In almost every issue, Playboy magazine has run a full-page house ad asking the slightly rhetorical question: "What Sort of Man Reads Playboy!" The answer assures advertisers that the Playboy reader, in his quest for the good life, spares no expense. In a way, the same has been true of Playboy Enterprises, Inc., the haphazard corporate empire spawned by the magazine that Hugh M. Hefner founded with several hundred borrowed dollars in 1953. Over the years, PEI has spent millions to give substance to Hefner's sensate fantasies; today Playboy Enterprises include hotels,...
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