In the vulva corner: Gloomy, sky-is-falling, party boy economist Nouriel "Dr. Doom" Roubini. In the bug-eyed corner: Jim Cramer, hollering CNBC stock shill. They're fighting, and we all win!

• The Treasury is expected to announce in the next few days that it will be extending bailout funds to a handful of life insurance companies. [WSJ]
• Brian Moynihan, who took over Merrill Lynch after John Thain was ousted, is emerging as a potential successor to Bank of America chief Ken Lewis. [WSJ]
• Not that Lewis necessarily needs to be replaced, at least according to Meredith Whitney, who (bizarrely) says Lewis has "done a great job." [BN]
• Blackstone, KKR, and Carlyle are in the running to acquire the mobile phone operations that Verizon Wireless is selling now that it's acquired Alltel. [BN]
• Looks like Jim Cramer has a new enemy. Nouriel Roubini is calling the CNBC star "a buffoon," and Cramer has since responded in kind, of course. [NYP]

Stocks were up big today after regulators agreed to change an accounting rule and world leaders at the G-20 summit pledged more than $1 trillion to revive the global economy. So you know what that means: Jim Cramer now says the depression is over! Feel better now?

• NBC is chopping 6 shows, including, yes, the Chopping Block. [THR]
• It's rumored Budget Travel has, yes, cut its budget. [Gawker]
• Another stain on Jim Cramer, not that he needs it: In '07, he called Andrew Cuomo a "communist" for proposing mortgage industry regulation. [NYT]
• The Times's Bill Keller sheds some light on yesterday's cuts and layoffs. [E&P]
• Condé Nast's Chuck Townsend sheds light on his staff changes. [AdAge]
• Lionsgate slashed 8 percent of its staff today. [THR]
• Newspaper ad revenue dropped 17.7% in 2008. [E&P]
• Americans spend 8.5 hours a day consuming video content. [NYT]
• Facebook needs a (generous) friend: It's trying to raise $100 million. [PC]
• Cable company Charter Communications is officially bankrupt. [NYT]

Getting crushed by Jon Stewart last week wasn't the end of the bad news for Jim Cramer. Last week, TheStreet.com, the financial news site that Cramer co-founded and continues to oversee as chairman, lost its longtime CEO, Thomas Clarke. Today the company laid off 18 staffers as part of a plan to slash $2.4 million in costs. We'd hate to second-guess Cramer given his rep as all-knowing financial guru, but if the company was really looking to reduce overhead in a hurry, wouldn't it have been easier to have started with Cramer's seven-figure salary? Just a thought! [PaidContent]

• Former president George W. Bush has signed a deal with Crown to publish a memoir. Rumor has it he landed a $7 million advance for the book. [AP, NYP]
• For his part, Barack Obama has two books in the works with Crown. He plans to release an abridged, youth-oriented version of Dreams From My Father as well as write a nonfiction book once he leaves office. [CBS News]
• CNBC's keeping it classy. Larry Kudlow set a dollar bill on fire today. [CJR]
• Jim Cramer is still rattling on about Jon Stewart. [Gawker]
• NBC is planning to launch a "singing competition series" that sounds a lot like—yes, you guessed it—Fox's American Idol. [THR]
• CBS is keeping Two and a Half Men on the air through 2012. [NYT]
• The finalists for the Man Booker International Prize include E. L. Doctorow, V. S. Naipaul, Joyce Carol Oates, Mario Vargas Llosa and Alice Munro. [NYT]
• The noms for the National Magazine Awards are out. [AdAge]
• The cable channel Starz would like to remind you that it exists. [NYT]
• How screwed is the newspaper biz? Here's a pic that sums it up nicely. [BI]

Is there anything left to the Jim Cramer-Jon Stewart feud? Probably not, but Cramer went on the Today Show to ask for a do-over, claiming his groveling on The Daily Show was just an act.

The suits have jumped into the Jim Cramer-Jon Stewart drudge match: NBC Universal CEO Jeff Zucker and Viacom CEO Philippe Daumann traded jabs today over their corporate assets at today's McGraw Hill Media Summit.

• NBC chief Jeff Zucker says that despite the fact Jim Cramer got his ass handed to him last week by Jon Stewart, it's had absolutely no impact on CNBC. Believe that and you may also be willing to buy that everything's perfect at MSNBC and NBC, and Zucker has a perfect head of hair, too. [Portfolio, B&C]
• Crain Communications has cut 150 staffers and sliced salaries by 10%. [PC]
• Don Hewitt, the creator of 60 Minutes, is in the hospital with cancer. [Wow]
• Media advertising fell 2.6% in 2008, according to Nielsen. [B&C]
• Interview seems to be having financial difficulties. [Gawker]
• Discovery has filed a patent suit against Amazon over the Kindle. [WSJ]
• The Hills's Audrina Patridge has a reality show of her own in the works. [THR]
• CNN's Lou Dobbs is a racist. But you probably knew that already. [Gawker]

NBC capo Jeff Zucker, today: "CNBC is a spectacular organization and in particular Jim Cramer."

• Jon Stewart's smackdown of Jim Cramer last week generated some of the biggest ratings The Daily Show has ever seen, not surprisingly. [MediaPost]
• Portfolio editor Joanne Lipman has once again defied logic (and some of her Condé colleagues) by putting Sarah Palin on the cover of the new issue. [WWD]
• Condé Nast is expected to trim Richard Beckman's ad sales group. [AdAge]
• Liberal activists have launched a petition drive targeted at CNBC. [AP]
• ICM's Esther Newberg has sold a memoir by Paul Allen to Penguin. [Crains]
• More on Eric Siminoff's split from Lynn Nesbit and Mort Janklow. [NYO]
• Mel Karmazin sounds off on his fight to redeem Sirius and his rep. [Fortune]
• Ratings for Donald Trump's Celebrity Apprentice continue to slide. [AdAge]
• 60 Minutes is the "hottest show on TV." Who knew? [Newsweek]

CNBC didn't do the honorable thing and shut down today. So, Jim Cramer still has his psychotic money clown show which he opened tonight with the sort of humor that makes him a broadcast treasure.

Denial appears to be the official position on Jim Cramer following his pantsing by Jon Stewart. CNBCers don't believe there's a problem, while MSNBC is doing their best to pretendCramer doesn't exist.

Jim Cramer is a buffoon and dispenses terrible advice; by all accounts, he was a mediocre hedge fund manager before he even became a media celebrity. But he has a long track record for legally questionable behavior, too, as numerous people have pointed out over the years. Gawker has a good roundup of the charges that have been lobbed Cramer's way over the years. [Gawker]

Jim Cramer knows how easy CNBC is to fool. He used to play the network himself. Here are five episodes from the stock speculator's past that could use some dusting off.

• Jon Stewart's showdown with Jim Cramer is getting mixed reviews, mainly because both deviated from their typical personas: the normally brash Cramer was a wimp and Stewart wasn't funny. It "felt like a Senate subcommittee hearing," writes Alessandra Stanley. [NYT, Salon, Atlantic, ABC]
• TMZ and Extra have extended their coverage to the financial services industry! Isn't it ironic that TMZ has exposed more corporate misbehavior over the past few months than CNBC has? Because it sort of has. [NYT]
• Google sales chief Tim Armstrong is the new chairman and CEO of AOL. [WSJ]
• Jim Kelly is stepping down as managing editor of Time Inc. [NYP]
• Fox has dumped Peter Liguori in favor of Fox Searchlight's Peter Rice. [THR]
• More changes are ahead at the Peter Brant-owned Interview. [WWD]
• Mel Karmazin says Sirius's poor performance last quarter was due to "doom and gloom" rumors suggesting the company would go bankrupt. [WSJ]
• Jimmy Fallon finished his first week with solid ratings, beating out the numbers that Conan O'Brien typically generated. Depressing, huh? [Variety]

• Investors are finding "wisps of hope" in the current not-so-bad economic news, so the three-day winning streak on Wall Street may continue today. [DB]
• AIG reached out to Warren Buffett twice before ultimately collapsing. [BN]
• Citigroup is looking at adding four new people to the company's board. [WSJ]
• Ken Lewis seems to be sending signals he wants out of BofA. [Dealbreaker]
• H. Rodgin Cohen is out of the running to be deputy Treasury secretary. [DB]
• There's already chatter that Treasury Secretary Tim Geithner may get pushed aside in favor of—yes, you guessed it—Steve Rattner. [BI]
• How bad is it for hedge funds? John Paulson was up 38 percent last year and he still lost 16 percent of his assets during the last half of 2008. [Portfolio]
• Two things you never expected to see: A meek, frightened Jim Cramer on national television. And a comedian talking about CDOs. [The Daily Show]

The only thing that stopped last night's Jim Cramer-Jon Stewart battle from becoming a total bloodbath was that it was such a rout, with CNBC's Cramer in steady retreat.

What happened to Jim Cramer? CNBC's Mad Money host screams stock-market tips with alpha male abandon, but he looked like he was going to wet himself in his Daily Show grudge match tonight.



Having been slammed repeatedly by host Jon Stewart over the past few days for one-sided journalism, Cramer fled any real direct confrontation in his lengthy interview and instead went contrite — absurdly contrite. His voice went high and cracked, his thoughts fragmented as they left his mouth.

It sounds like Jon Stewart will be giving Daily Show guest Jim Cramer the Tucker Carlson treatment: The Daily Show's Thursday taping ran way over schedule as Stewart "repeatedly chastised" Cramer, AP reports.