Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 3) (7/26/26)

Summary

The Epstein Chronicles

Episode: Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 3)
Host: Bobby Capucci
Date: July 26, 2026

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Episode Overview

This episode of The Epstein Chronicles continues the deep dive into Jeffrey Epstein’s 1981 SEC deposition transcript, focusing on the circumstances surrounding his resignation from Bear Stearns. Host Bobby Capucci reads and contextualizes key sections of the transcript, exploring Epstein’s testimony about his resignation letter, relationships with colleagues, rumors around his departure, and his connections to Palm Beach, Florida. The episode aims to shed light on the early career moves and patterns that would later characterize Epstein’s dealings in finance and beyond.

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Key Discussion Points & Insights

1. Epstein’s Resignation from Bear Stearns

[01:00 - 03:30]

• Preparation and Submission of Resignation Letter

  • Epstein confirms handing in a two-page resignation document on March 12, 1981, with follow-up documentation submitted March 25.
  • He claims he acted independently in preparing the letter:

    "Was this letter prepared in consultation with anyone else? No." – Epstein (02:04)

  • Epstein clarifies he did not consult with anyone at Bear Stearns, apart from the (redacted) executive committee member, about his resignation before submitting his letter.

• Executive Committee Awareness and Process

  • He asserts the executive committee was already investigating matters related to his resignation.

2. Rumors Surrounding Epstein’s Departure

[03:30 - 05:40]

• Nature of Circulating Rumors
  • Epstein claims he was aware of various rumors but unequivocally states they were not related to the St. Joe Minerals situation.

    "What were the rumors that you heard? … It was having to do with an illicit affair with the secretary." – Epstein (04:38)

  • He also mentions hearing rumors about alleged improprieties at Bear Stearns, but only directly from a conversation with a "redacted" executive.

    "I, in fact, have heard that rumor, but it's been from redacted in our conversation last week." – Epstein (05:00)

3. St. Joe’s Minerals and Bear Stearns Activity

[05:40 - 07:40]

• No Knowledge or Involvement
  • Epstein denies having any involvement or awareness of Bear Stearns employees trading St. Joe Minerals options or stock during the pertinent period.
  • He states he did not overhear related conversations and did not know individuals alleged to be involved.

4. Epstein’s Connections and Activities in Palm Beach

[07:40 - 10:36]

• Palm Beach Apartment Inquiry

  • Epstein describes looking at an apartment at 400 S. Ocean Blvd., Palm Beach, roughly two months prior, after seeing a newspaper ad.
  • He emphasizes it was simply a personal interest and claims minimal social knowledge of residents.

    "I, in fact looked at an apartment there about two months ago... It was advertised in the Palm beach paper." – Epstein (08:54)

  • When questioned, he suggests he visits Palm Beach about once a month and knows "many people" there but provides few specifics.

• Travel and Social Ties

  • Epstein is vague about connections among Bear Stearns employees and others in Palm Beach.
  • He dismisses suggestions of deeper financial connections, including with Swiss banks or accounts.

5. Bear Stearns Environment and Colleagues

[10:36 - 14:28]

• Desks and Oversight

  • Epstein states his office was located on the north side of the Bear Stearns building, opposite to that of the (redacted) colleague.
  • He stresses certain colleagues had no supervisory role over him.

• Swiss Bank Accounts

  • Epstein denies knowing any Bear Stearns employee with a Swiss bank account or trading relationship with Swiss bankers.

• Other Presentations to the Executive Committee

  • Epstein briefly mentions having made an in-person presentation to the Executive Committee "maybe two years ago," not related to the current situation.

6. Key Takeaways & Thematic Undercurrents

Throughout

• Evasiveness and Vagueness
  • The transcript highlights Epstein’s consistent use of vague or non-committal answers, especially regarding social and professional relationships.
• Early Patterns
  • The line of questioning and Epstein’s responses reflect patterns—deflection, deniability, and careful consideration of language—that would later become hallmarks of his public persona and legal strategy.

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Notable Quotes & Memorable Moments

• On Consulting Others About Resignation:

  "Did anyone else. Was anyone else aware that you were preparing this letter?"
  "No." – Epstein (02:08)

• On Rumors About Departure:

  "It was having to do with an illicit affair with the secretary." – Epstein (04:38)

• On St. Joe’s Minerals:

  "Did you ever discuss St. Joe Minerals with [redacted] since March 9th?"
  "No." – Epstein (04:25)

• On Swiss Bank Accounts:

  "Do you know anyone at Bear Stearns who maintains an account in a Swiss bank?"
  "No." – Epstein (10:36)

• On Palm Beach Visits:

  "Once a month?"
  "Once a month." – Epstein (09:05)

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Key Timestamps

• Epstein on Resignation Details: 01:00 – 03:30
• Rumors at Bear Stearns: 03:30 – 05:40
• Discussion of St. Joe’s Minerals Activity: 05:40 – 07:40
• Palm Beach Inquiries: 07:40 – 10:36
• Bear Stearns Office Setup & Colleagues: 10:36 – 14:28
• Episode Wrap-Up: 14:28

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Conclusion

Bobby Capucci’s methodical walkthrough of Epstein’s 1981 SEC testimony uncovers an early instance of Epstein’s now-familiar evasive tactics and his penchant for tightly controlled disclosures. The episode, part of a multi-part analysis, positions this deposition as a critical snapshot of how Epstein operated in powerful financial circles and how these approaches foreshadowed his later, more infamous dealings. Capucci’s narrative and curation of crucial transcript moments offer listeners an unfiltered look into the uncomfortable intersections of wealth, secrecy, and power surrounding Epstein even in his early years.

All referenced details and selections from the deposition can be found in this episode’s description box.

Transcript

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What's up everyone? And welcome to another episode of the Epstein Chronicles. In this episode, we're going to dive right back in to the SEC deposition with Jeffrey Epstein from 1981. Question. When was the next time you provided anything to anyone at Bear Stearns that you understood was either intended by you to go to the executive committee or did in fact go to the executive committee? Answer. On March 25, I handed in the two page document. Did you actually prepare this March 12, 1981 letter, the letter of your resignation? Yes. You gave this to redacted, is that correct? On March 12th, I handed the two page thing to. I'm trying to remember who I gave it to. On March 12th? Yes, I did. Question. That's your best recollection? Yes. Did he ask you where the accompanying statement was? Yes. What did you say? I said I would have it to him as soon as possible. As soon as it's finished. The two page document dated March 25, 1981, Division Exhibit 2, the one that's addressed to the executive committee. Was this letter prepared in consultation with anyone else? No. Question. Did anyone else. Was anyone else aware that you were preparing this letter? Anyone else? Being questions, Mr. Layman jumps in. You mean other than redacted? Well, did anyone at Bear Stearns know that you were preparing this two page document? Epstein? As far as I know, I told the executive committee when I handed in this document on March 12th that I would in fact have a resignation to accompany that for the letter for the record Question. And that was redacted. Did you discuss that with anyone else and at Bear Stearns? No. Question. You said you had some discussions with redacted since the time you submitted your resignation on March 12th of 1981. Is that correct? That's correct. When were these conversations held and where? Immediately after surrendering my resignation on March 12th. I was just redacted. And I made it clear that I, in fact, had handed in my resignation and would be clearing out my office and trying to make a transition as best as possible for the firm and myself. Question this is redacted? Yes. Was Redacted aware that you had intended to resign or did you consult him before you actually submitted your letter of resignation? Did I consult with him before? Yes. I believe he was aware of what was going on in the executive committee and the way the matter here was being handled. Question. What's the basis for your belief? He's a member of the executive committee, and it's my understanding that the executive committee was looking into it. Question. Prior to submitting the letter on March 12, did you have any conversation with anyone at Bear Stearns regarding resigning from the firm? No. Question. Did redacted ever have any occasion from March 9th to the present to discuss St. Joe's Minerals? Answer no. Did you ever discuss St. Joe Minerals with redacted. Since March 9th? No. So you've had some conversations with. When was the most recent? That was on March 12, I believe. What was the nature of that conversation? Just saying. Explaining that I was, in fact, very dissatisfied with the way this whole thing was handled and that I was going to resign and I had, in fact, just handed the resignation to Redacted. Question. You had no conversations with redacted about St. Joe Minerals? Answer Absolutely not. Question sir, are you aware that certain rumors may have been circulating around your firm in connection with your reasons for leaving the firm? Answer. I'm aware that there were many rumors. Question. What were the rumors that you heard? Answer. Nothing to do with St. Joe. Question. Can you relate what you heard? It was having to do with an illicit affair with the secretary. Have you heard any other rumors suggesting that you had made a presentation or a communication to the executive committee concerning alleged improprieties by other members or employees of Bear Stearns? I, in fact, have heard that rumor, but it's been from redacted in our conversation last week. Have you heard it from anyone else? Answer no. Are you aware of this same rumor with respect to any discussion with the executive committee about improprieties by Bear Astern's employees may have been circulating about anyone else in the firm? No, I am not. Do you know an individual name redacted? No. Question. If he's a rep at Bear Asterns? No, I don't think. Mr. I think there is or was a rep name redacted? Yes. Redacted? I believe it was. Question. You don't know the individual? Answer. No. Question. Did it ever come to your attention while you were still in the employ of Bear Stearns that certain reps at the firm during the week of March 9th were buying options of stock in Joe in St. Joe's Mineral Corporation? Answer. At the time, no. Question. Did you subsequently come to learn that? Answer. Yes. Question. Through what source? Answer. Through. I believe you mentioned it when you called me and you had asked me about Redacted. Is that the first time you heard such a statement? That's correct. It never came to your attention while you were at the firm itself that Redacted was trading in securities of St. Joe? No. Question. Where did you have your desk? Excuse me? Where did you have your desk? Where did you sit at Bear Stearns before you left? Answer. In a windowed office on the north side of the building. Question. In relation to Redacted's offices on the opposite side of the building? Question. On the opposite side? Answer. Yeah, they face south, I face north. Question and did Redacted have any type of supervisory relationship to you? No, absolutely not. Your immediate supervisor was redacted? Yes, sir. Did you ever hear while you were at Bear Stearns that Redacted may have traitor or inside information in connection with St. Joe's Mineral Corporation? No. Didacted ever have conversations with you about St. Joe's Minerals? No. Did you happen to overhear any conversation between Redacted and anyone else regarding St. Joe Minerals? No. Do you know someone named Redacted? No. Do you keep a weekend home or a summer home any place? No. Did you ever occasion to be at 400 S. Ocean Blvd. In the Palm Beach, Florida? Do you know anyone who resides at that address? Answer. I, in fact looked at an apartment there. Question. Sorry. I, in fact looked at an apartment there about two months ago. Question. Why did you look there? Answer. It was advertised in the Palm beach paper. Question. Do you know anyone who lives in Palm Beach? Answer. I know many people who live in Palm Beach. Question. Who do you know that lives in Palm Beach? Redacted. Question. Can you give us the place of employment of these individuals if you know New York Law Journal, mostly girls and I can't tell you where. Sorry. Redacted why don't you just give us the names? Redacted. Redacted. And the others are just first names. Do you have relatives living in Florida somewhere? Question not in Palm beach, no. Question what are the names of your relatives that live in Florida? I don't even know. It's relatives on my mom's side that I don't even see or or speak to. Question what's your mother's maiden name? Answer Redacted Question do you know any of the names of any of your relatives? Answer I just don't recollect at the moment, but I'm sure I do. Question you said that there was an ad that you saw approximately two months ago in the paper with respect to the apartment in Palm Beach. Answer Right. Question where did you see the ad? It was in the Palm beach paper. Question what were the circumstances as to why you were looking in Palm Beach? Answer Only because I enjoy Palm Beach. Question do you go there fairly regularly? Yes sir. Question how often would you say you go there in a month? Once a month? Question Once a month?

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