From Slate Magazine · · 1m 20s
The private-equity confidence game
A new book on Apollo and Leon Black asks what it means for Wall Street to be run by private equity.
In brief
A new book on Apollo and Leon Black asks what it means for Wall Street to be run by private equity. Private equity now sets the terms on Wall Street, and Apollo's rise shows how much of that power was built on one man's reputation. Originally reported by Slate Magazine.
A book on the money machine
Slate Money digs into Money to Burn, William D. Cohan's new book on Apollo Global Management and the billionaire who cofounded it.
“The new book Money to Burn goes deep on private-equity behemoth Apollo Global Management”
Who Leon Black is
Black cofounded Apollo and ran it as CEO, turning it into one of the largest private-equity firms in the world before stepping away.
A tragic origin story
Cohan traces Black's empire back to a painful family history, the kind of beginning that shaped how he built and defended what came next.
“Black's tragic origin story”
The Epstein friendship
Black's strange, expensive relationship with Jeffrey Epstein became the scandal that overshadowed his career and forced questions Apollo could not dodge.
“messy personal scandals, and strange friendship with Jeffrey Epstein”
Wall Street belongs to PE
Felix Salmon, Elizabeth Spiers and Emily Peck press Cohan on the bigger shift: private equity, not the old investment banks, now runs the show.
“what it means for Wall Street to be dominated by private equity”
Where to listen
The episode is on Apple Podcasts, Spotify and everywhere else. Slate Plus members also get a bonus segment on Trump's cash-in-the-mail campaign tactic.
The short version
Private equity now sets the terms on Wall Street, and Apollo's rise shows how much of that power was built on one man's reputation.
