• The market turmoil hasn't hurt Bruce Wasserstein. Lazard reported a 5 percent gain in profits during the second quarter. [Dealbook]
  • John Grayken's Lone Star Funds will spend $6.7 billion acquiring mortgage-backed assets from Merrill Lynch. [WSJ]
  • Comcast reported a 7.5 percent increase in second-quarter earnings. [WSJ]
  • Starbucks plans another round of cutbacks, including more than 1,000 job cuts. [NYT]
  • Nicole Arnaboldi is the new head of DLJ Merchant Banking Partners. [Bloomberg]
  • Beleaguered real estate developer Harry Macklowe is selling another property. He'll offload 527 Madison Avenue for $260 million. [NYP]
  • More bad news for the Hamptons real estate market. [NYSun]