Crucial Quote
“Of all the witnesses that have come thus far, this one has the potential to be the most groundbreaking deposition,” Rep. James Comer, R-Ky., who chairs the Oversight Committee, told reporters Friday before the interview began, pointing to Black’s significant relationship with Epstein.
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What to Watch for
The transcript of Black’s interview is likely to be released in the coming days. Comer subpoenaed Black to appear again before the committee on July 16, the lawmaker’s office confirmed to Forbes, where he will once again be asked about his relationships with Epstein victims.
What Did Leon Black Tell Congress?
According to published quotes from his opening statement, Black denied any impropriety in connection with Epstein, saying, “I knew Jekyll. I didn’t know Hyde.” Black said “unequivocally that I have never abused a woman,” and his opening statement claims, “I have never been with an underage woman. I have never engaged in sex trafficking. I have never paid Epstein for access to women” and “I was never blackmailed by Epstein.” The billionaire cited a previous investigation that was done into his payments to Epstein, which concluded he paid $158 million to Epstein—which later estimates bumped up to $170 million—and those payments were for “highly valuable and legitimate tax and estate planning services for my family office.” The firm, Dechert, also concluded Epstein’s “tax work was responsible for billions of dollars in savings, and that all of Epstein’s work had been vetted by reputable law and accounting firms.” He pointed to Epstein’s “unrivaled network of relationships” to justify doing business with him, also saying the financier “solved a massive estate problem for me.” Black claimed Epstein was dishonest in their financial arrangement, however, claiming Epstein told him his fees “were tax-deductible, ‘60-cent dollars’” but that was “false,” as quoted by CNBC, which he said means “what I believed to be $95 million of net fees paid to him over five years was actually $158 million.” The billionaire said he cut ties with Epstein in 2018 “after more than a year of increasing turmoil in our professional arrangements.” Black alleged he did not know about Epstein’s alleged abuse until he was indicted in 2019, and while he did business with Epstein after the financier’s previous 2008 conviction for soliciting prostitution, he believed it was an “isolated incident” and now regrets his thinking. “I now know, as does the world, that Epstein was engaged in horrific, sordid activities,” Black said, as quoted by the Wall Street Journal. “I feel terrible for Epstein’s victims.” His opening statement echoes comments Black has previously made about Epstein, claiming in 2020 that his relationship with the late financier was a “horrible mistake.”
What Will Lawmakers Ask Leon Black About?
Comer told reporters Friday that lawmakers had “hundreds and hundreds” of questions for Black, including about specific bank transactions, messages, photos and communications with Epstein victims.It’s unclear if those questions were asked, however, as Eldrich told reporters Friday that lawmakers had issued the subpoena over the NDAs before asking a “single question” about Black and Epstein’s financial transactions.
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Forbes Valuation
Forbes estimates Black’s net worth at $13 billion as of Friday afternoon.
What Was Epstein’s Relationship With Leon Black?
Black first met Epstein in the 1990s, and the financier helped lead Black’s family foundation before the billionaire hired him to be his financial advisor in 2013. The New York Times previously reported the billionaire’s services likely helped keep Epstein “afloat” financially after his other well-known billionaire client, Les Wexner, ended their relationship. The size of Black’s fees to Epstein have long been a source of controversy given they dwarf what financial advisors would typically be paid for such services, the Times notes, and the publication reported earlier this year on documents that suggest Epstein may also have been used to pay women on Black’s behalf. (Black’s attorneys told the Times that “Epstein embellished, exaggerated and lied about Mr. Black” and never paid any women on the billionaire’s behalf.) Documents in the Epstein files suggest the two had a friendly relationship and spoke frequently, with NBC News noting the phrase “Please call Leon Black” appears in the files some 300 times. “As you are well aware, There is little I won’t do for you, or at least try to do as a friend, and a great deal that I have already done (both known [and] some things that [will need] to remain unknown),” Epstein in a 2014 email. The email was addressed to Black and was emailed to the billionaire’s assistant.
Allegations And Litigation Against Black
Black has long denied wrongdoing in connection with Epstein, but at least three women have filed lawsuits alleging Black abused them in connection with Epstein. He has denied those allegations and only one still remains pending, after one was dismissed and the plaintiff in another case agreed to drop her lawsuit. A court also sanctioned an attorney behind the lawsuits in April, arguing she “repeatedly lied to the Court and to opposing counsel in this litigation” about related litigation and falsified sonogram images related to the plaintiff’s allegations. Black has also come under scrutiny in court for his relationship with Epstein, paying the U.S. Virgin Islands $62.5 million in 2023 to avoid litigation arising from its investigation into Epstein. The billionaire narrowly avoided being deposed about Epstein earlier this year, after Epstein accusers settled a lawsuit with Bank of America about the institution’s alleged financial support to Epstein. The lawsuit mentioned payments Black made to Epstein, which plaintiffs alleged should have been flagged as suspicious.
Further Reading
How Picasso, Van Gogh And Cézanne Helped Finance Epstein Client Leon Black’s Billionaire Lifestyle (Forbes)
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