The New York Daily News is implying that Cate Blanchett may be involved in the theft of a $100,000 diamond and alligator handbag from her hotel room the day before the Academy Awards. The Best Supporting Actress nominee was supposed to carry the one-of-a-kind clutch but changed her mind at the last minute. From the Daily News:

Giorgio Armani (who had flown to Los Angeles to outfit celebs) pressured her to carry one of his bags because he had designed her dress. So some find it mighty suspicious that the Marks bag suddenly went missing from the closet in her suite at the Four Seasons, "solving" the problem. Blanchett's rep had no comment. (Source)

Hmmm, I'm no detective (except when I forget to take my pills and turn in Johnny McCrimefighter yayyy!) but based on all available evidence, it looks like Cate traded the purse for a large amount of crack cocaine, which she then peddled to inner-city school children for an outrageous amount of money--which itself was used to finance a rebel militia's efforts to overthrow the Burmese government. Cate's always had it out for General Than Shwe--sometimes I wish she would just let him rule in peace. Bitch!

I tend to read into things a little too much sometimes.

More of Kate looking ghostly at this years Oscars after the jump...