Fashion’s Favorite Twink to Head UngaroFrench design-house Emanuel Ungaro is expected to announce today that they’ve appointed New York design whiz kid Esteban Cortazar as womenswear chief. The choice of Cortazar, who says he’s 23 years old, is sure to surprise many in the fashion world because of his relative inexperience (though he’s been showing in New York since he was 18) and the fact that he’s been taking a break from fashion lately. He didn’t show last season, and you’re more likely to see him posing for pictures on the red carpet than one of his designs. (Or see him on Top Chef!) “Ungaro chief executive officer Mounir Moufarrige has a knack for making surprising designer choices,” reports WWD. “As president of Chloé, he picked the then 25-year-old Stella McCartney to succeed Karl Lagerfeld in 1997.” Ugh: young, cute, talented, and given opportunities beyond his years? We’re so resentful. He didn’t even have to date Harvey Weinstein!
Ungaro Taps Cortazar [WWD]
Alan Greenspan: ‘Not My Fault’FINANCE
• Alan Greenspan says don’t blame him for the credit crisis. He may not have understood the dangers until recently, but the former Fed chief claims there’s nothing he could have done. [NYP]
• Who needs Wall Street 2 when Gordon Gekko is already back in the guise of Steve Schwarzman? The Blackstone founder just bought a big stake in a firm called BlueStar, the same name as the central company in the original Wall Street. [DealBook/NYT]
• Big surprise: Funds that invest in Vice typically do far better than those that insist on Virtue. [NYT]