• Betsey Johnson defaulted on a $50 million loan. Steve Madden bought the debt, and as collateral, Johnson put up all of her company's intellectual property — every design, every idea, everything that makes the brand its lovable pink-punk self.

• "I was asked recently by a significant magazine for women over 40 to pose with a cougar, and I refused to do it because I felt it was insulting. They took away the cover." Cattrall finds the term sexist. [Extra]

• Courtney Love: into Miu Miu, playing guitar in flats, her upcoming David Letterman appearance, and landing a fashion spread with Steven Meisel. Oh, and this: "After lunch, I am going to chant for an hour and a half." [Vogue]

• Versace model Liskula Cohen is suing Google after a blogger called her a "skank" and "old hag." Cohen hopes the defamation suit will unmask the mudslinger. [New York Daily News]

Mischa Barton finally launched her long awaited line of hipster headbands. They will retail for a totally reasonable £60-£120. Who doesn't want to pay over $100 for a piece of Barton-branded string? [WWD, Beauty Confessional]

• Diddy likens himself to Obama. Speaking of his new fragrance, "I Am King," he declares, "When you see Barack Obama, you see a strong, elegant black man and when people see my ad, it's almost like that's the trend." [WSJ]
• "Mr. Obama sometimes wears jeans, as he did for a rally on Oct. 28, but his jeans are the loose,…

• Cute little 14-year-old Taylor Momsen - aka Gossip Girl's "Little J" - launches her modeling career with a rather self-important bang. 'A source from the shoot - in Brooklyn - tells us that "Taylor was so nice and so cool. She took the subway from her apartment in Chelsea to the set, with her mom. They said they didn't…

• Even skankier images then the ones we showed you from the Tom Ford for Men fragrance campaign go up on his website today. NSFW at all, but whatevs: You know you want to look. [Tom Ford via WWD]
  
• Those god-awful crystal-skull printed jeans that had us screaming "Stop the inanity!" at the showing of Damien Hirst's line of…