company town
Kate Middleton Quits Fashion — Soon to Be Engaged?
FASHION
• Princely girlfriend Kate Middleton quit her job at fashion chain Jigsaw, sparking rumors of an imminent engagement! [British Vogue]
• Daria Werbowy is doing a line of makeup for Lancôme that benefits a Brazilian children’s charity. Hot and philanthropic? Sigh. [Fashionista]
• Surprise, surprise: This holiday shopping season is gonna suck for retailers. [NYT]
FINANCE
• Thanks to his timely "resignation," Chuck Prince will take home $30 million in stock and option awards when he leaves. Stan O'Neal still has bragging rights — he took home $161.5 million. [NYP]
• How did Citi get caught so off guard? Gary Crittenden, the bank's recently appointed CFO, hadn't even mentioned the possible losses just two weeks earlier in a call with analysts because the bank's securities portfolio was considered so low risk it wasn't even worth mentioning — until those same securities suddenly lost billions. Yet Crittenden still has his job. [WSJ]
• John Mack won't be leaving Morgan Stanley any time soon, despite a $3.7 billion loss, but he's already picked out Zoe Cruz as his leading successor. Which looks like stunning foresight now, since the rest of the top-level talent pool on the Street has pretty much dried up. [NYT, NYT]
MEDIA
• Tim Russert said he'd go on Imus's new show if NBC doesn't object. Because, you know, he's from Buffalo. [TVBarn via Romenesko]
• Jann Wenner isn't so sure he'd make a good employee and admits that he's "happy to work for someone smarter than me
" Oh wait, "now I'm going to get myself into trouble." It's okay, Jann. We already know you think you're smarter than everyone else. [WWD]
• Will the studios turn to U.K. writers to break the strike? The Brits are so hush-hush you can't tell whether they're trying to protect their fellow writers — or planning to go scab. [Variety]
LAW
• Big-law associates may be happier than ever with their recent pay raises and special bonuses, but a new study shows loyalty is at an all-time low. [ABA Journal via Above the Law]
• Merck finally settled its long-running Vioxx litigation for $4.85 billion. The company already paid its own lawyers $1.2 billion trying to fend off the suits, and another $2 billion of the settlement will go to plaintiffs' firms. So basically everyone's happy except Merck and the heart-attack victims. [Law Blog/WSJ]
• Are New York D.A.'s failing to meet their constitutional obligations? A new suit by the New York Civil Liberties Union claims twenty indigent defendants were effectively denied counsel. [NYT]