So Close to Redemption, Meanwhile Leon Black Has Been Under Scrutiny by US Senate - Can There Be Any Houdini Moves Possible?

"Senate Finance Committee Chairman Ron Wyden (D-Ore.) today unveiled an ongoing investigation into the tax and estate planning of Apollo Global Management Co-founder Leon Black and his financial dealings with Jeffrey Epstein, who advised Black on those matters." - From Press Release by US Senate Committee on Finance, July 25, 2023 

The investigation has been going on for a year. The Wall Street Journal sums up that is about:

"Wyden asked Black whether trust arrangements improperly moved assets out of his estate and why he paid Epstein—who wasn’t an accountant or tax lawyer—$158 million for advice over six years."

Here is a copy of the 16-page letter Wyden sent to Black. Big money is involved. About $1 billion in future gift and estate taxes allegedly could have been ducked. 

The public disclosure that this scrutiny has been underway for while could create a serious roadblock to Black's journey toward redemption in the eyes of the establishment. 

In addition, the probe can ding the brands of others such as the law firms in the loop. For instance, Dechert found no evidence of wrongdoing when it investigated Black's business transactions with Epstein. As I warn my communications/coaching clients: Be wary of the accounts you take on. Guilt by association is standard.

During the 2024 general election campaign year the excesses of those in the billionaires club can emerge as a major issue. That can put a target on Black's back and suck off votes for those who seem to be all-too-cozy with extreme wealth.

At this point one wonders if there is a Houdini move Black can pull off to exit this latest web of troubles resulting from his association with convicted pedophile Jeffery Epstein.

Houdini-like he has recently escaped the sensationalistic litigation filed against him by his former mistress Guzel Ganieva. That seemed to give him a good shot at branding salvation. Would he become the next Micheal Milken or Henry Blodget, others from finance who fell from grace and came roaring back in other categores?

But, the Wyden move, along with national politics at a time when the middle class is fading, could mean that Black runs out of tricks, legal and otherwise. Those who had gotten in bed with Black professionally and socially might be heading under the radar.

2023. The only way through the uncertainty, AI disruptions and need to conserve financial resources is to get smarter. That ranges from your organizational communications to career issues.  Complimentary consultation with award-winning marketing communications crafter and coach Jane Genova. (For appointments text 203-468-8579 or janegenova374@gmail.com)


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