• Another media company falls: Reader's Digest Association, the publisher of Reader's Digest (duh) and a handful of other titles (like Every Day with Rachael Ray), says it will file for bankruptcy protection shortly. [Reuters]
• As you may have heard, things haven't been too well for Harvey Weinstein and his brother, Bob. So what will happen if they don't turn the mini-studio around? "I'll be... making cheap hamburgers, or selling trailers, or refrigerators, or something," says (a refreshingly honest) Harvey. [NYT]
• Fashion mags are looking a bit thin this fall, in case you haven't heard. [WSJ]
• Don't expect the feud between Bill O'Reilly and Keith Olbermann to dissipate: Ratings for both have been up since the war of words began anew. [LAT]
• Comedian Steve Harvey is joining Good Morning America. In related news, comedian Mo Rocca is hosting a web-based show for CBS News. [ABC, NYT]
• District 9 was No. 1 at the box office this past weekend. [ABC News]

The financial news of the past year has provided plenty of inspiration to entrepreneurs looking to capitalize on the misery. But will the public rush to stores to scoop up a video game called "Bailout Wars" (above)? Will people bypass their chewing gum of choice and seek out "Meltdown Gum" instead? And would anyone in their right mind be interested in a football jersey with Bernie Madoff's name on the back? Only time will tell, of course. In the meantime, you'll find a collection of very timely—and very dubious—trademarks, all for products ripped from the financial news headlines of the past year, below. Coming soon to a store near you! Or, you know, not.

Last week, the Post reported that the wife of retired Goldman Sachs honcho Ray Iwanowski had smashed her BMW into a tree and was later arrested for DWI. On Wednesday, the owner of a Bentley Arnage watched as his car mysteriously rolled into Lake Montauk and plunged to the bottom. Could there a trend here? Who knows, but since these things usually come in threes, you may want to be a little extra cautious if you're cruising around the East End in a luxury car today. [EHPress]

Courtney Love shopping downtown ... Mischa Barton talking on her phone while eating lunch outside with a friend ... Paul McCartney waving to photographers in East Hampton ... Dave Zinczenko, Dan Abrams, and Julia Allison having dinner at Copa in Bridgehampton ... Julia Roberts leaving her trailer on the set of Eat, Pray, Love ... Sophia Bush going inside Pop Yogurt on West Broadway and Spring Street ... Drew Barrymore shooting scenes for Going the Distance ... Kourtney and Khloe Kardashian leaving the Howard Stern Show in Midtown ... and Beyoncé and Jay-Z having an early dinner at Bar Pitti on Saturday.

So much for this being a cooler summer than years past. The temperature will reach a high of 93 degrees today—making it the hottest day of the year thus far—and tomorrow and Wednesday's highs are expected to be close to 95 degrees. The city issued its first heat advisory of the season today, which means the Post now has a good excuse to publish photos of bikini-clad girls "cooling off" in the ocean. Both will probably be discontinued when the heat wave passes later this week. [NYP, NYDN]

Social queen Tinsley Mortimer certainly seems to have moved on with her life: She's spending much of her time in London these days, happily dating a German prince, and now embarking on plans to conquer the world of fashion. Her estranged husband Topper hasn't been quite as lucky, according to Spencer Morgan, who writes about the unraveling of the "haute-Wasp fairy tale" in this week's New York: "Where Tinsley is blithe and carefree, Topper is tormented. He's become a full-time smoker. He's lost weight. He wakes up at precisely 3:25 every morning and plays over and over the reality show his life became. Still, he hasn't entirely abandoned the idea that she'll come back. 'I love my wife' is all he'll tell me." [NYM, previously]

• It looks like Don Trump Jr. and his wife Vanessa are spreading out a bit. A week after the couple paid $1.125 million for an 1,800-square-foot apartment on the 12th floor of The Sovereign on East 58th Street, they've now paid another $1.595 million for the apartment next door. [Cityfile]
• Douglas Lebda, the founder of LendingTree, has gone into contract to sell his penthouse at the Legacy on East 84th Street. After more than nine months on the market, Lebda is taking a loss on the sale of the 5,175-square-foot apartment. Purchased for $8.6 million in 2007, the mortgage exec is reportedly selling it for "close to" its listing price of $7.5 million. [NYT, BHS]

Robert De Niro turns 66 today. Sean Penn is turning 49. Controversial book publisher Judith Regan is 56. Yankees star Jorge Posada is turning 38. J. Crew CEO Mickey Drexler and Oracle CEO Larry Ellison are both turning 65 today. John McDonald, the restaurateur behind Lure Fishbar, Chinatown Brasserie, and the now-closed Lever House, is 41. Jonathan Franzen, the author of The Corrections, is 50. E! host Giuliana DePandi Rancic is 34. Nicola Kraus, the co-author of The Nanny Diaries, is 35. Hollywood exec Gail Berman is turning 53. Singer Belinda Carlisle is 51. Retired tennis player Jim Courier turns 39. Donnie Wahlberg is turning 40. Former Senator Norm Coleman is 60. And Rick Hilton, father of Paris and Nicky, turns 54 today.

• George Michael is back in the news and, as usual, it has nothing to do with his music. The singer was arrested on Friday for driving drunk when he crashed his car into a truck. Michael, however, is insisting he was sober at the time. So maybe he's just a bad driver? [NYDN, E!]
• Is Joe Simpson trying to push the producers of American Idol to hire Jessica Simpson to replace Paula Abdul? That's the rumor. [P6]
• Amy Winehouse's soon-to-be ex-husband, Blake Fielder-Civil says the singer has been "begging him to get back together." Uh oh. [DM]
• Beyoncé has been brushing up on her dance skills by "secretly" enrolling in ballet lessons at the Alvin Ailey School of Dance. [NYDN]

Have some info you'd like to share? You can email us at tips@cityfile.com or use this form to send us a message anonymously. Or if you're the sort of person that prefers the phone, you're more than welcome to leave us a message at 1-888-940-1999. Interested in advertising? Drop us a line at sales@cityfile.com. Thanks!

• Jeffrey Chodorow says he plans to turn his failed steakhouse, Center Cut, into a seafood shack-style spot called Ed's Chowder House. Ed Brown, the chef and owner of Eighty One, will be his partner in the venture. [NYT]
• Like father, like son, apparently: The new chef at Jean-Georges Vongerichten's Perry Street is JGV's eldest son, Cedric Vongerichten. [TFB]
• John Fraser says he's planning to expand his UWS eatery, Dovetail. [VV]
• Butchers are the new food world rock stars, in case you haven't heard. [ABC]
• Bed-Stuy gets its first speakeasy, SarahJames, this weekend. [GS]
• The guy who owns most of the Burger Kings in Brooklyn and Queens has gone bankrupt, just in case you happen to be interested in that tidbit. [Crain's]
• Make of this what you will: Sales of bottled water have been going down while at the same time whiskey sales have been on the rise.

Is Harvey Weinstein looking to unload his stake in the failed social network ASmallWorld to raise some much-needed cash? Guest of a Guest received a tip to that effect today, and Gawker reports that a conversation did take place, but no deal was reached: "They were approached by an interested party and were willing to hear what they had to say." Needless to say, feel free to reach out to Harvey if you have any interest in taking over the long-since-faded site. [Gawker, GoaG]

The past six months or so haven't been much fun for Dick Parsons, the former chairman and CEO of Time Warner. Back in May, it was revealed that he'd had a child with his mistress, who also happened to be 29 years his junior. Since the beginning of the year, he's served as chairman of the board of Citigroup, and that hasn't gone all that well, has it? But you'll be happy to hear that Parsons' personal troubles are about to melt away very shortly. The grape harvesting season in Tuscany kicks off in few weeks, which means Parsons will soon be heading off to his winery in Montalcino, Italy! At least that's what he usually does every September when he turns up to lend a helping hand and pluck grapes off the vines personally. Parsons has called visits to Il Palazzone a form of "mental medicine." A few pics of the therapy that awaits him are below.

• The next top editor to fall victim to budget cuts at Condé Nast, at least according to Keith Kelly: Architectural Digest editor Paige Rense. [NYP]
• The first guest on Jay Leno's new show on Sept. 14: Jerry Seinfeld. [THR]
• Jay, Conan, Jon, Jimmy, Jimmy, or Craig? Now more than ever, celeb (and their publicists) are being forced to choose between late-night hosts. [THR]
• At least a dozen advertisers have abandoned Glenn Beck's show now that he's established himself as the most vile human being on television. [NYT]
• A big group of media companies—including CBS, NBC, Disney, News Corp., and Viacom—have teamed up to give the Nielsen ratings a run for its money. [NYT]

It's not bad enough that eating fatty foods will turn you into a fat ass. According to a group of British researchers who conducted a study with lab rats assigned to high and low-fat diets, eating fast food can lead to memory loss and impaired brain function, too. That certainly explains a lot, doesn't it? [NYDN]

Blackstone's Stephen Schwarzman Tops Best-Paid Chiefs [Bloomberg]
Steve Schwarzman [Twitter]

The guy who was seen masturbating on the subway last Friday—and who was arrested on public lewdness charges yesterday thanks to the woman who had the sense to snap pics of him with her cell phone—has a very long rap sheet, it turns out. But that might be because he's not very good at making up excuses. His explanation for the little subway incident last week: "That's me in the pictures, my private parts fell out... I looked down and it was out, it just popped out. I was trying to put it back." [NYDN]

Perhaps you've been wondering where Tinsley Mortimer has been the last couple of months? The New York socialite has been spending a good deal of her time in Europe now that she's a soon-to-be divorcée and the new man in her life, Prince Casimir Sayn-Wittgenstein-Sayn (or "Cassie), lives in London. So how are things going with the 33-year-old "man-about-town" who is descended from German royals, even though he looks more like a Greek shipping heir, or maybe the spoiled son of a Eastern European tyrant? And what happened with her ex, Topper Mortimer? Luckily, the Tinz sat down with London's Evening Standard and shared a few details.

As if it wasn't bad enough that Bernie Madoff investors were handing over their money to a con artist to manage, it seems they were also putting their trust in a drug-addicted gun freak, too. When Bernie Madoff's right-hand man Frank DiPascali pleaded guilty earlier this week to charges he helped engineer the $65 billion scheme and he agreed to cooperate with prosecutors, the deal also guaranteed DiPascali that the feds wouldn't come after him for the "use of controlled substances prior to 1992" and "for possessing illegal firearms up until last Friday." Between this news and the revelation that Bernie had a 20-year affair that no one knew about, the made-for-TV Madoff movie is getting spicier by the day, isn't it? [NYP, WSJ]

Olivia Palermo and boyfriend Johannes Huebl leaving the Apple store in SoHo ... Mischa Barton arriving on the set of The Beautiful Life with a cigarette in her mouth, and Elle Macpherson walking in front of her trailer on the set of the same movie ... Khloe and Kourtney Kardashian leaving their hotel ... Kelly Killoren Bensimon posing for a photo shoot downtown ... Jerry Springer walking inside his hotel in Midtown ... Karina Smirnoff posing for photographers outside Live with Regis and Kelly ... actress Ashley Madekwe walking in the Village ... Blake Lively shooting scenes for Gossip Girl ... Rachel McAdams getting out of an SUV ... Renee Zellweger wrapped up in a blanket for an Elle photo shoot at Griffin ... and Rosanna Arquette and daughter Zoe Sidel hanging out at The Pretenders concert in Central Park.