Search Results for: Fortune

How One Porn Mogul Made His Fortune and Ruined Everything

Despite riches, power, and respect, some people are never satisfied. A poor North Carolina kid named Michael Thevis turned paperback smut and peep show machines into a million-dollar empire, and he shaped America’s porn industry right as laws started to relax around the ownership and production of sexually explicit material. When Thevis crossed into arson, threats, and murder, he brought himself down for good. At The Daily Beast, crime journalist Jeff Maysh gets access to Thevis’ diaries and letters to tell the full story of “The Scarface of Sex” for the first time.

Rival peep machine manufacturers emerged, included those run by Leon and Mike Sokolic, Art Sanders, and Bill Walters. Before now, the most Thevis had ever done to intimidate a rival was let off a stink bomb at a store in Baltimore. Not all competitors rolled over so easily. Nat Bailen, who manufactured a peep show machine for cartoons, started to sell his units to sex-shop owners who used them for porn. In 1970, a customer named Harry Mooney in Michigan asked to lease 50 machines from Thevis—an order so large he couldn’t meet it in time. Instead, Mooney bought his machines outright from Nat Bailen. As he would do so often, Thevis turned to Underhill.

“Something,” Thevis told him, “has to be done with Bailen.”

On April 26, 1970, Underhill drove from Atlanta to Louisville in his yellow station wagon, where he met a paid accomplice, Clifford “Sam” Wilson. In the dead of night, they broke into Bailen’s factory, carrying burglary tools and five-gallon containers of gasoline. They built a bonfire using his furniture and paperwork. When Wilson found some paint cans, he told Underhill, “Let’s really screw this guy,” and poured paint over the desks and carpets. There were four-foot-tall flames licking at the windows by the time the goons fled. Reeking of gasoline, Underhill found a pay phone at the Kentucky Turnpike, and called Thevis at the Central Plaza Hotel in Los Angeles.

“Veni vidi vici,” Underhill said—I came, I saw, I conquered.

Read the story

Larry Ellison Is Spending a Fortune to Save American Tennis

Longreads Pick

The Oracle billionaire takes over Indian Wells.

Published: Jun 4, 2015
Length: 10 minutes (2,660 words)

Who Poisoned The Orkin Fortune?

Longreads Pick

Atlanta’s Rollins family has long been known for two things: throwing great parties and spawning the Orkin pest control empire. Forbes investigates the $8 billion family feud that has brought their name back into the headlines.

Source: Forbes
Published: Oct 20, 2014
Length: 11 minutes (2,935 words)

The Inside Story Of How Greenpeace Built A Corporate Spanking Machine To Turn The Fortune 500 Into Climate Heroes

Longreads Pick

How a “bunch of commies” are forcing the world’s biggest corporations to stop destroying rain forests, overfishing, and burning fossil fuels.

Though they too wore business suits and what looked like P&G employee badges, they didn’t work for the consumer-goods giant. They were from Greenpeace, and they’d come to save tigers.

Wordlessly, the nine activists made their way past the security desk and headed for two rendezvous points — one, in a 12th-floor office suite in the iconic building’s north tower, the second, in an office just opposite, in the east tower. There, the two groups jimmied open several windows, attached rappelling gear to the window-washing stanchions, and climbed out into the chilly air.

Author: Aaron Gell
Published: Jun 4, 2014
Length: 30 minutes (7,570 words)

Billie Bob’s (Mis) Fortune

Longreads Pick

Less than two years after Billie Bob Harrell Jr. took the $31 million lottery jackpot, he took his own life.

He sat in his easy chair one evening and looked at his Quick Pick and then at the Sunday newspaper. Harrell studied the sequence of numbers again and began to realize the wildest of notions. He and wife Barbara Jean held the only winning ticket to a Lotto Texas jackpot of $31 million.

Harrell, a deeply religious man, knew he had a godsend from heaven. After being laid off from a couple of jobs in the past few years, Billie Bob had been reduced to stocking the electrical-supply shelves of a Home Depot in northeast Harris County. He was having a damn hard time providing for himself and Barbara Jean, much less for their three teenage children.

Source: Houston Press
Published: Feb 10, 2000
Length: 17 minutes (4,375 words)

I Think, Therefore I Am Getting the Goddamned Epidural

Illustration by Annelise Capossela

Rebecca Schuman | Longreads | November 2017 | 16 minutes (3989 words)

Until I was 34 weeks pregnant, I only considered the act of childbirth in blurred, vague terms, and this meant I was unusually impressionable. Hence, the entrée in week 35 of one Ina May Gaskin, legendary midwife, and successful deliverer of eleventy-dillion babies at what definitely didn’t seem like a very creepy commune in the middle of Tennessee. “You must read Ina May,” explained my friend Charlotte (not her real name), who’d recently driven 80 miles across state lines to push out her second child in a midwifery center. “She will make you SO CONFIDENT about what your body can do,” all caps in original. I was intrigued — and, a few hundred pages deep into Spiritual Midwifery and Ina May’s Guide to Childbirth, equal parts tentative and enamored.

Both books consisted primarily of first-person accounts of sublime natural birthing. “The ecstasy of birth was so wonderful,” wrote one mother, named Kim, after her daughter simply “slipped out.” Another went for a two-hour hike in the middle of labor. “I could feel my baby move me open, and when the intensity of the rushes increased, I just leaned on a tree.” First-time mother Celeste, furthermore, wouldn’t call labor painful — she’d call it “INTENSELY NATURAL,” all caps, once again, in the original. Then there was my favorite, Mary, who “visualized [her] yoni as a big, open cave beneath the surface of the ocean,” and “surrendered over and over to the great, oceanic, engulfing waves. It was really delightful — very orgasmic and invigorating.”

Read more…

Money For Nothing: It Might Set Your Kids Free

Getty Images

Has the time come to offer a basic income to all? The easiest criticism is that people quit their jobs when they get free money, but as Issie Lapowsky reports at Wired, a new study reveals some intriguing positive effects of a basic income. In Cherokee, North Carolina, Eastern Band members receive hefty bi-annual payments from the local casino. The study shows that a basic guaranteed income helps kids stay in school longer, reduces their participation in crime, and can set them up for financial security in an era where if you lack specialized skills or education, you can no longer just fall into a job at a unionized mill for $50,000 a year.

Harrah’s, which operates the casino, takes 3 percent of the $300 million annual profits. The bulk is funneled back into the community, covering infrastructure, health care for every tribal member, and the college education fund. Casino funds have paved roads and paid for a new $26 million wastewater treatment plant. Half of the profits go toward the per capita payments. The casino has become the tribe’s most precious resource.

The Eastern Band’s change in fortunes also shifted the course of Costello’s research. “We thought it’d be interesting to see if it made any difference” to the children’s mental health, she says. They also started comparing the younger Cherokee children, whose families started accruing money earlier in their lives, to the older ones. They wanted to answer a simple question: Would the cash infusion benefit these kids in measurable ways?

Before the casino opened, Costello found that poor children scored twice as high as those who were not poor for symptoms of psychiatric disorders. But after the casino opened, the children whose families’ income rose above the poverty rate showed a 40 percent decrease in behavioral problems. Just four years after the casino opened, they were, behaviorally at least, no different from the kids who had never been poor at all. By the time the youngest cohort of children was at least 21, she found something else: The younger the Cherokee children were when the casino opened, the better they fared compared to the older Cherokee children and to rural whites. This was true for emotional and behavioral problems as well as drug and alcohol addiction.

Read the story

The Dead Man Fund

(Lambert/Archive Photos)

Jack El-Hai | Longreads | November 2017 | 7 minutes (1,672 words)

In 1989, Morningstar, Inc., an advisory service, issued a strongly worded and unusual recommendation to its clients who had placed money with a firm then called the Steadman Funds (later known as the Ameritor Funds). “We urge you to cut your losses and get out,” Morningstar counseled. Doubtless, some investors heeded this advice. Many couldn’t, though, because they were dead.

A few years ago, the fate of Ameritor— nicknamed “The Dead Man Fund” — and its unfortunate investors, became entangled with the history of my house. An envelope had landed in our mailbox containing a check in the amount of $10.32 made out to one Anna Mae Heilman. She was nobody we knew, but the name rang familiar to me for some reason. With the check was a letter explaining that the money was a final settlement of Heilman’s investment of 171 shares in the Ameritor Security Trust mutual fund, which had closed down.

It didn’t take long for me to remember how I knew Heilman’s name. When we bought the house, we acquired its abstract, a thick and crumbling packet of legal documents that chronicled more than a century of transactions involving the property. Heilman’s name was in there. She and her husband had owned our house for several years ending in 1971.

Heilman’s tiny payout at a rate of only six cents per share seemed strange, so I began looking into the history of Ameritor and the circumstances of the Heilmans’ sale of our house. I then learned of two terrible misfortunes that afflicted one family. Read more…

An Urban Planner Against the Developer Presidency

Trump Tower Chicago. Photo: Getty Images

Rachel Weber | The Avery Review | 11 minutes (2,885 words) 

The essay below originally appeared in The Avery Review, Issue 21 (January 2017) and was recently collected in a book called And Now: Architecture Against a Developer Presidency. This essay is recommended by Longreads contributing editor Dana Snitzky.

* * *

Ego and social networks, more so than efficiency and expertise, are rewarded in the attention economy in which [real estate developers] operate.

Much has been made of having a corporate executive in the Oval Office. Donald Trump claims that, given his business experience, he will be able to be an effective negotiator, grow the economy, and make efficient allocation decisions with scarce resources. On the campaign trail, in tweets, and in televised debates, Trump has sold himself as a man of commerce, connected only to the material, productive economy and not the fictive, financialized one responsible for the Great Recession. He repeatedly criticized Hillary Clinton’s Wall Street ties, contrasting them to his own righteous independence, noting, “I don’t care about the Wall Street guys… I’m not taking any of their money.”

But real estate developers, particularly those in the high-stakes world of downtown commercial real estate, are not ordinary businessmen. Large-scale developers generally subscribe to a worldview that grants them considerable agency as strategic risk takers in an environment that is (according to them) largely of their own making. To see development potential that few others see, to take risks that few would want to shoulder, and to control the physical settings in which millions of people go about their daily lives—all this fosters a God complex to which few corporate CEOs would admit. Such sentiment is captured by Tom Wolfe in his novel A Man in Full, as the developer-protagonist admires the Atlanta skyline from his private plane. He mentally pats himself on the back: “I did that! That’s my handiwork! I’m one of the giants who built this city! I’m a star!” Ego and social networks, more so than efficiency and expertise, are rewarded in the attention economy in which they operate. Read more…