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Illustration: Aïda Amer/Axios

It's easier to turn power into money than it is to turn money into power. That said, if you want power, and even if you want money, it helps a lot if people think you're a billionaire.

Driving the news: Jeffrey Epstein, whose pedophilia is now back in the public eye, was almost invariably described as a billionaire even when there was no evidence that he was worth anywhere near that much money.

  • Epstein's conspicuous displays of wealth included owning the largest private residence in New York (9 East 71st, which was originally purchased by one of his clients, Les Wexner) and a $10 million charitable foundation called Gratitude America (which seems to have been funded by another client, Leon Black). They also included private jets and a private island in the Caribbean.
  • Epstein's mysterious yet ultra-opulent lifestyle served two purposes. It helped to seduce both men and women — and it gave him an aura of impunity. By creating a bubble of spectacular privilege, he successfully persuaded everybody — not only his friends, but the underage girls he was accused of having sex with — that he was untouchable. Even after the bubble burst, he got away with an astonishingly light punishment for his crimes.

Epstein is far from being the first fake billionaire. Malaysian fraudster Jho Low similarly attempted to buy himself impunity, with some success: He remains at large.

  • The power of Elizabeth Holmes, of Theranos fame, resided almost entirely in the fact that people thought she was a billionaire.
  • Most intriguingly, press baron Robert Maxwell stole $600 million from his newspapers' pension plans in order to keep his empire together. His daughter Ghislaine went on to become Epstein's closest confidante (and co-defendant).

The bottom line: Some people want to be wealthy; criminals, by contrast, often find it more useful to be perceivedto be wealthy. The genuinely rich tend to care about preserving and growing their wealth. Really big spenders are disproportionately likely to be frauds.

Go deeper

5 hours ago - Politics & Policy

Scoop: Sources say Beto plans Texas comeback in governor’s race

Former U.S. Rep. Beto O'Rourke speaks during the Georgetown to Austin March for Democracy rally on July 31, 2021, in Austin, Texas. Photo: Brandon Bell/Getty Images

Former Rep. Beto O’Rourke is preparing to run for governor of Texas in 2022, with an announcement expected later this year, Texas political operatives tell Axios.

Why it matters: O'Rourke's entry would give Democrats a high-profile candidate with a national fundraising network to challenge Republican Gov. Greg Abbott — and give O’Rourke, a former three-term congressman from El Paso and 2020 presidential candidate and voting rights activist, a path to a political comeback.

Texas doctor says he performed an abortion in violation of state law

Pro-choice protesters march down Congress Avenue and back to the Texas state capitol in Austin, Texas, in July 2021. Photo: Erich Schlegel/Getty Images

A Texas doctor disclosed in an op-ed in the Washington Post on Saturday that he has performed an abortion in violation of the state's restrictive new abortion law, which effectively bans the procedure after six weeks.

Why it matters: Alan Braid's op-ed is a direct disclosure that will very likely result in legal action, thereby setting it up as a potential test case for how the abortion ban will be litigated, notes the New York Times.

Mike Allen, author of AM
6 hours ago - Technology

Axios interview: Facebook to try for more transparency

Nick Clegg last year. Photo: Matthew Sobocinski/USA Today via Reuters

Nick Clegg, Facebook's vice president of global affairs, tells me the company will try to provide more data to outside researchers to scrutinize the health of activity on Facebook and Instagram, following The Wall Street Journal's brutal look at internal documents.

Driving the news: Clegg didn't say that in his public response to the series. So I called him to push for what Facebook will actually do differently given the new dangers raised by The Journal.