Leon Black, a prominent Wall Street financier and co-founder of Apollo Global Management, is the subject of a new detailed biography that traces his rise, personal challenges, and eventual fall from grace linked to his association with Jeffrey Epstein. The book, titled *Money to Burn*, offers a comprehensive look at Black’s life and the evolution of private capital over the past fifty years, illustrating shifts in the financial industry and the personal and corporate ambitions that have shaped it.
The narrative opens with a tragic moment in Black’s early life: the suicide of his father, Eliasz Blachowicz, a Jewish immigrant who built United Brands, a diversified conglomerate. Following a bribery scandal, the company’s collapse culminated in his father’s death when Black was a Harvard Business School student. This personal tragedy is presented as a defining event that Black credits with giving him resilience through later controversies.
Black’s career began under the tutelage of Michael Milken at Drexel Burnham Lambert, known for pioneering junk bonds. Milken, whose firm collapsed amid securities fraud charges, paid a staggering $550 million in 1987, later facing $600 million in fines. Black helped found Apollo in 1990, focusing on distressed debt. The biography highlights the firm’s aggressive investment tactics, often facilitated by cheap borrowing and connections with its Athene life insurance unit. Apollo’s rapid rise is linked partly to controversial deals, including the acquisition of Executive Life Insurance Company with backing from France’s state-owned Crédit Lyonnais, which resulted in fines for the bank due to regulatory violations. Black, however, is depicted as having dodged direct involvement in these scandals.
The book details Black’s relationships with Apollo co-founders Marc Rowan and Josh Harris, framing a story of rivalry and growth that made Black and his partners exceedingly wealthy. Their wealth allowed diversification into real estate, restaurants, sports holdings, and art, with Black also serving as chairman of New York’s Museum of Modern Art.
A central and most scrutinized aspect of Black’s story is his association with Jeffrey Epstein, the convicted sex offender who died in prison in 2019. Black reportedly paid Epstein $158 million over several years for tax advice, asserting that Epstein’s work saved him between $1 billion and $2 billion. Black denies any involvement in Epstein’s criminal activities, and he has not faced charges related to Epstein. He has, however, twice defied congressional subpoenas concerning the matter. Legal testimony and interviews cited in the biography depict the relationship as controversial and damaging to Black’s reputation.
The book also explores Black’s personal life, including allegations of abuse by Guzel Ganieva, a former Russian partner, which he denies. Ganieva later profited from a confidentiality agreement before speaking publicly. The depiction of Black’s world is characterized as male-dominated and often sexist.
Psychologically, Black is portrayed as driven by an intense desire to win and achieve success, aspiring to be viewed in the mold of Warren Buffett. Yet contemporaries such as hedge fund manager Carl Icahn are quoted as skeptical of this comparison, suggesting Black is primarily motivated by self-interest.
Written by a former investment banker turned journalist, the biography draws extensively on interviews and firsthand accounts from key figures in Black’s life and Apollo’s history. While the book is praised for its detailed reporting and compelling insight, its length and ambition—a blend of personal biography, corporate history, and examination of Wall Street culture—draw mixed reviews. The concluding chapters caution about the risks of unchecked private capital growth, offering a broader reflection on the sector’s future.
Ultimately, the biography provides a multifaceted portrayal of Leon Black, acknowledging his business acumen and resilience while highlighting the controversies that have shadowed his career and reputation.