• Dan Och's Och-Ziff reported a net loss during the second quarter; the stock has been cut in half since its IPO last year. [Reuters, NYP]

• Dick Fuld's Lehman Bros is considering selling Neuberger Berman for as much as $8 billion. [Reuters]

• As expected, Lehman announced it will pay more of employees' compensation in stock this year; the bank also granted a mid-year equity bonus on July 1st. [Reuters]

• An upgrade from Morgan Stanley is expected to help out Lehman's stock price, which fell 11 percent yesterday amid talk of a firesale. [Reuters]

"Morgan Stanley announced more than $9 billion in subprime losses for the fourth quarter. The investment firm all told lost $3.6 billion, or $3.61 a share, which was well beyond expectations for a loss of 39 cents a share. The company also announced that it will get a $5 billion cash infusion from government-controlled China Investment Corp. Calling the quarter 'deeply disappointing,' Chief Executive John Mack said he will not take a bonus this year."

• After two years of a sustained assault on the Sulzberger family, Morgan Stanley has sold its 7.2 percent stake in New York Times Co. this morning. Unfortunately for the Times—and for Morgan Stanley!—its shares happen to be trading at a 52-week low today. [NYT]

The Hudson Yards development competition is SO ON. West Side represent! News Corp. and the Related Companies versus Conde Nast and Durst and Vornado versus Morgan Stanley and Tishman Speyer! This is actually EXCITING. White men fighting for a new Manhattan tower! Fight, whitey, fight! [NYO]

Morgan Stanley Internet analyst Mary Meeker has been caught in an embarrassingly basic math mistake — by Silicon Alley Insider's Henry Blodget, a former analyst (who, to be fair, made some mistakes of his own in the last boom). Meeker's estimate of the impact of YouTube's new "overlay" ads? She says they could boost Google's gross revenues by $4.8 billion next year. But her math, Blodget discovered, was off by a factor of a thousand. The error apparently stemmed from forgetting the meaning of CPM, or "cost per thousand," a commonly used term in advertising rate cards. Given Meeker's assumptions, the actual impact of YouTube's ads? A mere $4.8 million in gross revenue, and $720,000 in net revenue. In other words, a drop in the bucket, and nothing that comes close to justifying YouTube's $1.65 billion purchase price.

• Sulzberger to Morgan Stanley: "I'd like my money back, thanks." [Fortune]
  

"You want to make me walk up stairs?!" I harrumphed. "Are you kidding? What kind of snotty exclusive private club is this?" I trudged up the stairs anyway. Stairs with dirty carpet, industrial steel rails, and oddly, really cool bizarrely shaped chandeliers.

Morgan Stanley Internet analyst Mary Meeker has been cleared of, well, being an Internet analyst during the boom. The bankers, Eliot! The bankers! Focus on the bankers! Not the analysts. The analysts are pawns, Eliot. Whores for The Fucking Man! [Sorry. Feeling a little David Mamet today.]
Morgan's Meeker not to be charged [Reuters]