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Black is a son ofEli M. Black (1921–1975), a Jewish businessman who emigrated from Poland as a child (surname, "Blachowitz") and was the chairman and later majority owner of theUnited Brands Company. His mother, Shirley Lubell (sister of Tulsa oil executiveBenedict I. Lubell) was an artist.[9] In 1975, his father killed himself at age 53.[9][10]
Black received anAB in philosophy and history fromDartmouth College in 1973 and anMBA fromHarvard Business School in 1975.[9] He served on theBoard of Trustees of Dartmouth College from 2002 to 2011.[11] In 2012, Black gave $48 million toward a new visual arts center at Dartmouth College.[12] He serves on Dartmouth's President’s Leadership Council and has endowed a chair in Shakespeare Studies as well as a program in Jewish Studies.[13]
Career
Black started out as an accountant at Peat Marwick (which later becameKPMG) and with the publisher Boardroom Reports. He also interviewed atLehman Brothers but was told he did not have the brains or personality to succeed onWall Street.[3] From 1977 to 1990, Black was employed byinvestment bankDrexel Burnham Lambert, where he rose to managing director and head of theMergers & Acquisitions Group, and co-head of theCorporate Finance Department.[14] At Drexel, Black was regarded as "junk bond king"Michael Milken's right-hand man.[15]
In 2012, Black acquiredPhaidon Press, a fine art books publishing house.[16]
During theCOVID-19 pandemic, Leon and Debra Black partnered withAramark and the Mayor’s Fund to launch NYC Healthcare Heroes. They committed $20 million to provide hundreds of thousands of care packages, including food, household goods, and personal care items, to over 100,000 healthcare workers in New York City.[citation needed]
In 2018, he was elected chairman ofThe Museum of Modern Art (MoMA) in New York City. His term commenced on July 1, 2018.[3][4] His term as chairman ended on July 1, 2021, and he did not seek re-election, in the wake of protests from dozens of artists and activists over his financial ties to convicted sex offender Jeffrey Epstein.[5][26]
In June 2013, it was revealed that Black had purchasedHead of a Young Apostle, an 11-inch-wide (28 cm) work byRaphael for £29 million after a four-party bidding war.[29]
On December 22, 2015, it was reported that Black purchased at auction a complete set of theDaniel Bomberg BabylonianTalmud for $9.3 million.[30] According to a press release from theSotheby's auction house, the sale was "a new world auction record for any piece ofJudaica."[31]
In June 2016, a lawsuit over thePicasso sculptureBust of a Woman (Marie-Thérèse) between the advisory firm Pelham Europe and art gallery ownerLarry Gagosian was settled. Pelham Europe, an agent for a member of Qatar's royal family, and Gagosian, who had resold the bust to Black, both claimed ownership. The case was settled byMaya Widmaier-Picasso, the owner of the sculpture. The settlement included Black getting the sculpture and Widmaier Picasso paying Pelham an undisclosed amount.[32]
Relationship with Jeffrey Epstein
Black had a friendship with sex offenderJeffrey Epstein. ForEpstein's 50th birthday greeting album that was compiled in 2003 by Epstein's associateGhislaine Maxwell, Black contributed a "handwritten poem with a rhyme scheme" which included theacronym "V.F.P.C." which stood for "Vanity Fair Poster Child". This was in reference to a profile of Epstein that was being writtenfor the magazine.[33] The poem contained the lines "Blonde, Red or Brunette, spread out geographically/With this net of fish, Jeff’s nowThe Old Man and The Sea". He signed the poem "Love and kisses, Leon".[33]
In 2009, Black contributed $60 million in asettlement withHuntsman Corporation after Apollo was sued for backing out of a merger the previous year.[34] In 2021, Black stepped down as CEO and chairman afterDechert LLP, which had been retained several months earlier by Apollo to investigate Black's dealings with Epstein, published a report finding that Black had paid $158 million to Epstein between 2012 and 2017 for advice on taxes and estate planning.[35][36][37][38] In 2022, Black included Josh Harris in a civilRacketeer Influenced and Corrupt Organizations (RICO) lawsuit, alleging that he led a group within Apollo attempting to tarnish his reputation after his ties to Epstein were reported.[39] Federal judgePaul Engelmayer dismissed the suit for lack of evidence, with an appeals court upholding the decision in 2023.[40][41]
In 2019, Black stated that he maintained a "limited relationship" with Epstein.[42]
In 1997, he made Epstein one of the original trustees of what is today the Debra and Leon Black Foundation.[43] In his 2020 letter to Apollo investors, Black said that Epstein provided him with "estate planning, tax and philanthropic advice" to his "family partnership and other related family entities".[44]The New York Times reported that Black had paid Epstein at least $50 million for such services from 2012 to 2017.[43] Black did not at the time confirm the $50 million sum reported byThe New York Times, but did say that he paid Epstein "millions of dollars annually for his work".[45] In October 2020, Black requested that the Apollo board conduct an independent review of his relationship with Epstein, and it retained the law firmDechert LLP to do so.[46][47][48] Black has said that he "deeply regrets" his relationship with Epstein.[49]
The review conducted by Dechert LLP was released on January 25, 2021. It showed that Black had paid Epstein around $158 million from 2012 through 2017 for financial services.[50] Using Epstein's tax avoidance strategies, Black saved at least $1.3 billion in taxes.[51] Black pledged his intention to donate $200 million to women's initiatives.[52][53]In 2023, Black paid $62.5 million to the U.S. Virgin Islands to be released from claims related to Epstein.[54] In July 2023, the U.S. Senate Finance Committee made public that it was investigating Black's tax strategies and dealings with Epstein.[55]
In March 2021, Guzel Ganieva claimed in a series of tweets that "I was sexually harassed and abused by [Black] for years [and ultimately] forced to sign a non-disclosure agreement under duress". Black stated that he had engaged in a consensual affair with her.[57][58] The matter has resulted in lawsuits and countersuits.[59][60] Ganieva further alleged that Black introduced her to convicted sex offender Jeffrey Epstein and tried to force her to have sex with him.[61] Ganieva's lawsuit against Black was dismissed in May 2023.[62]
The law firm that represented Ganieva also represented another accuser, Cheri Pierson, who accused Black ofraping her in 2002 in Jeffrey Epstein's mansion in New York City.[63] Black denied these claims.[64] Pierson discontinued her lawsuit against Black in February 2024.[65]
On July 25, 2023, a lawsuit was filed against Black, alleging that he raped a 16-year-old girl withautism andDown syndrome in Epstein's Manhattan townhouse in 2002.[66][67] Black's attorney called the accusations "frivolous and sanctionable".[68]
Through the Debra and Leon Black Family Foundation, he provided $7.5 million to establish a fellowship program for U.S. military personnel and veterans atHarvard Kennedy School.[69]
