Like a summer-fair wrestler extricating himself from a sweaty sumo fatsuit, Yahoo cofounder Jerry Yang is finding himself in a sticky situation. Yahoo's second-quarter earnings have come out. Without much of a track record as a manager, and an exceedingly short tenure as CEO, it's hard for Yang to take credit for any successes. But having hastily replaced former CEO Terry Semel, he's a handy target for shareholders looking for someone to blame. I listened in to today's earnings conference call and blogged live, after the jump, as Yang gave his first accounting of himself as CEO. Also on the call: President Sue Decker and CFO Blake Jorgensen.

Sun Valley, the quiet Idaho ski resort town, is about to get a charge from Silicon Valley. Allen & Co., the New York investment bank, has been holding an exclusive conference there for 25 years, but until recently, the invite list has been limited to old-media moguls. On the invite list for this year's conference, which kicks off tonight: Jay Adelson, CEO of Digg, the social-news website, which he cofounded with Kevin Rose. Here's why we think Adelson's on the list — and who else might show up.

Sunday's San Francisco Chronicle referenced Yahoo's "Jerry Fund," an internal slush fund for projects that tickled Jerry Yang's fancy. We're wondering, which innovations came out of that fund? [SF Chronicle]

Perhaps newly installed Yahoo CEO Jerry Yang is still too busy receiving accolades to ponder this question: Is his company's deal to buy Rivals.com - set to be announced tomorrow but leaked online this evening - actually worth the $100 million price tag? [CNBC.com]

Co-founder Jerry Yang insists that his promotion to Yahoo CEO is permanent, but the media isn't buying it. [paidContent]

NICK DOUGLAS — Dear startup founders, this is what to look forward to: promoting environmentalism by dressing up "camo sumo" and smooshing yourself against your co-founder. I'd say "the loser is their dignity," but good on them for making Yahoo feel great about caring about the Earth for a week. At least Yahoo founders Jerry Yang and David Filo, unlike their CEO Terry Semel, didn't have to arm-wrestle Tom Cruise. Pick a favorite to win, then check out the full photo set.

NICK DOUGLAS — There are plenty of reasons for Silicon Valley to lean left. Silicon Valley is just south of San Francisco, home of liberal Congresswoman Nancy "Palomino" Pelosi. Techies are young, idealistic, and progressive. Their votes and their money end up with the Democrats.

he front page of the site for this week's big Web 2.0 Conference quotes one of Yahoo's co-founders:

Check out Yahoo co-founder, Jerry Yang's pitch for the Yahoo Talent Show, and his new site SaveTheWebFromBadVideos.com. Hey Jerry, we're starting a site too, YangCombYourHairBeforeTheShoot.com. Judges will be looking for talent, creativity and something called 'web charisma'. Winner gets $50K and a change to produce a show at Yahoo! Studio, which is from we can tell here at Valleywag, is Jerry's cubicle.

So Adbrite took Philip "Fucked Company" Kaplan out of the CEO seat and renamed him "Chief Product Executive." CEOs never die, they just get made chairman. A veteran Valley journo filled Valleywag in on the favorite titles for CEOs put out to pasture:

Yahoo's so full of hotties that it will surely need its own tourney down the road. For now, feast your eyes on Jerry Yang and Jeff Weiner, just two of the smokin' execs who put the ! in Yahoo! It's utterly unfair to Jerry, putting Jeff into an underwear model 'shop job, but how far from the real thing could that bod be?