The Treasury Secretary Who Bailed Out Epstein's Bankers

# The Treasury Secretary Who Bailed Out Epstein's Bankers

**Steven Mnuchin scored 28/30 on our CARVER analysis. Not for what he did to anyone. For what he enabled.**

Goldman Sachs was Jeffrey Epstein's bank. Steven Mnuchin was Goldman Sachs' Chief Information Officer. The wire transfers in the DOJ files prove the relationship. Then Mnuchin became Treasury Secretary and bailed out the same financial structures. Then he took $2 billion from Saudi Arabia.

This is not a sex scandal. This is a money scandal. And the receipts are in the government's own documents.

The $158 Million With No Contract

Start with Leon Black — co-founder of Apollo Global Management, billionaire, Drexel Burnham Lambert alumnus. He scored 27/30 on our CARVER analysis.

Between 2012 and 2017, Black paid Jeffrey Epstein **$158 million**. For tax and estate planning advice. With no written services agreement. No contract. The payments were made, in Dechert LLP's words, "on an ad hoc basis based on Black's perceived value of Epstein's work."

That's $23 to $26 million per year — more than the median Fortune 500 CEO salary.

We know this because the Senate Finance Committee investigated. Chairman Ron Wyden sent letters. Black's lawyers at Paul Weiss sent back what Wyden called "inadequate responses" that "only raise more questions than answers."

The questions Wyden asked (**EFTA02731023**):

Why were you willing to pay Epstein over $100 million without a written services agreement? What role did Epstein play in structuring trusts designed to avoid federal gift and estate taxes on $2 billion transferred to your children? Why did Epstein's compensation far exceed every other professional advisor you employed?

Black refused to answer. He refused to provide documents. The Senate Finance Committee is still investigating.

The Dechert Report

Apollo's own board hired Dechert LLP to investigate. They reviewed 60,000+ documents and interviewed 20+ witnesses (**EFTA02730996**).

Their findings, filed as Exhibit 99.1 with the SEC:

1. No evidence Black was involved in Epstein's criminal activities

2. Black knew about Epstein's 2008 conviction but "believed it was not inappropriate to give Epstein a second chance"

3. $158 million in payments confirmed

4. Black also donated $10 million to **Gratitude America** — an Epstein-affiliated charity — in October 2015

Read that again. Seven years after Epstein's conviction for soliciting prostitution from a minor, Leon Black wrote a $10 million check to Epstein's charity because he "understood that Epstein was a strong proponent of scientific innovation."

Black stepped down as Apollo CEO in January 2021.

The Rothschild Transaction Log

**EFTA00027019** is an exhibit no one talks about.

It's titled "LEON BLACK / ROTHSCHILD GROUP TRANSACTIONS" and it contains 21 transactions from October 2013 through October 2018. The entities involved:

- Leon and Debra Black

- Black Family Partners, LP (c/o Apollo Management)

- Narrow Holdings LLC (c/o Elysium Management — Black's family office)

- BV70 LLC

- Plan D, LLC

- **Edmond de Rothschild (Suisse) SA, Geneva, Switzerland**

The recipient on most transactions: **Southern Trust Company, Inc.** — an Epstein-controlled entity.

Individual amounts: $2 million. $5 million. $8.5 million. $10 million. $13 million. $15 million. $20 million. $22.5 million. The $10 million Gratitude America donation is on this ledger. Bates number DB-SDNY-0004999.

But Exhibit B is where it gets interesting.

Where the Money Went

Exhibit B of the same document tracks transactions through **Southern Financial LLC** and **Southern Trust Company** — Epstein's financial vehicles — into hedge funds and venture capital:

- **Valar Global Fund II LP** — Peter Thiel's venture fund. Multiple transactions. $900K. $2.7M. $7M. $4.25M. $10M. More.

- **Joichi Ito** — Director of the MIT Media Lab (resigned in 2019 over Epstein ties). Direct wire payments. $250K. $500K.

- **Kyara Investments III LLC** — funded **Blockstream Investment** (Bitcoin/cryptocurrency infrastructure)

- **Kyara Investments IV LLC** — funded **OH2 Laboratories**

- **Boothbay Multi Strategy Fund** and **Boothbay Absolute Strategies Fund** — multiple transactions

- **Honeycomb Partners LP**

- **Neoteny 3, LP**

Black's money flowed through Epstein's entities into the technology and venture capital ecosystem. Peter Thiel. MIT. Bitcoin. The money trail doesn't end with Epstein — it branches through him.

Peter Thiel scored 28/30 on our CARVER analysis. Identical to Mnuchin.

ESWW — The $15 Million Shell

The DOJ files contain a name most people have never heard: **Environmental Solutions Worldwide, Inc. (ESWW)**.

In 2002, the SEC sued ESWW for a $15 million pump-and-dump scheme (SEC Litigation Release No. 17673A, August 13, 2002). The complaint was for fraud. Documents in the Epstein files describe it differently (**EFTA00019148**):

> "Black, his family/Apollo controlled the ONLY Epstein SEC disclosed money laundering shell called Environmental Solutions World Wide (ESWW). In 2002 the SEC brought a complaint against ESWW: Fraud. With money laundering flags too numerous to count. But, in typical SEC Cover up mode: no AML complaint."

The allegation: ESWW was a money laundering vehicle. The SEC filed fraud charges but deliberately avoided anti-money laundering charges. The entity was shut down for the pump-and-dump but the laundering infrastructure was never prosecuted.

Multiple documents in the Epstein files repeat this allegation from different sources (**EFTA00009904**, **EFTA00010710**, **EFTA00010750**, **EFTA00027528**). The consistent claim: Leon Black and Apollo controlled ESWW, the SEC knew it was laundering money, and the SEC chose not to pursue AML charges.

Where Mnuchin Enters

Now zoom out.

Steven Mnuchin spent **17 years at Goldman Sachs** (1985-2002), rising to Chief Information Officer and running the mortgage-backed securities department. During this same period, Epstein's **Financial Trust Company** was running millions of dollars through Goldman Sachs.

The DOJ files contain the receipts. JPMorgan Chase Account **Q30171-00-5**, held by Financial Trust Company Inc at 345 Park Avenue:

- **EFTA01554559**: Wire transfers to Goldman Sachs & Co. Forward currency contracts — $10M NZD, $10M AUD. December 2004.

- **EFTA01554699**: Wire to Goldman Sachs FAO JCK Partners Opp Fund LP. April 2005.

- **EFTA01554645**: Wire to Goldman Sachs FAO Financial Trust Company. February 2005. $50M+ in spot FX transactions.

- **EFTA01555360**: Goldman Sachs & Co referenced in fund redemption payments. October 2008.

Goldman Sachs was transacting with Epstein's Financial Trust Company while Mnuchin was there and after he left. The financial pipeline was institutional, not personal.

The Drexel Thread

This is where the documents get structural.

The Epstein files contain detailed analysis of a financial network centered on **Drexel Burnham Lambert** — Michael Milken's junk bond operation from the 1980s that triggered the Savings & Loan crisis (**EFTA00039828**):

> "Milken and his merry crew of flunkies are really at the nexus of JUNK. They own Trump and his White House (Trump casino junk) and they own the SEC."

The document maps the network:

- **Michael Milken** — Drexel founder, junk bond king, convicted of securities fraud

- **Leon Black** — "Milken's right hand man at Drexel." Founded Apollo. Paid Epstein $158M.

- **Mnuchin** — Goldman Sachs. Trump's Treasury Secretary. Managed CARES Act.

- **Ken Moelis** — "Trump banker." Drexel connected.

- **Jefferies/Handler** — #2 CLO manager. Drexel connected.

The allegation in the files: these are the **same people** across four decades. They caused the S&L crisis with junk bonds in the 1980s. They built the largest CLO (Collateralized Loan Obligation) portfolios in the 2000s. And when COVID hit, they got bailed out again.

> "Treasury Sec Mnuchin and Black: HY/Junk/S&L's and Epstein. Black: Money laundering shell ESWW kept up and running by the SEC was/is an Epstein money laundering vehicle: JUNK IS JUNK."

The CARES Act

In March 2020, Treasury Secretary Steven Mnuchin oversaw the deployment of the **$2.2 trillion CARES Act** — the largest economic rescue package in American history.

Among the provisions: facilities to purchase corporate bonds, including **high-yield (junk) bonds** and **CLOs**. The same asset classes originated and managed by the Drexel alumni network. The same structures that the Epstein files describe as connected to the network.

The documents (**EFTA00010786**) put it plainly:

> "Trump and another Milken Degenerate: Treasury Sec Mnuchin are bailing out High Yield: JUNK. Milken degenerate flunkies: Fat Leon: #1 CLO Mgr. Handler/Jefferies: #2 CLO Mgr. CLO's: Junk on Steroids."

The accusation: the Treasury Secretary used taxpayer money to bail out the financial instruments of the same network whose most prominent member was paying Jeffrey Epstein $26 million a year.

The SEC Chair

It wasn't just Treasury. The documents name **SEC Chair Jay Clayton** — another Trump appointee serving alongside Mnuchin — as complicit (**EFTA00039828**):

> "SEC Chair Clayton is also directly linked to this criminal obstruction. His firm Sullivan Cromwell and Jared Fishman are ACTIVELY facilitating this massive fraud on the public. Clayton did not disclose these conflicts in his disclosures."

Clayton's former firm, Sullivan & Cromwell, had advised entities involved in the network. The allegation: the two most powerful financial regulators in the United States — the Treasury Secretary and the SEC Chair — were both connected to the financial ecosystem that funded Epstein, and both served in an administration whose President scored 27/30 on our CARVER analysis.

After Treasury: The Saudi Billions

Steven Mnuchin left Treasury in January 2021. He founded **Liberty Strategic Capital**, a private equity firm focused on technology and cybersecurity.

In 2022, Liberty Strategic Capital received a **$2 billion investment** from Saudi Arabia's **Public Investment Fund** — the sovereign wealth fund controlled by Crown Prince Mohammed bin Salman.

MBS scored **24/30** on our CARVER analysis. He appears in **66 DOJ Epstein documents** — 57 from DOJ sources alone. That's 57 government documents connecting a sitting head of state to a sex trafficking investigation.

The former Treasury Secretary who bailed out Epstein's bankers now manages Saudi money. The Saudi crown prince appears in the Epstein files. The money keeps moving in circles.

The CARVER Score: 28/30

Why does Mnuchin score 28 — the maximum shared by Bezos, Thiel, Prince Andrew, and six others?

- **Criticality: 5/5** — Central to the financial network that funded and protected Epstein

- **Accessibility: 5/5** — Public figure, former Cabinet, now in private equity

- **Recuperability: 5/5** — If Treasury-level protection is exposed, the network cannot recover

- **Vulnerability: 3/5** — This is the redactions working. Mnuchin's name is diffused through financial documents. He is never named directly in abuse allegations. The protection is structural.

- **Effect: 5/5** — If Mnuchin falls, the narrative becomes undeniable: the US government knew and bailed out the network

- **Recognizability: 5/5** — Everyone knows who the Treasury Secretary was

That **Vulnerability score of 3** is doing the heavy lifting. It's the same V=3 that all nine members of the 28 Club share. Uniform across billionaires, royals, tech moguls, and cabinet officials. That uniformity is not coincidence. It is the signature of a coordinated redaction policy.

The government didn't protect Steven Mnuchin's identity. Everyone knows he was Treasury Secretary. They protected his **exposure level** — the documentary evidence that connects the dots from Goldman to Epstein to Apollo to the CARES Act to the Saudi billions.

What the Documents Say

The Epstein files don't contain a photograph of Steven Mnuchin at a party on Little St. James. They contain something worse: the financial infrastructure that made all of it possible.

Goldman Sachs was Epstein's bank. Mnuchin ran Goldman's mortgage desk. Leon Black was Epstein's most generous benefactor — $158 million, no contract. Black and Mnuchin are from the same Drexel-descended financial ecosystem. When COVID hit, Mnuchin used taxpayer money to bail out the same structures. When he left office, he took $2 billion from the Saudis.

The wire transfers are in the files. The transaction logs have Bates numbers. The Senate Finance Committee is still asking questions that Black refuses to answer.

This is not speculation. This is government data, made searchable.

136 Social Security numbers. 40,681 bank account numbers. 1,334 resolution signals near redaction markers. The government built a wall of black ink around the money trail. They left 1,334 holes in it.

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*DugganUSA LLC — Government data, made searchable. The filtered narrative indicts the filter.*

*All data sourced from DOJ public releases, ICIJ offshore databases, and federal court records. No classified, leaked, or stolen documents were used in this analysis. CARVER methodology is a publicly documented DoD framework. Our implementation caps confidence at 95% — we guarantee 5% uncertainty exists.*

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*Her name was Renee Nicole Good.*

*His name was Alex Jeffery Pretti.*