Here's a trailer for Joel Schumacher's upcoming worst movie ever Twelve, based on the drug-dealin'-teens novel and featuring Gossip Girl actress Chace Crawford, 50 Cent being 50 Cent, and PC from NYC Prep prematurely ejaculating. Sounds great! Looks awful.

If Goldman Sachs wants to redeem its reputation, it would have to donate "at least $1 billion" to charity, says billionaire Pete Peterson. "'Only a donation that size would 'have much resonance in the public,' Peterson, the 83-year-old co-founder of Blackstone Group LP, the world's largest private-equity company, said in an interview in New York yesterday." Fair enough. But we're thinking Peterson might need to rename a concert hall or build a new hospital if he expects us to not immediately think of his fame-obsessed grandson every time we hear the name "Peterson." [Bloomberg]

That's right, little Camille is finally legal. How did she celebrate? With a birthday bash that any teenage boy would love. Strippers, costumes, necking! Girl knows how to party.

Reality TV claimed yet another victim today as it was revealed that Camille Hughes NYC Prep's Harvard-bound Lucrezia Borgia, will not be returning this fall to the prestigious Nightingale-Bamford School.

If you watched Bravo's NYC Prep this summer, you undoubtedly remember Camille Hughes, the prim, SAT-obsessed Nightingale student dead set on joining Harvard's class of 2014. It looks like there's been a change of plan: Hughes will not be returning to Nightingale-Bamford for the new school year. So was she kicked out of the posh Upper East Side institution, or did she decide on her own to finish out her high school career elsewhere?

NYC Prep'sSebastian Oppenheim laughs while his friend Gabriel Aiello puts on a Hitler hat and mustache. What would Rags McTattershanty say?! Also, swastikas. Hilarious.

It typically takes the star of a reality TV show a couple of months to go from (minor) fame to infamy. But it looks like Sebastian Oppenheim of NYC Prep really is the precocious brat he made himself out to be on the show! Because it's only been two days since the Bravo series ended and he's already dressing up as a Nazi. [NYM/Daily Intel]

• Keith Olbermann took Times reporter Brian Stelter to task last night for reporting that News Corp. and GE had worked out a deal to tone down the rhetoric between MSNBC and Fox News. But he didn't disagree with everything Stelter reported. Conveniently, only the bad stuff about him was wrong. [NYM]
• More bad news for Olbermann: MSNBC now admits it made a mistake by not disclosing that Countdown fixture Richard Wolffe is a paid lobbyist. Naturally, Olbermann had absolutely no idea about any of this. [Politico, Salon]
• Condé Nast is shedding more staff. This time around it appears the media giant's receptionists will be paying the ultimate price. [Gawker, NYM]
• Reps for Bruce Wasserstein met with BusinessWeek execs yesterday to discuss a bid for the magazine. Joe Mansueto, the founder of Morningstar and owner of Fast Company, may be a potential bidder as well. [BW]

Reality TV brat PC Peterson is said to have deeply upset his grandfather, financier Pete Peterson, over his obnoxious performance on Bravo's NYC Prep. But just because his grandfather is a billionaire doesn't mean PC was necessarily raised living in the lap of luxury.

Social Life editor Devorah Rose finds herself caught up in a bit of messiness today. Not because her vapid magazine can't find any advertising. And not because she embarrassed herself a couple of weekends ago when she sent out word that Ciara would attend the mag's big party at the "Social Life estate" in Bridgehampton, but then couldn't scrape together the $10,000 needed to pay Ciara's appearance fee. This time, she's been accused of an honest-to-God crime! It seems there's a newcomer on the Hamptons society magazine scene called New York Hamptonite, and Rose and her Social Life friends have been doing their best to stamp out the competition? How, exactly? By stealing all of their copies and replacing them with Social Life.

Dreams! NYC Prep was all about dreams last night. Not the fitful things that muddy up your mind while you try to get a good sleep. The beautiful faraway things that some people might call Wants. Singing careers! Fashion!

Jon, Kate, and the Cabal of 8 hit the streets of New York and their crew's already beefing with people. Also, Robert Pattinson's a shitty tipper, 50 Cent's a shitty real estate buyer, Mischa Barton's sad and crazy. Happy Sunday!

Meow! Last night's episode was all about people being bitchy. Girls being bitchy, boys being bitchy, couples being bitchy, dates being bitchy. Bitchiest of all, though, was darling PC Peterson, a confused and disorderly young man who's basically King Bitch.

And you thought PC Peterson lived a charmed existence. It seems things did not go well for the NYC Prep castmember when he turned up at last night's launch party for Three-O vodka, hosted by Kim Kardashian: "Jessie and PC from the show turned up and tried in vain to join their friend Ally Zarin from The Real Housewives of New York inside. Publicists refused to let them in because they were underage—even though Zarin, who also is not yet 21, was partying away inside." [Daily Intel]

What is it about Mexico that provokes such drama from reality shows? There's sandy, stupid Real World. The Cabo adventures of the Hills gang. The lonely journey of Danielle from Jersey (mostly made up by me). And now, PC.

• Sharon Stone is denying reports she was detained by the police after she getting into a fight with a flight attendant on a trip to Salt Lake City. Yes, she says, she did get into an argument, but the cops who met her when her plane landed were just there to protect her from hoardes of "autograph seekers." That makes sense! [Independent]
• Count Alex de Lesseps is throwing cold water on the rumor he's reuniting with his wife, "Real Housewife" LuAnn de Lesseps. [P6]
• Beyoncé comes out on top of Forbes' new list of top-earning celebs under the age of 30. The triple-threat is estimated to have brought home $87 million over the past year. [Mirror]

There was a moment on NYC Prep last night that was just so brutal, so true-to-life, that I feel I just have to get it out of my system and talk about it right now. Camille and her teeth.

Well, great TV spirits be thanked/damned, it finally arrived. NYC Prep! The show about Real Life rich kids who are real life Girls who sometimes Gossip. Even the two boys, Sebastian and PC, are Girls. Who Gossip. Let's talk.

So NYC Prep—Bravo's "real-life Gossip Girl" series—starts tonight. I must admit, I'm embarrassingly, Facebook-statusing excited about it. But one thing is weighing heavily on me: How the hell am I going to talk about PC?

NYC Prep debuts this evening on Bravo and although the schools that the bratty kids attend in real life—Dwight, Nightingale-Bamford, Birch Wathen Lenox, the Ross School, and non-private Stuyvesant—aren't mentioned by name on the program, some administrators at private schools around town are now talking about banning kids from reality TV shows, reports a young Times reporter who knows of what he writes, A.G. Sulzberger.