Amy Larocca.) Tom Brokaw won't return to the anchor's seat at NBC News despite the network's slip in the ratings. While out shopping, Owen Wilson and Kate Hudson had difficulty getting into Tom Ford's new store. The widow of Dr. Robert Atkins is embroiled in a legal battle for her late husband's $100 million trust. Rosie O'Donnell is angling for the host slot on The Price Is Right. Amy Poehler and Will Arnett upgraded their West Village digs. Dan Abrams broke some cuff links, so he had to use dental floss to fasten plastic clips on his shirt. Like every other actor in New York, Cynthia Nixon will appear on an episode of Law & Order.

Tyra's Audience Yearns for ‘Oprah’ Tickets

FASHION • Tyra makes audience wear swimsuits and flaunt their weight. No car giveaways here. [Fashionista] • Jeweler Raymond Weil's breach-of-contract suit against Charlize Theron (he says she wore Dior) moves to federal court. [British Vogue] • Ralph Lauren and Johann Rupert join up for a new luxury watch and jewelry line. [WWD]