New York Magazine’s daily coverage of Manhattan, Brooklyn, Queens, Staten Island, and the Bronx. Includes political news, cultural commentary, nightlife, gossip, media news, and more. ...
FINANCE • Two days before Bear Stearns collapsed, someone wagered $1.7 million that the company's shares would plummet. "That trade amounted to buying a lottery ticket," says one strategist. "Would you buy $1.7 million worth of lottery tickets just because you could? No. Neither would a hedge fund manager." [ Bloomberg ] • Treasury Secretary Hank Paulson agreed with President Bush's analysis that Wall Street was drunk and now it's got a hangover, saying there "absolutely" was "a lot of truth" to the statement. [ NYP ] • Poor Carl Icahn! The activist investor's hedge funds are down 6 percent, shares of Icahn Enterprises have dropped 50 percent, and he's not winning any boardroom battles: So far this year he's struggled with Yahoo and faced defeat with auto-parts maker Lear Corporation. He still has billions of dollars, though.[ NYP ] MEDIA • Ex- NYT reporter Sharon Waxman will start an entertainment news aggregation site called The Wrap. [ MarketWatch ] • The New York Times explains why it stayed away from the John Edwards affair story for so long, sort of. [ NYT ] • The FBI apologized to the New York Times and the Washington Post for botching the way it obtained phone recorders from the newspapers' reporters when the bureau was involved in a national-security investigation nearly four years ago. [ WP ] • Rolling Stone is shrinking its size, getting heavier paper stock and a perfect-bound spine, which should make stacking it in pi ...
Anytime
