World Reels After Bear Stearns Is Sold For Pocket Change“This is like waking up in summer with snow on the ground,” Ron Geffner, a former SEC lawyer, told the Times of the news that last night JPMorgan, aided by the Federal Reserve Bank, bought Bear Stearns at a shocking 93 percent discount on Bear’s Friday closing price: $2 a share, or $236 million. Including the Madison Avenue headquarters, a property valued at least $1.2 billion. It was a nice present for JPMorgan CEO Jamie Dimon, who celebrated his 52nd birthday on Thursday, but not so much for the world economy: Although the last-minute buyout was supposed to stem the credit crisis and, as the Fed said yesterday, “bolster market liquidity and promote orderly market functioning,” it seems to have done precisely the opposite. Markets in Europe and Asia tanked overnight, the dollar plunged, and trading on Wall Street is hobbled by fears of a domino effect. Today’s economic conditions are “the most wrenching since the end of the second World War,” Alan Greenspan told CNN. Fortunately, it’s Saint Patrick’s Day, so even though there’s no green circulating in the market, there is green beer. Drink up, folks. It’s going to be a long, depressing ride.
JP Morgan Pays $2 a Share For Bear Stearns [NYT]
A Deal For Bear Stearns [WSJ]
Press Release [Federal Reserve]
in other news
Chace Crawford: Founder of the Forelock Movement?Remember when we wondered aloud whether the Times was trying to imply that there is something less than masculine about Gossip Girl star Chace Crawford Nate Archibald? Well, apparently he heard us, because when he went out on the town to do a similar article with Canada’s National Post, he was careful to choose a bottle of Steam Whistle, a local brew. “This is a great beer,” he told reporter Shinan Govani, who dutifully OMG-ed. “I love Canada.” Naaaaate, don’t change who you are because of the pressures of the media! We love you just the way you are, you shrimp-and-avocado-salad eater, you. In fact, one of the things we love about you is your wispy haircut. Unlike Zac Efron’s well-conditioned, floppy version, Nate’s bangs have a dried-out, Aquanetted look that surely doesn’t require obnoxious, ponylike head flicks to handle. Govani agrees with us, declaring in the National Post story that Crawford is the icon of the latest male-bangs movement. He says that he’s given masculine dudes everywhere the confidence to get new, more fashion-forward dos. Now that’s more like it. Let’s all get behind Nate’s heterosexuality, huh? Govani even has a new nickname for Nate: Mr. Man-Bangs! Hey, wait
Meet Mr. Man-Bangs [National Post]
Earlier: Chace Crawford Sips Merlot, Is Reluctant to Meet Kate Hudson
video look book
Dress Your Dog in an ‘Urban-Hipster Blend’Sylyse Rivera touts his “urban-hipster blend” in this week’s Video Look Book. The pierced hairstylist is now turning his stylish eye to his three-month-old puppy, Asia. “I’m getting her into fashion, too,” Rivera says, though she can’t fit into the Timberlands he loves so much.
Sylese Rivera [Video Look Book]
video look book
When Hairstyles Are a Joke
The Video Look Book went to Union Square this week and found AV librarian Aliisa Lahti sporting a brand-new T-shirt. Her haircut “kind of just happened,” Lahti says, and then she started to grow the rat tail as a joke. “Lots of times people assume that I’m a lesbian or that I’m some crazy punk kid,” she says. “Neither of those things are true.”
Aliisa Lahti [Video Look Book]
in other news
We Remain in Awe of John F. Burns
We’ve said it before, and we’ll say it again. Our favorite thing about swashbuckling Times foreign correspondent John F. Burns is neither his countless tours in Baghdad for the Times nor the difficult and exemplary work he’s done elsewhere around the world through three decades at the paper. No, our favorite thing about John F. Burns, as we were freshly reminded by the video offered throughout the weekend on the Times homepage, is his hair. His awesome, awesome hair. Behold.
The Battle for Baghdad [NYT]
Sundance Report: ‘Angel-A’ Actress Goes to Park City, Turns on New York
Rie Rasmussen, the 31-year-old Danish model, artist, filmmaker, and actress, calls New York home these days, but she’s in Park City this week with Angel-A, the Luc Besson film in which she stars. The story of a Parisian lowlife whose attempted suicide is thwarted by mysterious blonde, played by Rasmussen, Angel-A drew a young and enthusiastic crowd — mostly twentysomething guys — to the Library Center Theatre Tuesday night. After the screening, Besson, creator of fan favorites Nikita and The Professional, entered to cheers; the cheers turned to hoots and whistles when Rasmussen sprinted down the aisle to join him onstage. But the next day, just before last night’s screening, Rasmussen wasn’t exactly returning the love.
Snipping Toward the Finish Line
Alan Tosler is well known as a hairstylist to New York’s art stars at his Tosler Davis salon (one of New York’s Best of 2005). Turns out, though, that he can handle not just his scissors but also his corners. Earlier this month, Tosler, in his 1964 MGB, won Virginia Raceway’s Governor’s Cup, a major race in the Sportscar Vintage circuit. “It’s the polar opposite of what I do,” says Tosler, whose clients include Imitation of Christ designer Tara Subkoff and photographer Jessica Craig-Martin. “The other drivers say to me, ‘You don’t look like a hairdresser!’ I think they mean that I don’t look gay,” he says. (He’s straight. Married with two children.) Tosler’s racing schedule doesn’t faze the creatives he clips. “The last time I went in, he wasn’t there because he was in a race,” says Art Production Fund co-founder Yvonne Force, a three-year Toslerite. “But I love that. It’s an odd yet interesting part of him that I definitely appreciate — a dangerous and passionate obsession.” Tosler himself is less dramatic about it. “I feel macho when I race, and then I go back and snip artists’ hair,” he says. Not that we’re suggesting there’s anything unmacho about that.
— Emma Rosenblum