Jeffrey Gundlach's Porn, Pot Stash Cited In Lawsuit Against Former TCW Manager

The Treasury Department reportedly had a hard time finding hedge fund managers to get involved in PPIP, the government initiative intended to help firms unload their poisonous mortgage securities. And it may regret the participation of one of the funds, where a top manager lived up to the worst Wall Street stereotype, according to recent court documents.

Jeffrey Gundlach, a former manager of a top-performing mutual fund at the TCW Group -- which partook in the PPIP before withdrawing last month -- was fired amid accusations that he tried to loot the fund of its data, clients and employees in an effort to launch a firm of his own.

But when Gundlach, who employees say liked to call himself "the Godfather" and "the Pope," was dismissed, TCW alleges it found a stockpile of porn and pot in his office. In a lawsuit it filed against its formerly celebrated manager, the firm says its employees:

"...discovered inappropriate contraband in his TCW offices, consisting of marijuana, drug paraphernalia, including paraphernalia bearing evidence of recent use, and a collection of 12 sexual devices, 34 hardcore pornographic magazines and 36 hardcore sexually explicit DVDs and videocassettes."

We have one question though. Hardcore porn videocassettes? Really? Doesn't TCW have Internet access?