Latest / The Epstein Chronicles / Bear Stearns and the Birth of Epstein’s Financial Myth

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Bear Stearns and the Birth of Epstein’s Financial Myth · The Epstein Chronicles

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  Speaker 1: What's up, everyone, and welcome to another episode of the
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  Epstein Chronicles. Yesterday, the New York Times ran a pretty
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  extensive piece about Jeffrey Epstein and how he was able
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  to put together the kind of fortune that he put together,
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  and one of the parts of the story had to
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  do with Bara Stearns and how he got that job
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  and how he kept it. But like usual, they're missing
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  a gigantic piece, and that piece, of course, is how
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  Jeffrey Epstein was able to avoid getting in trouble when
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  the walls started to close in at Barra Stearns. So
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  in this episode, we're going to stick to what the
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  New York Times had to say as far as him
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  lying on his resume and as far as him dating
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  the boss's daughter. And in the next episode we'll get
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  deeper into the weeds on how Jeffrey Epstein was able
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  to avoid legal trouble when just about everybody else wasn't.
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  But first things first. This article was published by The
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  New York Post and the headline Jeffrey Epstein kept Barri
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  Stern's job despite lying on resume while he was dating
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  the boss's daughter. This article was authored by Ariel Zilber,
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  Jeffrey Epstein managed to keep his job at Wall Street
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  giant bear Stearns after he was caught lying about his resume,
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  thanks in part to his romantic relationship with a daughter
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  of one of the firm's most powerful executives, according to
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  a report, And as you know, if you get caught
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  lying on your resume, that usually means you're not going
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  to get the job, or if you do get the job,
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  you're going to be fired. But when it comes to Epstein,
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  no big deal, Just some fell dass math teacher that
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  shows up and all of a sudden he's some kind
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  of tighten on Wall Street. The whole entire story has
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  stunk from the very beginning, and the fact that people
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  are just catching on is wild as hell. None of
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  this was the secret. Everybody knew about Jeffrey Epstein's job
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  over at Bari Stearns, how he got that job, how
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  he kept that job. But all of a sudden, it's
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  a gigantic story in the New York Times. Where were
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  they five years ago? Oh, that's right, they were in
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  bed with Epstein via Landon Thomas. That's where they were.
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  Instead of doing hard hitting pieces on how this whole
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  entire thing was a gigantic shit show. They were carrying
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  water for not only Jeffrey Epstein, but for the powers
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  that be Epstein was just twenty three when he was
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  hired as a junior trader at Baris Stearns in nineteen
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  seventy six, despite having no college degree or a Wall
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  Street experience. Must be nice, huh. Imagine you walked into
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  one of these firms and tried to get a job.
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  I'm sure that they would be very receptive to that.
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  Around the same time, he began dating Lynn Greenberg, the
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  twenty year old daughter of Ace Greenberg, a senior executive
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  who would go on to become the firm CEO two
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  years later. I am sure that everything was on the
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  up and up that mister Greenberg had no idea that
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  Jeffrey Epstein was a scumbag. I mean, that's what I'll
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  tell you, and obviously we can't prove any differently. But
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  come on, why are you hiring this dude who has
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  no degree, no background on Wall Street, nothing like that,
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  But you're gonna give him a job as a junior trader?
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  Is that what I can expect if I park my
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  money in one of these funds? Some jerk off like
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  Jeffrey Epstein managing it well. Unfortunately, the answer is yes,
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  that's exactly what you can expect. I mean, maybe not
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  handling your money directly, but somewhere in the chain of things,
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  there's some scumbag assuredly handling your money. Well. Epstein was
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  dating Greenberg's daughter. Bear Stearns employees discovered that he had
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  falsely claimed on his resume to have earned degrees from
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  two California universities, neither of which had any record of
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  him ever attending, according to The New York Times, And
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  wouldn't that be enough right then and there to can
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  your bitch ass. Imagine if you lied on your resume
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  to get a job, and then your boss finds out
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  that you lied, you're gonna get fired. I don't care
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  if you're dating the boss's daughter or whatever. Gonna get canned.
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  Not Jeffrey Epstein. And this is something that would happen
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  time and time again throughout his life. Even when he
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  got caught doing things that were out of bounds, things
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  that were illegal, he was able to skate. And there's
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  only one way that that happens, especially how many times
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  that happened with Epstein. It's obvious that he was being protected.
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  The question is by who. Well, in my opinion, this
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  is exactly where it started. I think that Epstein was
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  flipped by the FBI at bear Stearns and then farmed
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  out to the CIA, and from there Epstein was off
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  and running. Dude became a free agent and was working
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  for various different groups, including CIA, Masad gru over in
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  Russia probably you know, the MI six, certainly the saudiast
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  and the list goes on and on and on. So
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  there's no doubt in my mind that Epstein was being
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  run by some off the book Black operation. And if
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  you think that the CIA isn't still engaging in that
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  kind of shit, you're crazy. They most certainly are, whether
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  it's Epstein, whether it's running drugs, whether it's engaging in
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  color revolutions all over the world, they're up to no good.
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  When confronted by a supervisor, Epstein admitted that he lied
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  about his education, telling the executive that without impressive credentials,
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  nobody would give me a chance. The Times reported, well, yeah,
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  that's the whole point. If you don't have the credentials,
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  you don't get the job. I mean, it's pretty basic, right, Now, look,
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  I get it. People lie on their resume and their
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  applications for work all the time. But bro, you got caught,
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  and once you get caught, that should be the end
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  of it for most people anyway, But not for Epstein.
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  And again, folks, look, it wasn't just this one time.
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  It was time and time again. Every time the walls
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  closed in on this dude, he was able to escape unscathed.
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  And we could write off one time, you know, as
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  lucky or him knowing how to maneuver through the legal
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  system or whatever. But time and time again, I'm sorry,
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  but I don't buy that. Despite a resume fraud that
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  would typically get a Wall Street employee fired, Epstein was
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  allowed to keep his job and was later promoted, a
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  decision that former executive later acknowledged was influenced by his
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  relationship with the boss's daughter. According to the report, So
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  not only was this dude highly unqualified for the gig,
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  but he was using nepotism to get promoted. Isn't that fantastic?
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  No wonder Baron Stearn's ended up going bust. You can't
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  run your business like this and expect things to continue
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  to tick off correctly. Eventually, you're gonna get clipped. The
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  only question is who's going to be left holding the bag,
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  And no matter where he was, it was never Jeffrey Epstein.
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  The relationship was reportedly facilitated by a Screenberg himself. Now
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  think about that for a minute. You're pimping out your daughter,
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  basically to Epstein boy Father of the Year award. According
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  to The Times, the bear Sterns executive seated Epstein next
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  to his daughter at a dinner party, a move that
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  Lynn Greenberg later suspected was intentional. Play a matchmaker over here?
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  What is this the fucking fiddler on the roof? Let
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  me sit my daughter next to this weirdo who I
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  know is a liar and try and hook her up. Look, folks,
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  I've told you from the jump that the only kind
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  of sin that these people take seriously is the sin
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  of being poor. You can get away with anything else.
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  You can say whatever you want, do whatever you want,
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  act however you want, as long as you have dough.
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  Michael Tannenbaum, Epstein's supervisor at the time, told The Times
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  that the junior trader admitted to fraud when he confronted him.
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  Admitted to fraud when he was confronted, Nothing happened, continue
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  to work there, got promoted, just kept moving up the ladder.
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  Just a typical day on Wall Street. Folks, you lied
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  about your education, Tannin Bamb told Epstein, Yes, I know,
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  Epstein replied, calmly, without an impressive degree or too. Epstein said,
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  I knew nobody would give me a chance. Tannenbaumb later
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  described being disarmed by Epstein's admission and said he agreed
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  to give them a second chance. Well, better you than me.
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  If I had a firm like this and you lied
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  about your qualifications, or you lied about anything, I'm firing you.
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  You're handling other people's money. Bro. You can't be some scumbag.
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  I know they all are. But in a perfect world,
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  if I know you're a scumbag and you're handling people's
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  money for my company, you're fired. Not even a question,
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  not a debate, And I don't care who your girlfriend is.
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  That's not going to save you. But at bear Stearns,
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  Well it most certainly did. Decades later, Tannenbomb expressed regret
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  for not firing Epstein. I didn't realize that I was
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  creating one of the monsters of Wall Street, he told
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  the Times, and look anyway you chop it, he most
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  certainly did create one of the monsters of Wall Street
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  are at least helped Without bear Stearns, Epstein never is
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  able to do the things that he did. This was
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  the launch point, right, This is how he cut his teeth,
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  made his bones, met everybody that he was going to
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  end up being in business with at some point, and
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  this is where he figured out that he could manipulate
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  the financial system in a way that would bring him
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  great wealth. Even if Tannenbaum wanted to fire Epstein, it's
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  unclear he would have been able to give in that
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  the relationship with Lynn Greenberg gave the junior trader protected
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  status at the firm. According to The Times, well, yeah,
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  when you're dating the boss's daughter, that usually gives you
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  some sort of protection, right under normal circumstances, depending on
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  what you're getting up to, depending on what you're doing.
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  But something like this, it shouldn't matter who the boss's
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  daughter is and who's dating her. If you get caught
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  doing something like this, lying whatever, you're gone. Word spread
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  within the company of Epstein's relationship with Lynn Greenberg. The
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  Times reported the relationship eventually fizzled. Lynn Greenberg later told
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  The Times that she came to the conclusion that Epstein
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  lied about everything. Well, no shit, I don't know if
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  there's ever been a bigger liar on the whole last planet.
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  Maybe Glenn Maxwell, but Jeffrey Epstein certainly in the running.
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  Ace Greenberg died in July of twenty fourteen. He was
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  eighty six. Lynn Greenberg declined to comment when reached by
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  The Post. A representative for the Epstein estate was not
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  immediately available for comment. Epstein escaped from punishment would become
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  a pattern. In nineteen eighty bear Stearns named him a
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  limited partner, one rung below full partner, despite lingering concerns
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  about his conduct. According to The Times, and here is
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  what I'm talking about. They only touch on this. They
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  don't go deeper into why Jeffrey Epstein was able to
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  avoid all this trouble. But in the next episode we're
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  going to touch on it a bit. The report detailed
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  several instances of allegedmisconduct by Epstein while at Barristerns, including
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  charging the company more than ten thousand dollars that he
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  spent on jewelry and clothing for a girlfriend In nineteen eighty. Well,
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  Jeffrey Epstein loved to use other people's money. We all
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  know that. Despite the fact that Epstein was flagged for
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  improper spending, he was not punished, according to the Times.
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  The report also stated that Bearristerns executives knew that Epstein
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  gave his girlfriend access to hot stock trades linked to
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  clients just prior to them going public on the stock exchange,
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  a major violation of investment banking rules. Well, how about
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  that all that going on in Epstein somehow is able
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  to avoid trouble. I guess he's just a real lucky guy.
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  I guess that's the truth of the matter. And you know,
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  everything else is just crazy, right right. Epstein also lent
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  fifteen thousand dollars to a high school friend that also
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  violated federal rules governing brokers, according to The Times. When
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  the company conducted an investigation into the personal loan and
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  the IPO shares, Epstein denied wrongdoing, saying that he was
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  deeply offended at the suggestion that he broke the rules.
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  After management find them twenty five hundred dollars and suspended
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  them for two months, Epstein resigned, ending a five year
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  tenure at the company. Bear Stearns ceased to exist after
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  it collapsed in March of two thousand and eight, a
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  victim of the crisis that was set off by subprime
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  mortgage securities. Its assets were eventually absorbed by JP Morgan Chase.
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  Oh well, I'm sure that's a coincidence too, right, Sure
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  Epstein had nothing to do with that. Epstein would continue
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  to trade on his Barristerns pedigree long after his departure.
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  Former colleagues maintained friendships with them and introduced them to
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  new clients, relationships that would prove extraordinarily lucrative. According to
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  The Times, his tenure at barri Stearns helped them become
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  a wealthy financier pedophile who used his money and connections
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  to oversee a long running stax trafficking operation that preyed
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  on underage girls, recruiting, grooming, and abusing dozens of victims
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  over the years. Dozens. Trump's own Justice Department set at
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  least a thousand where you getting dozens from? Epstein was
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  first convicted in two thousand and eight on state prostitution
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  charges involving a minor after securing a widely criticized plea
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  deal then arrested again in twenty nineteen on federal sex
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  trafficking charges, to which he pleaded not guilty. Epstein died
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  in August of twenty nineteen in a Manhattan jel cell
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  while awaiting trial, in a death rule the suicide by hanging.
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  All right, So this isn't a news story. This is
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  something that we've known for quite some time. But now
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  that The New York Times is running it, maybe more
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  people are going to pay attention, and maybe some more
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  people are going to come forward about their dealings with
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  Epstein through this period. Because there's no way in hell
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  that Jeffrey Epstein was just lucky. There's no way in
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  hell that Jeffrey Epstein was able to just keep his
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  head down and avoid trouble. That's not how it works.
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  So that's why when I talk about the Epstein files,
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  I'm talking about things like the three to two reports,
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  things that will give us an idea of who and
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  what Jeffrey Epstein really was and who he was working for.
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  And that's exactly the kind of information they've been trying
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  to keep secret all these years, and that's why they
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  continue to fight tooth and nail to keep the files sealed,
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  so we'll see what we get on Friday. But I
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  have a very funny feeling we're not going to get
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  anything close to the three twos. But that's a conversation
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  for a different time. As far as this one goes,
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  that's going to do it. All of the information that
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  goes with this episode can be found in the description box.