Dan Och's Och-Ziff reported a net loss during the second quarter; the stock has been cut in half since its IPO last year. [Reuters, NYP]
Steve Schwarzman's Blackstone Group reported a steep drop in second-quarter earnings. [Dealbook]
John Paulson, the highest-paid hedge fund manager during 2007, had a rough July. [NYP]
Morgan Stanley will provide the Treasury with advice on the future of Fannie Mae and Freddie Mac. In the meantime, Freddie posted an $800 million loss during the second quarter. [NYT, WSJ]
Citigroup is in negotiations to settle allegations of wrongdoing in the auction-rate-securities market by paying a fine as well as buying back several billion of illiquid securities. [WSJ]
Commercial rental rates took a nose dive during the second quarter. [NY Sun]
Carl Icahn has hired a reporter for his blog. [Dealbook]
Fortune takes a look at Meredith Whitney, the "most influential stock analyst in America. And certainly the most bearish." And, of course, the only one married to a professional wrestler. [Fortune]
