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Jeffrey Epstein’s Ties To Barclays Under Spotlight

Say Contributor
As more facts surface in the case against financier and convicted sex criminal Jeffrey Epstein, it’s become increasingly clear that more CEOs need to be careful who their friends are. High Crimes Earlier this month, Epstein was arrested and charged with the sex trafficking of dozens teenage girls, after authorities discovered a collection of lewd photographs of minors in his Manhattan mansion. He faces a maximum of 45 years in prison if convicted. Epstein was previously arrested for soliciting a minor for prostitution 2008. He struck a peal deal with federal prosecutors, avoiding a life sentence. The attorney who helped broker the deal, Alexander Acosta, later served as President Trump’s labor secretary and recently resigned. With Friends Like These Epstein was known as one of the most powerful money managers in the world, but it’s becoming increasingly clear that while Epstein’s business credentials might be overrated, he knew how to make wealthy friends. In addition to famously being friends with Presidents Bill Clinton and Donald Trump, he was also tight with L Brands CEO Les Wexner, known as Epstein's only real client. Now it’s come to light that when Epstein was serving time, he was visited by James E. Staley, a top JPMorgan Chase executive and the current C.E.O. of the financial services firm Barclays. Epstein sent Staley, who was running JP Morgan's private bank, dozens of wealthy clients. Bad Look It remains to be seen how the Epstein ties will affect Barclays, but the precedent isn’t good. Though L Brand companies like Victoria’s Secret were already struggling, it stock has dropped more than 5% since Wexner’s ties to Epstein were publicized, and Hollywood has cut ties with Peggy Siegal, a publicist who reportedly used her connections to Jeffrey Epstein into splashy premieres and parties. -Michael Tedder Photo: Suzanne Plunkett / REUTERS

As more facts surface in the case against financier and convicted sex criminal Jeffrey Epstein, it’s become increasingly clear that more CEOs need to be careful who their friends are. High Crimes Earlier this month, Epstein was arrested and charged with the sex trafficking of dozens teenage girls, after authorities discovered a collection of lewd photographs of minors in his Manhattan mansion. He faces a maximum of 45 years in prison if convicted. Epstein was previously arrested for soliciting a minor for prostitution 2008. He struck a peal deal with federal prosecutors, avoiding a life sentence. The attorney who helped broker the deal, Alexander Acosta, later served as President Trump’s labor secretary and recently resigned. With Friends Like These Epstein was known as one of the most powerful money managers in the world, but it’s becoming increasingly clear that while Epstein’s business credentials might be overrated, he knew how to make wealthy friends. In addition to famously being friends with Presidents Bill Clinton and Donald Trump, he was also tight with L Brands CEO Les Wexner, known as Epstein's only real client. Now it’s come to light that when Epstein was serving time, he was visited by James E. Staley, a top JPMorgan Chase executive and the current C.E.O. of the financial services firm Barclays. Epstein sent Staley, who was running JP Morgan's private bank, dozens of wealthy clients. Bad Look It remains to be seen how the Epstein ties will affect Barclays, but the precedent isn’t good. Though L Brand companies like Victoria’s Secret were already struggling, it stock has dropped more than 5% since Wexner’s ties to Epstein were publicized, and Hollywood has cut ties with Peggy Siegal, a publicist who reportedly used her connections to Jeffrey Epstein into splashy premieres and parties. -Michael Tedder Photo: Suzanne Plunkett / REUTERS