HOUSE_OVERSIGHT_022080.jpg
2.1 MB
Extraction Summary
3
People
4
Organizations
1
Locations
3
Events
1
Relationships
3
Quotes
Document Information
Type:
Book excerpt / evidence production
File Size:
2.1 MB
Summary
This document contains pages 110 and 111 from the book 'Filthy Rich' (produced as evidence 'HOUSE_OVERSIGHT_022080'). It details the business relationship formed in 1987 between Steven Hoffenberg of Towers Financial and Jeffrey Epstein, where Epstein was paid $25,000 a month as a consultant. The text describes Epstein's failed management of a hostile takeover attempt of Pan Am Airlines and notes Hoffenberg's later conviction in 1995 for a $460 million Ponzi scheme.
People (3)
| Name | Role | Context |
|---|---|---|
| Steven Hoffenberg | Head of Towers Financial |
Hired Epstein as a consultant; involved in greenmailing and a $460 million swindle.
|
| Jeffrey Epstein | Consultant |
Paid $25k/month by Hoffenberg; handled the attempted takeover of Pan Am; former Bear Stearns employee.
|
| Bernie Madoff | Financial Criminal |
Mentioned as a comparison to Hoffenberg's Ponzi-like swindle.
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Towers Financial |
Company headed by Steven Hoffenberg.
|
|
| SEC |
Securities and Exchange Commission; investigated Hoffenberg regarding unregistered securities.
|
|
| Pan American World Airways |
Airline target of an attempted takeover by Hoffenberg, handled by Epstein.
|
|
| Bear Stearns |
Former employer of Jeffrey Epstein.
|
Timeline (3 events)
1987
Hoffenberg begins paying Epstein for consulting services.
New York
1995
Locations (1)
| Location | Context |
|---|---|
|
General location context for financial activities mentioned.
|
Relationships (1)
Hoffenberg paid Epstein $25,000 per month for consulting.
Key Quotes (3)
"Hoffenberg began paying twenty-five thousand dollars per month for Epstein’s expertise as a consultant."Source
HOUSE_OVERSIGHT_022080.jpg
Quote #1
"According to Hoffenberg, Epstein handled the attempted takeover of Pan Am—a deal that went sideways almost immediately."Source
HOUSE_OVERSIGHT_022080.jpg
Quote #2
"Steven Hoffenberg still has a lot to say on the subject. But in listening to him, one must bear in mind that in 1995, he pleaded guilty to criminal conspiracy and fraud charges involving a $460 million swindle..."Source
HOUSE_OVERSIGHT_022080.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,211 characters)
CHAPTER 27
1987
1987
[Left page text is partially cut off at the left margin]
...loff, there was Steven Hoffenberg.
...was the head of Towers Financial
...hat bought debts, such as unpaid
...scount while pressing the debtors
...the company fifteen years earlier
...nd just a handful of employees.
...work ethic, he'd turned that into a
...elve hundred employees and stock
...But Hoffenberg still spent fifteen
...ek, in his office.
...erg was a Wall Street outsider. A
...out, like Epstein.
...anted was respect. The other was
...th Wall Street's inner workings. Jef-
...options for Bear Stearns, fit the bill.
...loff, there was Steven Hoffenberg.
...was the head of Towers Financial
...hat bought debts, such as unpaid
...scount while pressing the debtors
...the company fifteen years earlier
...nd just a handful of employees.
...work ethic, he'd turned that into a
...elve hundred employees and stock
...But Hoffenberg still spent fifteen
...ek, in his office.
...erg was a Wall Street outsider. A
...out, like Epstein.
...anted was respect. The other was
...th Wall Street's inner workings. Jef-
...options for Bear Stearns, fit the bill.
110
FILTHY RICH
Hoffenberg began paying twenty-five thousand dollars per month for Epstein’s expertise as a consultant.
The SEC had already looked into Hoffenberg’s affairs, settling with him out of court in a matter relating to unregistered securities. But Hoffenberg was dangling a very big prize.
In the 1980s, several major financial players were involved in the greenmailing of publicly traded companies. What greenmailing means, in practice, is that a brokerage house or group of investors will start buying shares in companies that seem to be vulnerable to takeover attempts. To ward off the attempts, executives at those companies will buy the shares back at a premium. It’s risky, but very often the investors stand to make a handsome profit.
Yet another thing Hoffenberg wanted was to take over Pan American World Airways. The iconic airline had already entered its downward trajectory, but it was still a giant.
For Hoffenberg, the greenmailing profits could have been huge.
The SEC had already looked into Hoffenberg’s affairs, settling with him out of court in a matter relating to unregistered securities. But Hoffenberg was dangling a very big prize.
In the 1980s, several major financial players were involved in the greenmailing of publicly traded companies. What greenmailing means, in practice, is that a brokerage house or group of investors will start buying shares in companies that seem to be vulnerable to takeover attempts. To ward off the attempts, executives at those companies will buy the shares back at a premium. It’s risky, but very often the investors stand to make a handsome profit.
Yet another thing Hoffenberg wanted was to take over Pan American World Airways. The iconic airline had already entered its downward trajectory, but it was still a giant.
For Hoffenberg, the greenmailing profits could have been huge.
According to Hoffenberg, Epstein handled the attempted takeover of Pan Am—a deal that went sideways almost immediately.
Steven Hoffenberg still has a lot to say on the subject. But in listening to him, one must bear in mind that in 1995, he pleaded guilty to criminal conspiracy and fraud charges involving a $460 million swindle, a familiar scheme to anyone who followed the Bernie Madoff case.
Like so many others, Hoffenberg had tried to fly very high without the necessary updraft. And despite all the hours he spent at the office, he’d also developed a taste for the high life. He
Steven Hoffenberg still has a lot to say on the subject. But in listening to him, one must bear in mind that in 1995, he pleaded guilty to criminal conspiracy and fraud charges involving a $460 million swindle, a familiar scheme to anyone who followed the Bernie Madoff case.
Like so many others, Hoffenberg had tried to fly very high without the necessary updraft. And despite all the hours he spent at the office, he’d also developed a taste for the high life. He
111
HOUSE_OVERSIGHT_022080
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document