• The Treasury is expected to announce this morning that 10 banks have been given the go-ahead to repay their Troubled Asset Relief Program funds. [BN]
• The Supreme Court put the acquisition of Chrysler by Fiat on hold yesterday pending objections from three state pension funds and consumer groups. Fiat, however, says it has no plans to abandon the deal. [WSJ, NYT, DB]
• The Obama administration appears to be backing away from plans to reduce the number of three-letter agencies that oversee U.S. financial markets. [WSJ]
• Citigroup isn't paying out big bonuses in the U.S. But that isn't the case in London, where the bank has been luring traders with fat pay packages. [DB]
• Don't expect to see former Tyco chief Dennis Kozlowski walking the streets in the near future. The Supreme Court rejected his appeal yesterday. [NYP]

Stephen Colbert kicked off his week of U.S.O. broadcasts last night by attending boot camp to show solidarity with the troops stationed in Iraq, but that apparently wasn't quite enough, as Barack Obama ordered that his head be shaved.

Photo titled "Baby Boom" taken by Gawker Artist "Atrophy Annie."

Remember when "Bruno" fell bare-assed into Eminem's lap at the MTV Movie Awards? Well, the fine folks over at Fox & Friends were so offended by that tasteless skit that they went outside to play football with women in lingerie!

In what has to be one of the more interesting internet finds in the history of blogging, Webnewser's Hunter Walker has stumbled across an official North Korean CafePress page where you can purchase brutal totalitarian regime-themed mugs, T-shirts, caps, etc.

So you watched the Tony Awards last night, right? Prince did as well! And he really loved Karen Olivo from West Side Story, so much that he bought 20 tickets to her show so he can watch it all alone!

Last week Richelle Olson filed a lawsuit against the producers of Bruno, claiming she was injured during filming. Bruno's lawyers say ich don't think so: they're threatening a countersuit, claiming it was actually Olson who assaulted Sacha Baron Cohen.

Sean Hannity creepily interviewed Sarah Palin in some wooded area of Long Island, where Sarah proceeded to do what Sarah does—-Spewed out a maddening but hilariously folksy word soup that translates to "I told you so!"

Vulture is reporting that VH1 might be canceling Best Week Ever.

Early this morning, at about 5AM, we were browsing through today's edition of the New York Times when we ran across David Carr's media column. Something about it struck us viscerally, so much so that we were unable to process it at the time and write anything about it.

Anil Dash, Glenn Feischman and Nick Douglas created a parallel, imaginary Apple conference and Xeni Jardin met a very strange CNN producer. Life was surreal for the Twitterati.

• Here's a sign that people are shopping again (or else Victoria Beckham has gone on another shopping spree): Hermès says it's experiencing such "massive over-demand" for its handbags, it's been forced to set up its own crocodile breeding operation in Australia just to keep up. [Reuters via Cut]
• Esteban Cortazar appears to be parting ways with Emanuel Ungaro. It appears he plans to sue Ungaro, too. [WWD]
• Do you control a major luxury brand? Are you a fan of Chloe Sevigny? If you answered yes to both questions, give her a ring. She's willing to talk. [SF]
• A "couture" tattoo shop has opened in the Flatiron district. [W]
• The DKNY mural at Houston and Broadway is officially gone. [BB]

A tipster sent in a report involving Courtney Love having some kind of "verbal battle" with daughter Frances Bean Cobain at Chateau Marmont in Los Angeles. Cobain apparently wants her own room, to shut out her relentlessly undermining mom.

Here's Carol Bartz on Fox Business Network, explaining what sets Yahoo apart from Google. For one, the internet company is not all fancy sciencepants and "algothorithic" or "algomorthmic" or whatever. Indeed, it doesn't even know that word.

There are any number of ways Steve Jobs could have made an appearance at Apple's developer's conference today. He didn't. Yet the company still built heavy buzz for what could have very easily turned out as a lackluster product refresh.

The Times Magazine had a good story by Matt Bai (who's always annoyed us and we don't even really know why) about how Obama's philosophy of government is all about, in Rahm Emanuel's phrase, "the art of the possible."

We thought it sounded like a crock when certain people said the Hamptons this summer was going to be all about "the beach." Just two weekends in, a single social report convinces us the rich are as smug as ever.

[A couple gets married (or pretends to get married? maybe they're models?) in the new High Line Park on the West Side, which just opened today; image via i'mjustsayin's Flickr]

Helpful scientists have found that binge drinking increases the risk of lung cancer in smokers "regardless of how many cigarettes a day they smoked." There's very little hope for you, now. [Science Daily]

Remember that infamous ad agency sex tape that "surfaced" last year? Sure you do. Now it has inspired a real cinematic short film! In this way we contribute to the arts.