Horatio Alger’s Darkest Tale

I mentioned it yesterday, but this [gift link] exhaustive examination of how Jeffrey Epstein got wealthy [gift link] is the best investigative journalism I’ve read in a long time. It didn’t involve credentials, or special directly job-related skills. He was just, despite seeming from the outside like a rather repellent personality, extraordinarily good at getting well-connected rich people to 1)give him lucrative jobs and 2)overlook the fact that he was robbing them blind:

Before offering Epstein a job, Greenberg had him meet another senior executive, Michael Tennenbaum. His son happened to be a Dalton student, who reported to his father that Epstein was popular with students and the school’s young female staff members. Epstein went to Tennenbaum’s office overlooking New York Harbor for an interview. “He was just a hell of a salesman,” Tennenbaum told us. Epstein was hired.

It was an extraordinarily lucky break for him — the first of many. Administrators at Dalton, unimpressed with Epstein’s teaching, had asked him to leave the school after the academic year ended. Now, just like that, he had a new job that paid about $25,000 a year (roughly $140,000 in today’s dollars).

Greenberg viewed the young man as a protégé. Early on, he invited Epstein to a dinner party and seated him next to his 20-year-old daughter, Lynne, who told us that she suspected it was a setup. The two hit it off and started dating. Word of the new guy’s romance with the boss’s daughter spread quickly, granting Epstein something akin to protected status at the firm.

Tennenbaum soon became Epstein’s supervisor. “He was proving to be quite talented,” Tennenbaum told us. But in late 1976, he received a disconcerting phone call from the head of Bear Stearns’s personnel department. Employees had belatedly gotten around to checking Epstein’s résumé, which stated that he had received degrees from two California universities.

“Are you sitting down?” the H.R. official asked Tennenbaum. “Neither school has heard of him.”

Tennenbaum was in a delicate spot. He asked Greenberg what to do. The response, Tennenbaum told us, was that he should treat Epstein as if he were a normal employee — an instruction that made clear that, thanks to his relationships, Epstein was in fact not a normal employee.

He summoned Epstein to his office. “You lied about your education,” he said.

“Yes, I know,” Epstein calmly replied. He had never graduated from college. Tennenbaum recalls being disarmed by the admission. Decades later, he would regard it as an example of Epstein’s ability to manipulate his marks — in this case, him.

“Why did you do it?” Tennenbaum stammered.

Without an impressive degree or two, Epstein said, “I knew nobody would give me a chance.”

This resonated with Tennenbaum. He had benefited from his own share of second chances over the years. And so he agreed to give Epstein one as well.

It was perhaps the first example of Epstein getting caught cheating — and then avoiding punishment thanks to his uncanny ability to take advantage of those in positions of power. This would become a lifelong pattern, one that largely explains Epstein’s remarkable success at amassing wealth and, eventually, orchestrating a vast sex-trafficking operation.

Similar stories continue to play out as his financial and sex crimes continued to escalate. It’s worth reading the whole thing.

We tend to think of con artists as being sophisticated, and I guess some are. But there are a lot of Bernie Madoffs out there — people whose cons aren’t remotely sophisticated, but who are able to get away with it for decades because their real talent is for talking rich people out of their money.