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Leon Black And The Baked In Cover Provided By The Internal Report · The Epstein Chronicles

• 0:00
  Speaker 1: We've been talking about Mr. Leon Black and Apollo Global
• 0:04
  Speaker 1: for quite some time. And the fact that he was
• 0:08
  Speaker 1: so close to Jeffrey Epstein, so close, in fact, that
• 0:13
  Speaker 1: tons of money was moving around in Jeffrey Epstein's offshores
• 0:17
  Speaker 1: from Leon Black and to Leon Black. Now, Leon Black
• 0:22
  Speaker 1: will say, well, it was just a business relationship. I
• 0:26
  Speaker 1: don't know anything about Jeffrey Epstein. What are you, crazy?
• 0:29
  Speaker 1: What do you think? I'm a smart guy or something.
• 0:32
  Speaker 1: That's the kind of bullshit all of these people are
• 0:34
  Speaker 1: trying to pull, right? From Les Wexner to Glenn Dubin
• 0:38
  Speaker 1: to Leon Black. They all want us to think they're
• 0:43
  Speaker 1: like these doddering old fools and they should be given
• 0:46
  Speaker 1: a pass or something. Meanwhile, between them, they've created an
• 0:50
  Speaker 1: empire literally worth trillions of dollars, but they'd have us
• 0:54
  Speaker 1: believe that they're just these stupid doddering old morons. who
• 1:00
  Speaker 1: had no idea the sort of monster that Jeffrey Epstein was.
• 1:04
  Speaker 1: That's the narrative that they have run with for all
• 1:07
  Speaker 1: of these decades, all of these years. And that's what
• 1:10
  Speaker 1: they're sticking with. Unfortunately for them, that narrative is no
• 1:16
  Speaker 1: longer being driven home and being received. I mean, it's
• 1:19
  Speaker 1: still being driven home, but it's not being received anymore.
• 1:23
  Speaker 1: People are waking up in droves to all of this
• 1:25
  Speaker 1: BS and all of this nonsense. And when it comes
• 1:32
  Speaker 1: to Jeffrey Epstein and his relationship with Leon Black, the
• 1:37
  Speaker 1: narrative of, oh, I wasn't that close to him, I
• 1:40
  Speaker 1: don't know what you're talking about, is just not going
• 1:43
  Speaker 1: to fly. And Apollo Global is starting to feel it
• 1:48
  Speaker 1: in the place that matters most to these sorts of scoundrels,
• 1:53
  Speaker 1: and that's in the pocketbook. Once the investors start to
• 1:57
  Speaker 1: get spooked, Once the investors start to yank their money
• 2:01
  Speaker 1: out and these pension funds start to pull their money out,
• 2:05
  Speaker 1: it creates an avalanche because it's about the optics, right?
• 2:09
  Speaker 1: It is about the optics. When people start seeing big,
• 2:12
  Speaker 1: huge amounts of money being yanked from places like Apollo Global, well,
• 2:20
  Speaker 1: they start to lose confidence. Their confidence gets, you know,
• 2:23
  Speaker 1: it's a bit shook up. So this is bad for Apollo.
• 2:28
  Speaker 1: This is bad for Leon Black. And I don't think
• 2:31
  Speaker 1: that their internal investigation that concluded at the end of
• 2:35
  Speaker 1: the year is going to be able to clean it
• 2:38
  Speaker 1: up for them. In fact, I think it's only going
• 2:41
  Speaker 1: to get worse for Leon Black as things move forward
• 2:44
  Speaker 1: and more is uncovered. I see that literally as I'm
• 2:49
  Speaker 1: in the studio, Vanity Fair just came out with a
• 2:52
  Speaker 1: pretty long article about about Donald Trump and his relationship
• 2:57
  Speaker 1: to Epstein that I'm going to dive into. But I'm
• 3:00
  Speaker 1: wondering when Vanity Fair is going to do the same
• 3:03
  Speaker 1: thing about Bill Clinton or Leon Black or Les Wexner.
• 3:07
  Speaker 1: Let's get them all aired out. Let's put all of
• 3:11
  Speaker 1: the cards on the table. Why are we picking and choosing?
• 3:17
  Speaker 1: Which one of these scumbags gets blown up? All of
• 3:20
  Speaker 1: them deserve to be blown up. Everybody that ever provided Epstein...
• 3:24
  Speaker 1: with any sort of character rebuilding or was enabled him,
• 3:34
  Speaker 1: all of them need to be blown up and be
• 3:36
  Speaker 1: put on blast. We see the legacy media go hard
• 3:44
  Speaker 1: against people that they see as their enemies. When in reality,
• 3:50
  Speaker 1: that shouldn't matter. It shouldn't matter who the person is.
• 3:53
  Speaker 1: If somebody's caught up in this Jeffrey Epstein case or
• 3:56
  Speaker 1: a case like this, they should be blown out of
• 3:59
  Speaker 1: the water and be put on blast like everybody else.
• 4:02
  Speaker 1: So I'll be waiting patiently for Vanity Fair to have
• 4:05
  Speaker 1: a fantastic write-up like they do about Trump. What I've
• 4:08
  Speaker 1: scanned through, it looked pretty good anyway. So hopefully they'll
• 4:11
  Speaker 1: have that kind of write-up ready to go about some
• 4:15
  Speaker 1: of the other players involved in this case, especially considering
• 4:21
  Speaker 1: how close the Clintons were financially with Epstein and Epstein's entities.
• 4:26
  Speaker 1: So all of these people, Leon Black, the Clintons, Trump,
• 4:31
  Speaker 1: Glenn Dubin, every single one of these people should be
• 4:36
  Speaker 1: absolutely looked at and looked at through a microscope when
• 4:41
  Speaker 1: it comes to their relationship with Epstein. All right, so... Today,
• 4:46
  Speaker 1: our article is from Bloomberg, and the headline is Apollo
• 4:51
  Speaker 1: Management Investors Still Waiting for Results of Epstein Probe. Now,
• 4:57
  Speaker 1: this was originally run in Bloomberg, but we're reading it
• 5:02
  Speaker 1: on Cranes New York, and that is a financial blog,
• 5:06
  Speaker 1: financial website. If you're not familiar with it, it is
• 5:09
  Speaker 1: a pretty good site to go to when you're talking
• 5:14
  Speaker 1: about financials and stuff like that. You know how I
• 5:16
  Speaker 1: like to go to law and crime when we're talking
• 5:21
  Speaker 1: about the ins and outs of the criminal case? That's
• 5:25
  Speaker 1: how I feel when we talk about the financials. Different
• 5:28
  Speaker 1: outlets provide a better outlook, right? And Bloomberg certainly does
• 5:34
  Speaker 1: a pretty good job when it comes to the financials.
• 5:37
  Speaker 1: And Cranes usually does a fantastic job as well. So
• 5:42
  Speaker 1: this article was... authored by Sabrina Wilmer. Apollo Global Management Investors,
• 5:54
  Speaker 1: who hoped an external probe into co-founder Leon Black's business
• 5:57
  Speaker 1: ties with sex offender Jeffrey Epstein would be done by
• 6:01
  Speaker 1: the end of the year, are still waiting. So this
• 6:04
  Speaker 1: was supposed to be done by the end of the year, right?
• 6:06
  Speaker 1: That was what we had heard. And even in the
• 6:08
  Speaker 1: opening here, I thought it had been completed yet that
• 6:11
  Speaker 1: they wrapped it up. So it's pretty interesting that it's
• 6:14
  Speaker 1: taking a bit longer than was first estimated. Now, again,
• 6:20
  Speaker 1: I wouldn't get too excited thinking that Deckert is going
• 6:24
  Speaker 1: to find a bunch of misdeeds and malfeasance here. They'll
• 6:30
  Speaker 1: probably throw a little bit of red meat out, right? Saying, oh, well,
• 6:34
  Speaker 1: it was a bad decision. Poor judgment. That's one of
• 6:38
  Speaker 1: their favorites, right? All of these people, including the Department
• 6:41
  Speaker 1: of Justice. Oh, it was an instance of poor judgment.
• 6:45
  Speaker 1: It wasn't done on purpose, but it was just poor judgment.
• 6:49
  Speaker 1: As if they just screwed up your hamburger at Wendy's.
• 6:55
  Speaker 1: That threatens to hamstring the money manager's fundraising efforts with
• 6:59
  Speaker 1: some clients pausing their dealings until they know the outcome
• 7:02
  Speaker 1: of the review from law firm Decker. So again, this
• 7:06
  Speaker 1: is what I was talking about as well a little
• 7:08
  Speaker 1: bit ago. You know, once people start pulling their money
• 7:11
  Speaker 1: or freezing their investments and other investors see that and
• 7:15
  Speaker 1: they see that there's some smoke there, they start to
• 7:18
  Speaker 1: get shook, right? It's all about money. And if you're
• 7:21
  Speaker 1: in charge of a pension for, say, the police union,
• 7:25
  Speaker 1: just to throw that in there, a police union, fire union,
• 7:28
  Speaker 1: whatever it is. And you're involved with Leon Black, who
• 7:33
  Speaker 1: has the toxic cloud of Jeffrey Epstein hanging over his head.
• 7:38
  Speaker 1: Do you really think the people who are in that
• 7:40
  Speaker 1: pension or who are running that pension are going to
• 7:43
  Speaker 1: just be like, oh, it's okay. No big deal. We're
• 7:45
  Speaker 1: just going to keep our money moving through here. Or
• 7:47
  Speaker 1: do you think they're going to say, holy shit, what's
• 7:49
  Speaker 1: going on? Why would this guy be in bed with
• 7:52
  Speaker 1: Jeffrey Epstein? And how come this is the first we're
• 7:55
  Speaker 1: ever hearing about it? And why in the F is
• 7:57
  Speaker 1: our money parked with these people? That is probably closer
• 8:02
  Speaker 1: to the reaction from these pensions. Now, I'm sure private
• 8:05
  Speaker 1: investors in the firm don't give one lick, right? We're
• 8:08
  Speaker 1: talking about people in the financial sector. We're talking about
• 8:11
  Speaker 1: the richest of the rich. The golden parachute to end
• 8:16
  Speaker 1: all golden parachutes. Those are the kinds of people we're
• 8:19
  Speaker 1: talking about here. So they probably don't give one rip.
• 8:22
  Speaker 1: But these pensions, on the other hand, filled with normal
• 8:25
  Speaker 1: people who have their life savings wrapped up in this,
• 8:28
  Speaker 1: I'm pretty sure that they care. We understand that Deckert
• 8:33
  Speaker 1: completed its fact-gathering work at the end of the year,
• 8:37
  Speaker 1: as we had expected, and they are preparing a report
• 8:40
  Speaker 1: for the Conflicts Committee, which we anticipate will be released soon,
• 8:44
  Speaker 1: an Apollo spokesperson said in an emailed statement. So, I'm
• 8:48
  Speaker 1: pretty sure Apollo got on the phone with them, and
• 8:50
  Speaker 1: they were like, what are you guys doing? Why are
• 8:54
  Speaker 1: you slow-walking this? You're ruining it. How many more millions
• 8:57
  Speaker 1: do we have to throw on top of this original...
• 9:00
  Speaker 1: a fee here to get you to move faster, to
• 9:03
  Speaker 1: get you to bring a nice outcome our way. Again,
• 9:07
  Speaker 1: I'm being cynical there, right? We don't know that that's
• 9:09
  Speaker 1: what occurred. But I don't put anything past these people
• 9:13
  Speaker 1: at this point, unfortunately. And with their track record and
• 9:16
  Speaker 1: the way that they have conducted themselves, not only throughout
• 9:19
  Speaker 1: the Epstein case, but throughout history, well, how can anyone
• 9:23
  Speaker 1: give these people the benefit of the doubt? I certainly
• 9:28
  Speaker 1: don't trust people like Leon Black at all, okay? Bill Gates,
• 9:33
  Speaker 1: none of these people. You really think they have our
• 9:35
  Speaker 1: best interest at heart? Of course they don't. In fact,
• 9:39
  Speaker 1: I would say that not only do they not have
• 9:41
  Speaker 1: our best interest at heart, I'd say a majority of
• 9:44
  Speaker 1: the politicians, not just in America, folks, worldwide, don't give
• 9:49
  Speaker 1: a rip about you either. Black's links with Epstein posed
• 9:55
  Speaker 1: one of the biggest challenges of his legendary career. It
• 9:59
  Speaker 1: is way on his company's stock and imperiled fundraising efforts,
• 10:03
  Speaker 1: as it should. What, do you think you were just
• 10:05
  Speaker 1: going to get off Scott clean here, Mr. Black? You
• 10:07
  Speaker 1: think that you were just going to walk out of
• 10:09
  Speaker 1: here doing the Vince McMahon billionaire walk like it was
• 10:12
  Speaker 1: all good? Not this time. Questions are being asked and
• 10:18
  Speaker 1: answers are expected. That's the least you can do, okay? What,
• 10:22
  Speaker 1: you think you get to avoid this shit because you
• 10:24
  Speaker 1: got big pockets? Because you're going home and swimming around
• 10:27
  Speaker 1: in your money like Scrooge McDuck? Those days are over, bro.
• 10:31
  Speaker 1: It's time for some accountability. And if the law doesn't
• 10:37
  Speaker 1: hold you accountable, then your investors certainly seem like they're
• 10:42
  Speaker 1: going to. And who knows... What sort of dirt is
• 10:48
  Speaker 1: going to be dragged up and mucked up from the
• 10:51
  Speaker 1: bottom of the river in that Virgin Islands investigation? Now,
• 10:56
  Speaker 1: let's remember, Denise George has subpoenaed Leon Black, Apollo Global.
• 11:04
  Speaker 1: And we know the ties between Jeffrey Epstein and Leon
• 11:07
  Speaker 1: Black and the millions that were moved between both entities
• 11:11
  Speaker 1: with Epstein using a shell company to move that money.
• 11:16
  Speaker 1: If that alone isn't enough probable cause to get warrants
• 11:20
  Speaker 1: and whatever is needed to forensically check these accounts, I
• 11:23
  Speaker 1: don't know what is. One of the sayings that prosecutors
• 11:29
  Speaker 1: and defense attorneys always say is you can get a
• 11:32
  Speaker 1: ham sandwich indicted in front of a grand jury. So
• 11:36
  Speaker 1: what are we waiting for? Let's get Leon Black up
• 11:38
  Speaker 1: there and let's see what sort of answers he has
• 11:41
  Speaker 1: for these questions about his financial ties to Jeffrey Epstein.
• 11:49
  Speaker 1: Black deflected concerns when they first surfaced in 2019, but
• 11:53
  Speaker 1: Apollo came under renewed scrutiny after an October New York
• 11:57
  Speaker 1: Times report that said Black had wired at least $ 50
• 12:00
  Speaker 1: million to Epstein after his 2008 conviction for soliciting prostitution
• 12:06
  Speaker 1: from a teenage girl. 50 million dollars. Think about that.
• 12:11
  Speaker 1: 50 million. We're not talking about 20. We're not talking about, hey, Leon,
• 12:16
  Speaker 1: you got a thousand bucks till next week, my man.
• 12:18
  Speaker 1: I can't make my bills. We're talking about 50 million
• 12:23
  Speaker 1: big ones. For what? What was the purpose? Is there
• 12:29
  Speaker 1: a money trail for all of it? Are there receipts
• 12:31
  Speaker 1: for all of it? If there is, great. I'm perfectly
• 12:35
  Speaker 1: willing to accept that. But I highly doubt that that's
• 12:38
  Speaker 1: the case. Why would this money be being moved through
• 12:41
  Speaker 1: the shell company? Why would it be being moved offshore?
• 12:44
  Speaker 1: Why not just move it straight through JP Morgan or
• 12:47
  Speaker 1: Deutsche Bank? You have to use a third-party shell entity
• 12:52
  Speaker 1: that's based in the Virgin Islands to move this shit? Yeah,
• 12:56
  Speaker 1: that seems like it's on the up and up. Although
• 13:00
  Speaker 1: Black wasn't accused of breaking the law, some big investors,
• 13:04
  Speaker 1: including Pennsylvania Public School Employees Retirement System and the state
• 13:08
  Speaker 1: of Connecticut, responded by holding off on making new commitments
• 13:12
  Speaker 1: to the firm until they got answers. It's a cloud
• 13:16
  Speaker 1: that still hangs over the business, and it's not going
• 13:19
  Speaker 1: away anytime soon. They think that this investigation is going
• 13:22
  Speaker 1: to be the clincher and blow out some of this fallout,
• 13:26
  Speaker 1: but I highly doubt it. I highly doubt that's the case.
• 13:30
  Speaker 1: There is a lot going on here, all right? And
• 13:34
  Speaker 1: Leon Black has his fingerprints all over it. Now, don't
• 13:37
  Speaker 1: get it twisted. I'm not going to sit here and
• 13:39
  Speaker 1: say Leon Black was abusing anybody. That's certainly not what
• 13:43
  Speaker 1: I'm saying. I'm saying that financially, this man is certainly
• 13:50
  Speaker 1: intimately involved with Jeffrey Epstein. And if this is a
• 13:53
  Speaker 1: RICO case and a criminal conspiracy, as the prosecutors have
• 13:56
  Speaker 1: stated it is, then every single person who received ill-gotten
• 14:00
  Speaker 1: gains from Jeffrey Epstein should be under investigation. As long
• 14:08
  Speaker 1: as the investigation results are unknown, some large LPs are
• 14:12
  Speaker 1: going to stay on the sidelines, Bloomberg intelligence analyst Paul
• 14:16
  Speaker 1: Goulberg said. A Deckard spokeswoman didn't immediately reply to messages
• 14:21
  Speaker 1: seeking comment. Black, 69, has repeatedly said that he regrets
• 14:26
  Speaker 1: doing business with Epstein and that there's substantial documentary support
• 14:30
  Speaker 1: for the services provided, including advice on estate planning, taxes, philanthropy,
• 14:36
  Speaker 1: and the structuring of art entities. Still, some public pension
• 14:41
  Speaker 1: plans wanted more assurance and have pressed Apollo for information
• 14:45
  Speaker 1: for more than a year. And he thinks that that's
• 14:49
  Speaker 1: going to go off, right? Substantial documentary support. for advice
• 14:53
  Speaker 1: on estate planning, taxes, philanthropy, and the structuring of art entities.
• 14:59
  Speaker 1: The structuring of art entities, huh? What do you mean,
• 15:01
  Speaker 1: the structuring? To avoid Title 31, is that what you mean, Mr. Black?
• 15:08
  Speaker 1: And you need Jeffrey Epstein to help you with your taxes? Why?
• 15:11
  Speaker 1: Is he helping you hide that, too? We all know
• 15:13
  Speaker 1: that was his thing, right? We all know that Jeffrey
• 15:16
  Speaker 1: Epstein was supposedly this great forensic money man, right? So
• 15:21
  Speaker 1: what exactly was he doing for you, Leon Black? Just
• 15:27
  Speaker 1: come correct, bro. Because the story that you're pitching to us,
• 15:33
  Speaker 1: we're not buying it. And I think that if you
• 15:36
  Speaker 1: went in the mirror and you pitched this story to yourself,
• 15:39
  Speaker 1: that you wouldn't buy it either. Apollo said in October
• 15:46
  Speaker 1: that it expected fundraising to slow after taking in $ 4
• 15:49
  Speaker 1: billion during the third quarter. The New York-based firm is
• 15:52
  Speaker 1: scheduled to report fourth quarter results February 3rd. So that'll
• 15:57
  Speaker 1: be interesting to see where their money's at right now,
• 15:59
  Speaker 1: considering what's going on and the fact that some of
• 16:02
  Speaker 1: these pensions have pulled back. It plans to start raising
• 16:09
  Speaker 1: its next flagship buyout fund in 2022, according to a
• 16:14
  Speaker 1: person familiar with the matter. Its most recent buyout fund
• 16:17
  Speaker 1: was about 40% committed at the end of September. Apollo
• 16:22
  Speaker 1: is also seeking to drum up interest from investors for
• 16:25
  Speaker 1: its first-ever impact investing fund. People familiar with the matter said,
• 16:31
  Speaker 1: and is raising money for real estate, distressed credit, and
• 16:35
  Speaker 1: infrastructure strategies. So, in layman's terms, they're raising money to
• 16:40
  Speaker 1: buy bad loans so they can... increase their power, increase
• 16:45
  Speaker 1: their portfolio, buy property, buy distressed credit packages, buy infrastructure.
• 16:51
  Speaker 1: So Apollo Global just continues to tighten their grip. And
• 16:57
  Speaker 1: they will get rich on the backs of people who
• 17:02
  Speaker 1: defaulted and people who couldn't maintain during this pandemic. That's
• 17:08
  Speaker 1: their plan moving forward. And you wonder why there's such
• 17:11
  Speaker 1: a gigantic transfer of wealth that's going on. Like Jeff
• 17:14
  Speaker 1: Bezos is some good guy who cares about you. Like
• 17:18
  Speaker 1: John Kerry and his wife, Teresa Hines, care about you.
• 17:27
  Speaker 1: Executives have told analysts that the firm can weather any
• 17:30
  Speaker 1: fundraising woes. Even if Apollo fails to raise any money
• 17:34
  Speaker 1: this year, revenue would still increase by 7% to 9%,
• 17:39
  Speaker 1: Black said at a December investor conference. Apollo has increasingly
• 17:43
  Speaker 1: relied on permanent capital, which accounted for 60% of the
• 17:47
  Speaker 1: firm's $ 433. 1 billion of assets at the end of September.
• 17:54
  Speaker 1: Shares of Apollo dropped 4.6% in the past year through Wednesday,
• 17:59
  Speaker 1: lagging behind some of its biggest peers in private equity.
• 18:02
  Speaker 1: KKR climbed 33%. Blackstone Group rose 7.3%. And the Carlyle
• 18:08
  Speaker 1: Group gained 3.7% in that span. So this is having real-life,
• 18:15
  Speaker 1: real-world effects on Leon Black and Apollo Global. And I
• 18:23
  Speaker 1: think moving forward, it's just going to get worse for them.
• 18:26
  Speaker 1: I don't see them really being able to pull out
• 18:29
  Speaker 1: of this or Leon Black being exonerated because he has
• 18:33
  Speaker 1: not answered any questions yet. He's going to have to
• 18:36
  Speaker 1: answer some questions and hopefully he has to do that
• 18:39
  Speaker 1: under oath via the subpoena. How great would that be?
• 18:42
  Speaker 1: Get Leon Black in front of Denise George and company
• 18:45
  Speaker 1: down in the Virgin Islands? It would be epic. An
• 18:49
  Speaker 1: absolutely epic moment. It's not out of the realm of
• 18:54
  Speaker 1: possibility with those subpoenas and who knows what else she
• 18:57
  Speaker 1: has up her sleeve down there. As for Apollo Global
• 19:01
  Speaker 1: and Leon Black, I would say that their troubles have
• 19:05
  Speaker 1: just begun. If you'd like to contact me, you can
• 19:09
  Speaker 1: do that at bobbycapucci at protonmail.com. That's B-O-B-B-Y-C-A-P-U-C-C-I at protonmail.com.
• 19:19
  Speaker 1: You can also find me on Twitter at B-O-B-B-Y underscore C-A-P-U-C-C-I.
• 19:26
  Speaker 1: All of the links that go with this episode can
• 19:29
  Speaker 1: be found in the description box.