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.
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]
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…