HOUSE_OVERSIGHT_022079.jpg
1.94 MB
Extraction Summary
3
People
4
Organizations
2
Locations
2
Events
2
Relationships
2
Quotes
Document Information
Type:
Book excerpt / narrative non-fiction
File Size:
1.94 MB
Summary
This document contains pages 110 and a partial adjacent page from a book (Chapter 27) detailing the background of Steven Hoffenberg and his company, Towers Financial Corporation. It describes Hoffenberg's business of buying debt, his outsider status on Wall Street, and his decision around July 1987 to hire Jeffrey Epstein—a former Bear Stearns trader—to gain access to Wall Street's inner workings. The text also alludes to Hoffenberg's future criminal legal issues, comparisons to Bernie Madoff, and an attempted takeover of Pan Am.
People (3)
| Name | Role | Context |
|---|---|---|
| Steven Hoffenberg | Head of Towers Financial Corporation |
Described as a 'Wall Street outsider,' 'Brooklyn boy,' and 'college dropout.' Head of a debt collection company who h...
|
| Jeffrey Epstein | Former Trader |
Described as a college dropout who had traded options for Bear Stearns; hired by Hoffenberg for his familiarity with ...
|
| Bernie Madoff | Comparison Figure |
Used as a comparison for Hoffenberg regarding financial scandals.
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Towers Financial Corporation |
Hoffenberg's company that bought debts/unpaid medical bills.
|
|
| Bear Stearns |
Investment bank where Jeffrey Epstein previously traded options.
|
|
| SEC |
Securities and Exchange Commission (mentioned in relation to battles with Hoffenberg).
|
|
| Pan American World Airways |
Mentioned as 'American World Airways' and 'Pan Am'; a target of Hoffenberg's business dealings.
|
Timeline (2 events)
1980s
July 10, 1987
Contextual date for the chapter section regarding Hoffenberg and Epstein.
New York
Locations (2)
| Location | Context |
|---|---|
|
Financial district; represents the establishment Hoffenberg wanted to penetrate.
|
|
|
Origin of Steven Hoffenberg.
|
Relationships (2)
Epstein 'fit the bill' for someone Hoffenberg wanted to hire who knew Wall Street.
Text compares their criminal conspiracies and swindles.
Key Quotes (2)
"Before there was Bernie Madoff, there was Steven Hoffenberg."Source
HOUSE_OVERSIGHT_022079.jpg
Quote #1
"One thing Hoffenberg wanted was respect. The other was someone who was familiar with Wall Street's inner workings. Jeffrey Epstein, who had traded options for Bear Stearns, fit the bill."Source
HOUSE_OVERSIGHT_022079.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,671 characters)
CHAPTER 27
Steven Hoffenberg: July 10, 1987
Before there was Bernie Madoff, there was Steven Hoffenberg.
In 1987, Hoffenberg was the head of Towers Financial Corporation, a company that bought debts, such as unpaid medical bills, at a very steep discount while pressing the debtors to repay in full. He'd started the company fifteen years earlier with two thousand dollars and just a handful of employees. Thanks, in part, to a grueling work ethic, he'd turned that into a much bigger concern, with twelve hundred employees and stock that traded over the counter. But Hoffenberg still spent fifteen hours each day, six days a week, in his office.
He wanted more. Hoffenberg was a Wall Street outsider. A Brooklyn boy. A college dropout, like Epstein.
One thing Hoffenberg wanted was respect. The other was someone who was familiar with Wall Street's inner workings. Jeffrey Epstein, who had traded options for Bear Stearns, fit the bill.
In 1987, Hoffenberg was the head of Towers Financial Corporation, a company that bought debts, such as unpaid medical bills, at a very steep discount while pressing the debtors to repay in full. He'd started the company fifteen years earlier with two thousand dollars and just a handful of employees. Thanks, in part, to a grueling work ethic, he'd turned that into a much bigger concern, with twelve hundred employees and stock that traded over the counter. But Hoffenberg still spent fifteen hours each day, six days a week, in his office.
He wanted more. Hoffenberg was a Wall Street outsider. A Brooklyn boy. A college dropout, like Epstein.
One thing Hoffenberg wanted was respect. The other was someone who was familiar with Wall Street's inner workings. Jeffrey Epstein, who had traded options for Bear Stearns, fit the bill.
110
[Right Page - Text is partially cut off]
Hoffenberg began pay
month for Epstein's exper
The SEC had already
tling with him out of cou
securities. But Hoffenberg
In the 1980s, several n
the greenmailing of pub
mailing means, in practic
investors will start buyin
vulnerable to takeover att
utives at those companies
It's risky, but very often th
profit.
Yet another thing Ho
American World Airways.
its downward trajectory, b
For Hoffenberg, the g
huge.
Hoffenberg began pay
month for Epstein's exper
The SEC had already
tling with him out of cou
securities. But Hoffenberg
In the 1980s, several n
the greenmailing of pub
mailing means, in practic
investors will start buyin
vulnerable to takeover att
utives at those companies
It's risky, but very often th
profit.
Yet another thing Ho
American World Airways.
its downward trajectory, b
For Hoffenberg, the g
huge.
According to Hoffenberg,
over of Pan Am—a deal th
Steven Hoffenberg stil
listening to him, one mus
guilty to criminal conspir
million swindle, a familia
Bernie Madoff case.
Like so many others,
without the necessary u
spent at the office, he'd als
over of Pan Am—a deal th
Steven Hoffenberg stil
listening to him, one mus
guilty to criminal conspir
million swindle, a familia
Bernie Madoff case.
Like so many others,
without the necessary u
spent at the office, he'd als
HOUSE_OVERSIGHT_022079
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