The Private Equity Confidence Game
Summary
Bill Thomas discusses his new book, Money to Burn, detailing the rise of Apollo Global Management and its founder, Leon Black. The episode explores Apollo's transformation into a massive, unregulated bank through private credit and its potential to trigger a systemic financial crisis. Thomas also examines Black’s controversial relationship with Jeffrey Epstein, his sordid personal affairs, and the psychological impact of his father’s suicide on his life and legacy.
Topics discussed
Introduction and guest background
Is private equity a good or bad force?
Bill Black's path from journalism to Wall Street
Leon Black's rise and the magnet of money
Apollo as an unregulated bank and systemic risk
The spread business and annuity liabilities
Capital structure and retail vs institutional investors
Confidence games and market sentiment
The Epstein fallout and Apollo 2
Leon Black's relationship with Jeffrey Epstein
The Ganyva affair and paying for silence
NDA violations and potential extortion
International Women's Day parties and dating
Communication failures and Larry Summers
Psychology: Father's suicide and legacy
Philanthropy, art collection, and MoMA
Journalistic ethics and source interactions
Fun numbers: Diesel prices and carnivorous plants
Golf, insider trading, and personal anecdotes
Art ownership details and closing remarks
Listen ad-free on Castria