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Reservoir Hill brings us a New York Times story about a man who will be allowed to keep the money he gained through hacking into a computer system in order to gain early access to a company's earnings statement. From the Times: "On Oct. 17, 2007, someone hacked into a computer system that had information on an earnings announcement to be made by IMS Health a few hours later. Minutes after the breach of computer security, Mr. Dorozhko invested $41,671 in put options that would expire worthless three days later unless IMS shares plunged before that. The next morning the share price did plunge, and Mr. Dorozhko made his money by selling the puts. 'Dorozhko's alleged "stealing and trading" or "hacking and trading" does not amount to a violation' of securities laws, Judge Naomi Reice Buchwald of United States District Court ruled last month. Although he may have broken laws by stealing the information, the judge concluded, 'Dorozhko did not breach any fiduciary or similar duty "in connection with" the purchase or sale of a security.' She ordered the S.E.C. to let him have his profits."

rattlesoft tips us to a Washington Post report that Yahoo is now seeking a partnership with News Corp. A related Reuters article notes that analysts are skeptical of such a deal. From the Post: "Yahoo is talking with a number of potential partners, possibly as a way to either stave off future Microsoft offers or in an effort to drive up the software giant's offer. The talks between News Corp. and Yahoo ... may signal a resumption of discussions that took place last summer between the two media giants that quieted during the fall. Such a combination would make News Corp. the largest single shareholder in a Yahoo/Fox Interactive unit. That would marry the world's most popular social-networking site, MySpace, with Yahoo's 4 billion page views per month to make a formidable opponent for Google."