Jeffrey Epstein used his access to powerful people and institutions to secure a $25 million payment from Edmond de Rothschild’s Swiss private bank during a federal investigation into whether the bank helped wealthy Americans hide assets from the IRS. Epstein introduced the bank’s leader, Ariane de Rothschild, to former Obama White House counsel Kathy Ruemmler, who had recently returned to Latham & Watkins. Ruemmler and her legal team conducted the substantive work of reviewing bank records and negotiating with the Justice Department, while Epstein remained involved behind the scenes as a connector and adviser. Documents show Epstein arranged a compensation structure tied to the size of the bank’s eventual penalty, with his payment increasing to $25 million if the settlement came in below $100 million. The bank ultimately agreed to pay approximately $45.5 million, allowing Epstein to collect the maximum fee even though the law firms representing the bank reportedly received only about $10 million combined.

The arrangement also provides new insight into Epstein’s close relationship with Ruemmler, who is scheduled to answer questions before the House Oversight Committee. Emails indicate Epstein introduced her to influential figures including Bill Gates, Peter Thiel and Ehud Barak, while Ruemmler sometimes referred to him as “Uncle Jeffrey” and accepted expensive gifts from him. Although one source said Epstein had no direct role in the detailed legal work, Ruemmler discussed hiring him as a consultant through her firm, partly to protect their communications through attorney-client privilege. Ruemmler has maintained that she knew Epstein only while working in private practice, saw no evidence that he was continuing to abuse women and had no knowledge of ongoing criminal activity. The documents nevertheless show how Epstein transformed introductions, perceived expertise and elite relationships into enormous profits while preserving his influence years after becoming a registered sex offender.

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source:

How Jeffrey Epstein parlayed his elite network into a $25 million payday - CBS News