Bank of America's dealings with Leon Black and Jeffrey Epstein are in the Senate's crosshairs [Business Insider]
Bank of America Corporation (BAC)
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Source: Business Insider
The Senate is investigating tax avoidance strategies used by the mega-rich, The New York Times reports The transactions were "lawful," a spokesman for Black told BI. A Senate committee investigating $158 million in payments that private equity investor Leon Black made to Jeffrey Epstein has brought Bank of America into the mix. Oregon Senator Ron Wyden, chairman of the Senate Finance Committee, sent a letter to the bank earlier this month asking whether it had followed proper protocols in clearing the payments, The New York Times reports The payments were related to tax work done by Epstein for Black — the former CEO of Apollo Global Management — between 2012 and 2017, according to the Times. The letter asked whether the payments — which included fees for Epstein's advice on a trust that helped Black save massively on taxes, according to the Times — had raised any concerns at Bank of America. It also inquired whether any art transactions involving Epstein and Black had fl
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