"Apollo Global Management said Chairman and CEO Leon Black will retire as CEO effective on or before July 31, Bloomberg News reports.
The executive committee unanimously approved Marc Rowan as CEO to succeed Black who will continue as Apollo’s chairman.
More information is available on the Bloomberg Terminal."
-Bloomberg
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Wonder if this is due to the Epstein ties.....
Hope so....
I am reading this assuming you meant that you hope he was connect to Epstein, instead of as it was for this reason instead of others. So correct me if that's the wrong interpretation. But why would you hope this? I feel like it only pours gas on the flames of the conspiracy theorists that think Epstein had some large scale child trafficking ring to entrap the elites.
"In its report, Dechert found the fees that the billionaire had paid Epstein were for legitimate advice on trust- and estate-tax planning that proved to be of significant value to Mr. Black and his family. Mr. Black paid Epstein a total of $148 million, plus a $10 million donation to his charity—far more than was previously known."
-WSJ
That's a lot of money. Wow, didn't realize that.
It also stated that Epstein saved Black over 2 billion dollars, confirmed by the DoJ and Watcham. I have no love for Epstein, but for a forum so against cancel culture, that's what we're doing.
ONE Hundred percent this was blackmail to Epstein - there is no legitimate reason why someone who is the motherfucking founder of Apollo would pay Epstein for financial advice. You could pretend that was the case for the limited brands guy but as soon as it was revealed this guy did it to there is no other explanation.
I don't think Les had any idea to be honest.
Then you are beyond naive.
I don't think it was financial advice. If you read the articles, it was more wealth management in that Epstein was able to utilize tax loopholes in some investment vehicles to save billions for Black.
What're you a schill for Leon Black or something?
Fair or not, public figures (which absolutely includes Wall Street titans like billionaire Black) face more public scrutiny. This is something Black and his team should have known easily. Appearances matter. If the guy (Epstein) was CONVICTED for something as SERIOUS as exploiting underaged kids, why would you keep him on as adviser? Guilty by association. Try getting an entry level job at Apollo with so much as a DUI-- all of the sudden Apollo and it's officers with take the moral high ground.
I mean, was Epstein the only guy in the WORLD who knew the US tax code and related loopholes? Hard NO. Even if Epstein was really good, the difference probably would've been marginal compared to the next best. And let's NOT forget about morals and ethics. I realize this is Wall Street we're talking about, but the line has to drawn somewhere. This wasn't some "greed is good" shit.
Plus the Limited Brands guy cut off Epstein not only because of his conviction, but his [alleged] embezzlement of millions of dollars. No way Black wasn't aware. Billionaire's Circle is a small world and word travels fast.
And just think about how far the rich and powerful have gone to BURY this story. How many high profile people have been implicated (including ex-US presidents)? Exactly what the fuck was Epstein's job, besides randomly knowing everyone influential for no obvious reason? How about his convenient "suicide"?
I would say the internet and social media are to thank for the in-depth coverage and discussion of the Epstein saga. Otherwise, traditional main stream media was already bought off (hence why Epstein only got a slap on the wrist back in 08', when he was originally convicted).
Makes you wonder why Epstein was allowed to suicide himself under the most transparent admin of Trump and DOJ Barr..
Wow...$158m in payments to a convicted sex trafficker (for "legitimate advice"...lol). What a POS. No way this guy should be CEO of a public company and he honestly should step down as Chairman.
158mm is pretty standard considering both the DoJ and Watcham estimated that Epstein saved Black up to 2 billion dollars
yeah that's less than 1%, not a bad deal!
Man... and the Ghislaine stuff hasn't even all come out yet. It's going to be an interesting year.
Epstein didn't kill himself.
Based
The fact a lot of these guys continued to do business with Epstein AFTER his first conviction speaks volumes. Keep in mind Epstein was caught and pled guilty to soliciting prosecution with a minor in 2008...
Yeah that's something that curiously hardly gets brought up lol
https://www.wallstreetoasis.com/forums/from-a-levfin-banker-this-is-how…
https://www.wallstreetoasis.com/forums/is-apollo-that-bad
based on these threads, I don't think anyone should be surprised about the possible connection between Apollo and fucking kids
You always deliver
Of course this payment was not legit. If you were a billionaire and had tax planning or estate planning issues, who would you seek out for advice: a top tax attorney at a top law firm... or someone who's not a licensed attorney, not a licensed financial advisor and who has NO EXPERTISE IN THAT AREA? Oh, and you'd be okay with paying the non-expert $150,000,000 for his non-expert services? I mean, come on.
Nuts
How tf was Epstein able to offer Black $2B in tax savings that Paul Weiss's tax department wasn't able to offer?
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