Hi, I'm Dan Primak and welcome to Axios Recap.

Today's Monday, October 12th.

Stocks are up, oil prices are down, and we're focused on new revelations about Jeffrey

Epstein's financial fortune.

It's been more than a year since Jeffrey Epstein died in a New York City jail cell,

but the investigation into how he made his money is continuing to heat up.

The latest is a New York Times report released this morning,

showing that private equity titan Leon Black might have paid Epstein upwards of $75 million over the years, which is

way more than was previously disclosed. Why it matters is twofold. First, because Virgin Island

officials are likely to subpoena Black as they continue to try to figure out how Epstein made

all his money and if that money should be disgorged for the benefit of

Epstein's alleged child sex trafficking victims. Second, because Leon Black is a very, very

powerful figure on Wall Street. He's the founder and CEO of Apollo Global Management,

a publicly traded investment firm with over $300 billion in assets under management, and you

might know some of the things they own, like restaurant chains Kudoba and Chucky Cheese.

Now, Black isn't necessarily one of private equity's godfathers, but he's definitely one of

its current kings, and his relationship with Epstein reflects, most generously, bad judgment. Black said in the statement

to the Times and to Axios that Epstein provided him with personal trust and estate planning

advice, plus family office philanthropy and investment services through 2018. But Black declined to

elaborate further, and that's why there's still a giant question here. Remember, Jeffrey Epstein wasn't a certified accountant. He wasn't the licensed broker-dealer

for investment purposes. He was just a guy, and someone like Leon Black could have had

any accountant, any investment manager in the world. So why he not only picked Epstein,

...