Jay-Z and DJ AM's Hollywood Takeover

The Hollywood Takeover - Jay-Z hits the stage at the re-opning of Hollywood's, Palladium concert hall

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The Hollywood Takeover - Jay-Z hits the stage at the re-opning of Hollywood's, Palladium concert hall

Jay-Z - It's not rap anymore at that point. I didn't mean it. I said some great things about him in the [Decoded] book that I have coming out -- he's gonna be like, embarrassed. I said some really great things about him in the book and about people's perception of him and how he's from East Oakland. It is what it is.

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The Hollywood Takeover - DJ AM salutes Jay-Z and his Roc-A-Fella empire.

The Hollywood Takeover - Jay-Z shows Barack Obama some love during the show

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The Hollywood Takeover - Jay-Z shows Barack Obama some love during the show

The Hollywood Takeover - Partner in rhyme, T.I., helps Jay-Z takeover Hollywood

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The Hollywood Takeover - Partner in rhyme, T.I., helps Jay-Z takeover Hollywood

Jay-Z - Jay-Z was nominated for five Grammy Awards which included Best Rap Solo Performance, Best Rap Performance By A Duo Or Group, Best Rap/Sung Collaboration and Best Rap Song.

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The Hollywood Takeover - Jay-Z shows off his cool at Hollywood's, Palladium

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The Hollywood Takeover - Jay-Z and DJ Am switched roles temporarily during the show.

Jay-Z’s Losing Money - It looks like the recession is hitting everyone hard—even rap mogul Jay-Z. According to the NY Post, while still successful overall, the rapper has seen some of his million-dollar investments take a nose dive. Cases in point: his group borrowed $30 million to buy a building to develop; but ended up scrapping the plan and selling the loan for $19.5 million. And in 2007, he borrowed $52 million to buy land for his luxury J Hotel, but left the investment and sued his lender for interest payments.

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The Hollywood Takeover - President Carter cranked out hit after hit at Hollywood's, Palladium

The Hollywood Takeover - T.I. hits the red carpet before the show

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The Hollywood Takeover - T.I. hits the red carpet before the show

The Hollywood Takeover - President Bush made a brief appearance at the concert.

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The Hollywood Takeover - President Bush made a brief appearance at the concert.

The Hollywood Takeover - DJ AM teaches Jay a couple new DJ'ing tricks.

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The Hollywood Takeover - DJ AM teaches Jay a couple new DJ'ing tricks.

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The Hollywood Takeover - Jay-Z barely broke a sweat performing at Hollywood's, Palladium

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The Hollywood Takeover - Jay-Z barely broke a sweat performing at Hollywood's, Palladium

The Hollywood Takeover - T.I. brought his A game to Hollywood for the reopening of The Palladium

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The Hollywood Takeover - T.I. brought his A game to Hollywood for the reopening of The Palladium

The Hollywood Takeover - Jay-Z received a nominaton for Performer of the Year at the 2008 BET Hip Hop Awards. All photos were taken by Frank Micelotta for Getty Images

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The Hollywood Takeover - Jay-Z received a nominaton for Performer of the Year at the 2008 BET Hip Hop Awards. All photos were taken by Frank Micelotta for Getty Images