HOUSE_OVERSIGHT_021968.jpg
1.93 MB
Extraction Summary
3
People
4
Organizations
2
Locations
2
Events
2
Relationships
4
Quotes
Document Information
Type:
Book excerpt / evidence exhibit
File Size:
1.93 MB
Summary
This document is an excerpt from Chapter 27 of a book detailing the relationship between Steven Hoffenberg and Jeffrey Epstein, specifically centered around July 1987. It describes Hoffenberg's company, Towers Financial Corporation, and his motivation for hiring Epstein to gain Wall Street respectability. The text also alludes to Hoffenberg's eventual criminal conspiracy and comparisons to Bernie Madoff.
People (3)
| Name | Role | Context |
|---|---|---|
| Steven Hoffenberg | Head of Towers Financial Corporation |
Described as a precursor to Bernie Madoff, a 'Brooklyn boy' and college dropout who hired Epstein.
|
| Jeffrey Epstein | Employee/Consultant |
Hired by Hoffenberg for his knowledge of Wall Street inner workings; former options trader at Bear Stearns.
|
| Bernie Madoff | Comparison Figure |
Used as a comparison for Hoffenberg regarding financial swindling.
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Towers Financial Corporation |
Company headed by Hoffenberg that bought debts/medical bills.
|
|
| Bear Stearns |
Epstein's former employer where he traded options.
|
|
| SEC |
Securities and Exchange Commission (mentioned in fragment on right page).
|
|
| Pan American World Airways |
Target of a takeover/greenmailing attempt by Hoffenberg.
|
Timeline (2 events)
1987
Hoffenberg hires Epstein to gain respect and Wall Street expertise.
New York
July 10, 1987
Locations (2)
| Location | Context |
|---|---|
|
Financial district context for both men.
|
|
|
Origin of both Hoffenberg and Epstein.
|
Relationships (2)
Hoffenberg hired Epstein because he fit the bill of someone familiar with Wall Street.
Described as both being 'Brooklyn boys' and 'college dropouts'.
Key Quotes (4)
"Before there was Bernie Madoff, there was Steven Hoffenberg."Source
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Quote #1
"Jeffrey Epstein, who had traded options for Bear Stearns, fit the bill."Source
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Quote #2
"One thing Hoffenberg wanted was respect. The other was someone who was familiar with Wall Street's inner workings."Source
HOUSE_OVERSIGHT_021968.jpg
Quote #3
"A college dropout, like Epstein."Source
HOUSE_OVERSIGHT_021968.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,644 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]
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 Hol
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 Hol
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_021968
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