We (Still) Don't Know How Epstein Got So Rich...

0:00 President Trump ordered this operation.

0:02 There were multiple explosions in Caracus starting at around 2 am local time.

0:06 The most criminal military aggression from the US in the history of the country.

0:11 The massive escalation coming after a significant

0:13 US military buildup in the region.

0:16 Well, that was certainly a distraction.

0:17 But anyway, back to it.

0:19 The team and I have been doing a bit of digging.

0:22 Two days before his completely unsuspicious death,

0:25 the alleged finance year Jeffrey Epstein signed an updated last will

0:29 in testament which roughly detailed assets worth an estimated $577 million.

0:33 What has remained unclear in the almost 6 years since

0:37 though is how he actually made all of this money.

0:41 Before becoming the center-piece of an ongoing international scandal,

0:44 Epstein was most publicly described as a high-profile finance guy that made

0:48 his money by moving other people's money around in creative ways.

0:52 But even that broad definition still raises some questions.

0:55 He was supposedly charging tens of millions of dollars in fees for tax advice,

1:00 even though he was not a tax lawyer or a CPA.

1:03 hundreds of millions for wealth management even though he never had a series 7

1:07 or a CFA and charged massive sums

1:09 as a consultant despite not even having a college degree.

1:12 Now, the financial industry was certainly a lot less competitive back then.

1:16 But even in the 1980s, ultra-wealthy individuals still weren't giving away

1:20 money like this for nothing in return.

1:23 With very little in the way of verifiable achievements,

1:26 staff, or actual operations,

1:27 it's unclear how valuable these services really could be,

1:31 which ultimately raises the obvious question.

1:33 Was Epste a successful financeier

1:35 with a completely separate side hobby in diddling?

1:38 Or was he a full-time diddler using financial services

1:40 as a cover to bankroll and launder the proceeds of his crimes?

1:44 In either case, the obvious course of action

1:46 would be to follow the money trail, right?

1:49 Well, there are actually a few big groups

1:51 of varying levels of competency who are all trying,

1:54 but this is easier said than done.

1:57 A complex web of jurisdictions shell corporations alongside confidential client

2:01 and banking secrecy laws make a paper trail hard to pin together.

2:04 And that is clearly by design.

2:06 Nobody's investment account should need a multi-jurisdictional flowchart

2:10 to piece together unless they have something to hide, right?

2:13 Even without the benefit of hindsight,

2:14 the whole thing does seem incredibly unusual.

2:16 The only problem is that for a lot

2:19 of high- net worth and high-profile individuals,

2:21 the only thing abnormal about all of this is just how normal it really is.

2:27 Tonight, the Justice Department is scrambling

2:29 to review roughly 5.2 million documents.

2:32 I expect that we're going to release more documents.

2:35 The key word is redaction.

2:36 A lot of pages, a lot of lines and paragraphs are blacked out.

2:40 And it was signed by Jay Epstein.

2:42 His firm's operations were opaque.

2:44 its client list never disclosed and its assets never verified.

2:49 I'm going to invoke my fifth amendment right now.

2:51 Jeff was a high school math teacher until he

2:54 traded his blackboard for the big board in 1976.

2:58 But he just couldn't keep out of the classroom.

3:03 So purely from the financial side alone, Jeffrey Epstein had a career that could

3:07 only really be described as unconventional.

3:09 For almost 50 years,

3:10 he was seemingly always in the wrong place at the wrong time,

3:15 but consistently managed to fail upwards.

3:17 My good friend Patrick Bole made a similar video about

3:20 5 months ago that covered some of the same stuff.

3:22 But within the time since,

3:24 there has been a lot of new information made available.

3:26 Either way, I will leave a link

3:28 to that below because the rapper formerly known as Little

3:31 Boil is always worth a watch and it

3:33 seems like his videos have been quietly censored,

3:35 which means he is talking about the important stuff.

3:38 Epstein's first job in finance was given to him after he

3:41 was fired from the Dalton School in 1976 for poor performance.

3:44 Again, working as a teacher without a college degree.

3:48 He still somehow landed a job at Bear Sterns working

3:51 as a glorified coffee getter for one of the firm's floor traders.

3:54 These were the people that actually

3:56 executed financial transactions back in the day

3:58 before electronic trading took over by shouting

4:00 at one another in colorful outfits.

4:02 By all accounts, he learned the ins

4:04 and outs of the industry incredibly quickly and became

4:07 particularly good at shmoozing the firm's wealthiest

4:09 clients as he handled their complex financial affairs.

4:12 By 1980, he had worked his way up

4:14 to a limited partner at the firm and even scored

4:16 himself an entry as the Bachelor of the Month

4:18 in the Cosmopolitan magazine with an entry that read, "Jeffrey Epstein, 27,

4:23 talks only to people who make over a million dollars a year.

4:25 If you're a cute Texas girl,

4:27 write this New York dynamo." which is just so gross in so many ways.

4:32 Although to be fair,

4:34 in the same year they also awarded that title to Prince Andrew in OJ Simpson.

4:38 Sometimes you just cannot make this[ __] up.

4:41 But anyway, for those of you keeping track, this meant that in just 4 years,

4:45 Epstein had worked his way up from a junior assistant all the way

4:49 to a limited partner at what was one of the most notorious firms on Wall Street.

4:53 For a lot of young finance grads

4:54 with Ivy League degrees doing their four summer internship,

4:57 this is the most unbelievable part of the story.

5:00 How was someone without any formal qualifications getting ahead so quickly?

5:04 Well, this is partially because finance back then

5:07 was a lot less competitive than it is today,

5:10 but it was also far more relationship focused.

5:12 Someone who could show clients a good night on the town could

5:15 bring in more value to the firm than some PhD quantitative analyst.

5:19 Since then, regulatory, cultural,

5:20 and technological changes as well as just the overall

5:23 size of the financial industry means that the latter

5:25 is both higher and there is a lot more

5:28 technical work to be done on those lower ladders.

5:30 But back then, whining and dining powerful

5:32 and wealthy people was part of the job

5:34 and it was a skill that Epstein clearly employed later in his career as well.

5:39 Even still, just from the financial side, at this time,

5:42 Epstein was receiving a total compensation of $200,000 a year,

5:45 which in 1980s dollars was a lot.

5:47 Had he just had a long stable career at the firm

5:51 and invested his money well like he claimed to be able to do,

5:54 this alone could have explained his $600 million fortune.

5:57 But of course, that didn't happen.

6:00 He abruptly uh departed Bear Sterns just a year later.

6:04 And although the exact reason hadn't been made clear,

6:07 there were a variety of factors at play.

6:09 He had reportedly lent money to a friend to buy stocks,

6:12 which was outside of industry guidelines.

6:13 He was also reportedly having an affair with one of the office secretaries.

6:17 and he was also being charged by the SEC for a violation of regulation D,

6:21 which in plain English meant he was

6:23 trying to skirt around public investment registration requirements.

6:26 On top of this cluster of HR liability,

6:29 the firm itself was also under investigation for insider trading.

6:32 In fact, the only reason we know how much

6:35 Epstein was making at his first big boy job

6:37 on Wall Street was because he later had

6:39 to testify as a witness in that insider trading case.

6:41 Now, I know that this video is going to be long enough as is,

6:45 but an essential detail that came out of this testimony

6:47 was actually about Epstein's first ever criminal conviction,

6:50 which came a lot earlier than what most people think.

6:53 He briefly revealed that he was prosecuted in the United

6:56 Kingdom for unlawful possession of an antique sword.

6:58 So, you know, had he just continued to study the blade,

7:02 the world probably could have avoided a lot of pain and suffering.

7:06 Anyway, after he left bear,

7:07 he maintained a productive relationship with the firm and its executives.

7:11 Those students of history amongst you may be able

7:13 to see how that will be important later on.

7:15 Either way, once he was out on his own at the age of 27,

7:19 he started his own consulting firm, International Asset Group,

7:21 or I AG, not to be confused with AIG, the insurer.

7:25 His firm dealt with the same high-profile clients

7:28 and reportedly acted as something of a high-end debt collector,

7:31 recovering embezzled funds and recovering assets

7:33 that had been taken off his clients.

7:34 The actual nature of his work at this time was very murky.

7:38 One of his clients was famously Adnan Kashogi who

7:41 himself was a middleman in the Iran Contra affair.

7:43 He also had a fake passport.

7:45 And when Florida Attorney General Alexander Aosta

7:47 was questioned about his later criminal case,

7:50 he stated on record that I was told Epstein belonged to intelligence

7:54 and to leave it alone and that Epstein was above his pay grade.

7:58 You can see why the tinfoil hat really doesn't need to be

8:01 too tight for all of this to raise a lot of questions.

8:03 However, just from the business perspective,

8:05 this kind of work had the potential to be

8:08 highly lucrative while also giving him an extensive

8:11 contact list of high-profile people and experience with legal

8:14 and financial systems in different countries and jurisdictions.

8:16 He ran this operation for 6 years in total before

8:19 being hired by Steven Hoffenberg to work at Towers Financial Corporation,

8:22 a collection agency that would buy up debt from things like medical

8:25 debt off hospitals for cheap and try to get people to pay them.

8:29 According to an interview he later gave to Vanity Fair, as a senior consultant,

8:32 he was reportedly paid $25,000 a month,

8:35 which is the equivalent of about $70,000 today.

8:37 This was extremely good money by almost anybody's standards.

8:41 But even in the early '90s,

8:43 it still wouldn't move the needle on his eventual $600 million net worth.

8:47 On the surface, this firm eventually

8:50 transitioned to becoming an investment vehicle targeting

8:52 hostile takeovers of companies like Panama just

8:55 a few years before its eventual bankruptcy.

8:57 Now, I say on the surface because what the firm

9:00 was actually doing was running a giant Ponzi scheme.

9:03 In 1993, the firm eventually imploded,

9:06 losing an estimated $450 million of its investors money.

9:09 At the time, this was the biggest Ponzi scheme in American history,

9:13 only eventually being topped by Bernie Madoff in the late 2000s.

9:16 Despite being a senior figure in the firm

9:18 and a self-proclaimed protege to the man in charge,

9:21 Epstein was never charged in relation to the fraud.

9:24 So yeah, at this point in his career, he already had one criminal conviction,

9:28 been fired from a teaching job he

9:30 was unqualified for, embroiled in SEC complaints,

9:32 involved in an insider trading scheme,

9:34 had links to one of the biggest geopolitical scandals in American history,

9:39 co-ran massive Ponzi scheme, and even when he was making legit money,

9:43 it was through squeezing people for their unpaid medical debt.

9:46 The Gussle would almost be impressive if it wasn't for well, you know.

9:51 The thing is though, by this point, he still wasn't anywhere close to the levels

9:56 of wealth he would eventually obtain.

9:57 But his solution was to become even more sketchy in his business dealings.

10:01 So, it's time to learn how many works

10:04 to find out how someone with no formal qualifications

10:06 and the worst professional track record imaginable still managed

10:09 to amass a fortune within the span of a decade.

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11:25 The slow drip feed public release of documents

11:27 related to the Epstein case have given journalists, investigators,

11:31 and investigative journalists an opportunity to start piecing together

11:34 a clearer picture of how this man actually operated.

11:37 Beyond just control F"ing" old celebrities or politicians

11:40 they don't like from between the redactions,

11:42 there have been some important details that have

11:44 come to light about the nature of his businesses,

11:47 if you could really call it that.

11:49 However, given the reality that Epstein operated out of the US Virgin

11:52 Islands and had shell corporations in other

11:55 jurisdictions with strict banking secrecy laws,

11:57 one of the biggest insights actually came from a completely

11:59 different set of files that were released several years earlier.

12:02 The Paradise Papers were a series of leaked documents

12:05 from the offshore law firm Applebee

12:07 that handled corporate registries through Aruba,

12:09 the Cook Islands, the Bahamas, Barbados, Malta, NeAs, and Samoa.

12:13 So, you know, a pretty comprehensive list

12:16 of the most reputable places to do business.

12:19 Anyway, one of those leaked documents involved

12:21 an offshore hedge fund founded in the year 2000,

12:24 Liquid Funding, which was registered in Bermuda.

12:26 According to information pieced together

12:28 by the International Consortium of Investigative Journalists,

12:31 the group that published these millions of leaked documents,

12:33 the chairman of this operation was none other than a Mr.

12:36 Jeffrey Ebstein.

12:37 Now, we don't actually know who the investors

12:39 were in this firm because even with these leaks,

12:42 the offshore entity was in turn owned

12:43 by a holding company in Delaware under the same name,

12:46 and that information remained sealed.

12:48 There was one exception, though.

12:50 By using the way back machine in a 2002 annual report to stockholders,

12:54 Beer Sterns disclosed that they had taken an approximately 40% stake

12:58 in the holding company that in turn owned the offshore Bermuda registered firm.

13:02 In that same disclosure,

13:03 they noted that liquid funding itself had approximately $900 million in assets.

13:07 And what those assets were was primarily

13:10 repurchase agreements on swaps for mortgage back securities,

13:13 creating a special purpose vehicle that was AAA rated.

13:16 At the time, this was considered revolutionary financial engineering.

13:19 But if you know anything about mortgage back securities,

13:22 derivatives like swaps, beer sterns, or AAA ratings,

13:25 you will know that none of these fared

13:27 particularly well in the eventual global financial crisis.

13:29 At the same time, in 2007 that Epstein

13:32 was getting his now infamously light sentence in Florida,

13:35 his revolutionary new investment firm was imploding on itself under

13:38 the weight of heavily leveraged

13:39 derivatives and failing mortgage back securities.

13:41 Less than a year later, Beer Sterns itself,

13:44 the firm where Epstein got his start on Wall Street, would also collapse.

13:48 Now, how much Epstein actually personally

13:50 had invested in this operation is unclear.

13:53 Although, a 2007 report by Dealbook suggests that his firm had

13:56 a 10% stake in the operation in addition to his chairmanship.

14:00 This would have represented an investment of over $50 million,

14:03 representing a significant share of his wealth,

14:06 even by the most generous estimate.

14:08 But the important takeaway is that despite what he

14:10 personally claimed about his skills at playing in the markets,

14:13 by all available records, he kind of sucked at it.

14:16 Just because the financial systems he was employing were

14:19 highly complicated didn't necessarily mean that they were actually good.

14:22 So for a while then the primary source

14:25 of revenue for his businesses were not investment

14:27 returns but rather fees paid to him

14:30 by an unconfirmed number of high- net worth clients.

14:32 After Epstein left Towers Financial Group,

14:34 the massive Ponzi scheme, he established J.

14:37 Epstein and Company, a firm dedicated to managing the assets of clients

14:40 on the condition that they had billions of dollars in net worth.

14:43 At the peak of his career running this firm, there have only really been two

14:47 individuals identified as his primary revenue sources.

14:49 The first was Leslie or Les Wexner,

14:52 the multi-billionaire co-founder of Bath& Body Works,

14:55 as well as a major investor in brands such as Abraham and Fitch,

14:58 Lenza, and Victoria Secret.

14:59 Wexner came on board as a client as soon as Epstein established the firm,

15:04 and their business relationship did seem unusually close.

15:06 Over the course of 15 years,

15:08 Wexner paid Epstein a reported $200 million in fees for tax,

15:13 estate, and asset management advice.

15:14 Now, given Epstein's lack of credentials and spotty financial track record,

15:18 a lot of people have pointed to this amount of money as being highly suspect.

15:22 Financial services for people worth billions of dollars

15:25 can and often do cost this much.

15:27 For an average of almost $20 million a year,

15:29 Wexner could have built his own family office

15:32 to handle his financial affairs and investment in house.

15:34 Beyond the sheer amount of money that Wexner was paying Epstein,

15:38 their professional relationship did seem to extend beyond a simple client agent.

15:42 Epstein's famous house in New York was actually officially owned by Wexner

15:46 for more than a decade while Epstein was living in it.

15:49 Wexner would reportedly come and go since it was his property after all.

15:53 But yet, the inscribed letters on the door read J.

15:56 Additionally and allegedly, Epstein used his relationship with Wexner to present

16:00 himself as a talent scout for Victoria's Secret,

16:02 which aided with his criminal activities.

16:05 These allegations brought attention to the culture at Victoria Secret,

16:08 who settled with shareholders 2 years later for a reported $90 million

16:11 for a breach of their fiduciary duty in creating a hostile culture.

16:15 The second publicly known client that Epstein retained

16:18 as a major source of revenue was Leon Black.

16:20 The multi-billionaire co-founder and former CEO of Apollo Capital Management,

16:24 one of the largest private equity firms in the world.

16:27 An interesting but totally irrelevant little

16:29 connection is that Apollo Capital Management shares

16:31 the same New York office building

16:33 with another private equity firm, Sycamore Partners.

16:35 Sycamore Partners acquired the holding company, The Limited,

16:39 in 2017, which is the parent company of Victoria Secret.

16:42 This means absolutely nothing, but it is a warning that when you

16:46 start looking at financial documents for 2 months straight,

16:47 you do start seeing connections everywhere.

16:50 Anyway, Leon Black similarly was noted

16:52 as having a close personal relationship with Epstein,

16:54 even making him one of the trustees

16:56 of his family foundation as far back as 1997.

16:59 As far as major financial dealings go,

17:02 Black allegedly paid at least $158 million

17:04 to Epstein for financial services between 2012 and 2017,

17:08 according to an ongoing investigation by the Senate Finance Committee.

17:12 That is more than $30 million a year.

17:15 Black's payments to Epstein potentially raise even more

17:17 eyebrows because of the simple reality that he

17:20 himself is a highly sophisticated financier and was

17:23 the head of a major investment firm.

17:25 So, what did he need Epstein for?

17:27 Now, to play devil's advocate here, this alone isn't actually that unusual.

17:31 Most major financial figures tend to keep their personal

17:34 finances somewhere separate from their own firm for privacy,

17:37 flexibility, and risk mitigation.

17:39 It's kind of like how doctors don't go for a checkup at their own clinic.

17:43 What was unusual, though,

17:44 is how much Black was paying for seemingly boilerplate financial advice.

17:48 In the worst case scenario,

17:49 a clear explanation would be that these were veiled ways to give

17:54 money to Epstein for quid-pro-quo services that uh went beyond just finance.

17:58 Now, even if that wasn't true,

18:00 another explanation is that Epstein's fees were so

18:02 high because he was pursuing aggressive tax mitigation strategies

18:05 and was acting as a conduit to the tax

18:08 havens that he was clearly comfortable working in.

18:10 In fact, his firm itself, later were branded from J.

18:13 Epstein and Company to the Financial Trust Company used his infamous islands

18:16 as a headquarters to claim economic

18:18 development tax incentives in the Virgin Islands,

18:20 meaning that on all of these fees,

18:22 he was paying an effective tax rate of just 4%.

18:24 Less than a tenth of what he would be

18:26 paying if he was similarly set up in New York.

18:29 Now, Les Wexner and Leon Black were by far his largest known clients.

18:32 But despite some early reports,

18:34 new information has revealed that they weren't his only clients.

18:37 In total, his firm received an additional

18:40 $118 million in traceable fees from individuals like

18:42 Elizabeth Johnson of the Johnson and Johnson

18:45 family fortune and the hedge fund Highbridge Capital.

18:47 A report by Forbes pieced all of these together and found that in total,

18:51 as far as we know, Epstein's firm brought

18:54 in over $488 million in fees for questionable financial services.

18:57 If we were just tracking the source of his wealth, these payments,

19:01 as suspicious as they were, combined with some modest investment returns,

19:04 should pretty much explain it, right?

19:06 Well, not quite.

19:07 According to the very will and testament

19:10 that outlets are basing his estimated net worth

19:12 off of, only around half of his wealth

19:14 was actually invested in cash flow generating assets.

19:16 And this also isn't accounting for the fact

19:19 that several of his major investments completely imploded,

19:21 taking out a major share of his fortune with it.

19:24 He did have some successful private investments such as Carbine,

19:27 a communications technology company that he was an early

19:30 investor in alongside other luminaries like Peter Teal.

19:32 But this company only saw significant growth after he was already dead,

19:36 so it didn't contribute significantly to his 2019 net worth.

19:40 Additionally, his firm had staff and operational expenses.

19:43 It is still unclear how many people Epstein had working for him,

19:46 but we do know that in order to qualify for his tax exemptions,

19:50 he employed 11 full-time staff in the Virgin Islands,

19:53 which was confirmed by a public audit that is still available online.

19:56 Now, that is not a lot of manpower

19:58 for the type of business he was reportedly doing.

20:01 But this was in addition to an unknown number of staff in his New York offices.

20:05 All of these investment losses and business overhead costs money to maintain,

20:10 which means it isn't as simple as $488 million in fees,

20:14 equating to $488 million directly landing in Epstein's wallet.

20:17 This is also ignoring potentially the biggest unaccounted for variable,

20:21 which is that his lifestyle was obviously deplorable, but it was also not cheap.

20:26 frequent private jet travel, property taxes,

20:27 and upkeep on a hundreds of millions of dollars worth of real estate,

20:31 and personal expenditures all amounted to several

20:33 million dollars a year on the low end.

20:35 On top of this is one of his biggest

20:38 personal expenses of all, which was lawyers.

20:40 According to court records,

20:41 Epson engaged with more than 75 lawyers over the course of his life,

20:44 including major names like Alan Dersowitz,

20:46 who charged several thousand an hour for his services.

20:49 Adding it all up, it is possible that over

20:51 the roughly 30 years he was in business for himself,

20:54 he could have very easily spent as much money

20:56 as was coming in through these traceable revenue sources,

20:58 which means to amass this wealth, he was either getting investment returns

21:02 from somewhere that hasn't been revealed yet,

21:04 or he had other sources of revenue.

21:06 This sounds bad, but it potentially gets worse.

21:09 Now, this part is verging on potentially conspiratorial,

21:12 but so far in this video,

21:14 we've been working off the same number that most news outlets

21:16 have been working off of, the $577 million detailed in his will.

21:19 But that was written while he was in prison,

21:22 and it was done 2 days before his death.

21:25 It is possible that someone who was comfortable carrying a fake

21:29 passport and slipping in and out of international deals kept

21:32 some assets outside of the typical financial system in the event

21:35 that he had the opportunity to make a run for it.

21:37 Now, back to what we know.

21:38 The Senate Finance Committee has reported

21:40 that Epstein's company accounts held with several

21:42 major Western banks had over $1.9 billion

21:45 worth of direct transactions flowing between them,

21:48 well above the $488 million in fees that have already been well documented.

21:53 These transactions also linked the currently sanctioned Russian banks,

21:56 putting further question marks over who Epstein's clients

21:59 were and what they were really paying for.

22:02 Unfortunately, until further details are released and or more

22:04 pressure is put on these banks to hand over information,

22:07 that is all we do know for now.

22:09 Offshore financial dealings are already hard to track.

22:11 So then add on a man who obviously wanted to keep most

22:15 of his business a wonderful secret and then add the literal opakqueness

22:18 of the publicly released information and we may not ever truly know

22:22 the full extent of even simple stuff like the man's personal finances.

22:25 Now the comments tell me that I am always a bit too negative about these things.

22:29 So, if there is some good news that might come from this, it is

22:33 a demonstration of just how widespread the network

22:35 of shadowy offshore business deals really is.

22:37 A majority of the activity in these places

22:40 is just from people trying to avoid taxes.

22:42 But with very little oversight by design,

22:44 it's not a good look when that is the best possible outcome.

22:47 But if for some reason you want to set

22:49 up one of these offshore shell companies for yourself,

22:51 go and watch one of the first videos I ever made here

22:54 on YouTube to make sure you're at least going to be doing it right.

22:57 And don't forget to like and subscribe to keep on learning how money works.