Following the Money
There are lots of gross and prurient aspects to the lurid case unfolding around Jeffrey Epstein, a mysterious, well-connected, and evidently very wealthy self-professed financier, convicted sex offender, and alleged sexual abuser and trafficker of young girls, but there are also lots of basic questions. For one: Where did Epstein get all his money?
Until Epstein flew former President Bill Clinton to Africa with Kevin Spacey and Chris Tucker in 2002, few people paid him any heed. Then a 2002 profile of Epstein in New York laid out his origin story: Born and raised in Coney Island, Brooklyn; attended but did not graduate from Cooper Union and NYU; was recruited to Bear Stearns while teaching high school calculus and physics at the tony Dalton School; worked his way up to partner; left Bear Stearns under mysterious circumstances in 1981; founded his own wealth management company in which he would take on only billionaire clients who agreed to hand him total control of their money; yada yada yada multiple mansions, a fleet of private jets, his own island, and powerful friends.
In 2003, a Vanity Fair profile by Vicky Ward tore a few holes in that story, and in 2015, Ward wrote in The Daily Beast that in her extensive reporting on Epstein "no one I spoke to believed" that "the hidden source of his wealth" was "managing the money of billionaires and taking a commission." Some of Epstein's friends "speculated that retailer Les Wexner was the real source of Epstein's wealth," Ward wrote, but while the billionaire founder of Victoria's Secret is Epstein's only known client — or former client — Wexner wouldn't comment on the idea.
A decade ago, Epstein's lawyers said his wealth was in the nine-figure range, but "today, so little is known about Epstein's current business or clients that the only things that can be valued with any certainty are his properties," including the $77 million Manhattan mansion federal agents raided over the weekend and his properties in New Mexico, Paris, Palm Beach, and the U.S. Virgin Islands, where his "black box" of a company is now incorporated, Bloomberg News reports. There's even mystery about the Manhattan mansion: The only New York property record on the 1990s transfer of the mansion from Wexner to Epstein was filed in 2011, with a transfer price of $0, Bloomberg says. "Epstein signed for both sides of the transaction."