Epstein's files reveal 'rotten culture' in US
Release of 3 million FBI files has little consequence for rich and powerful
Rich pickings
The files revealed that Epstein was not a financial genius as he claimed. His wealth was largely a product of high-level commissions through a social arbitrage scam.
The documents showed that for years, his primary source of legitimate income was Les Wexner, the founder of many brands including Victoria's Secret, Bath & Body Works, The Limited and more. Records showed that Wexner gave Epstein "full power of attorney" in 1991 to oversee his multi-billion-dollar fortune.
Epstein used this access to get himself hundreds of millions of dollars, which he used to purchase his private island, jets, and properties. Between 1999 and 2007 alone, Wexner paid him more than $200 million in direct funds. Epstein also obtained a large luxury town house and Boeing 727 from Wexner virtually for free.
He also used his position scouting for Victoria's Secret models to lure aspiring young women and sexually assault them.
Wexner maintains he ended his relationship with Epstein in 2008 when Epstein pleaded guilty to sex crimes.
Over the years, Epstein presented himself as a patron of intellectuals, befriending many academics through donations to prestigious institutions like MIT and Harvard University. His first meeting with Microsoft co-founder Bill Gates was partially facilitated by Gates' science adviser.
He would then present himself as a science patron to billionaires, effectively using one group's prestige to buy the other's investment.
Epstein gained the trust of another billionaire Leon Black, becoming his financial adviser in 2012 after he lost Wexner as his primary source of income.
Documents showed that Black paid Epstein approximately $158 million for financial advice from 2012 to 2017. A Senate Finance Committee investigation suggested that Epstein's strategies may have helped Black avoid more than $1 billion in future gift and estate taxes.
Black's lawyer, Susan Estrich, said this week he had paid Epstein for estate planning and tax advice. She said in a statement that Black didn't engage in misconduct and had no awareness of Epstein's criminal activities.
