• J. Crew CEO Mickey Drexler has gone into contract on a six-bedroom home in Wainscott for $17 million. The shingle-style home is on a three-acre lot between the ocean and Wainscott Pond, and next door to Ron Lauder's estate. [Newsday, Remax]

Why is CEO Bruce Chizen stepping down from Adobe next month? Normally, CEOs give a bit more than three weeks' notice. The Adobe press release announcing his replacement, Shantanu Narayen, trips over itself to stress the company's supposedly strong financial performance. One obvious conclusion: Chizen knows something about the software company's future we don't — and he, and Adobe, aren't telling.

"We're an enabler of Web 2.0." — Adobe CEO Bruce Chizen, at the Web 2.0 Summit, describing his software-tool company's supportive role in inflating the bubble. In the morning, Chizen will make phone calls to conference goers to explain that Web 2.0 didn't really mean what it said last night.