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Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

Black began the call saying that "it runs counter to my nature to speak publicly about personal matters," but believed he must because those matters are now affecting Apollo.

  • "With the benefit of hindsight, working with [Epstein] was a horrible decision on my part."
  • Black reiterated that Apollo never did business with Epstein. He also said that there is vetted documentation of the professional services provided by Epstein to Black and Black's family foundation, related to "estate planning, tax, structuring of art entities and philanthropic advice" between 2012 and 2017."
  • Black explained that while he knew of Epstein's 2008 guilty plea in Florida for soliciting an underage girl for sex, he was led to believe Epstein had rehabilitated himself as evidenced by the "distinguished" people with whom Epstein associated.
  • Black rejected any suggestion that he was ever blackmailed by Epstein, calling it "categorically untrue."
  • He said that he wasn't made aware of the most "reprehensible" allegations against Epstein until "late 2018," even though many of them were reported on years earlier.

Black declined to take questions on Epstein from analysts, citing an investigation being conducted by law firm Dechert on Apollo's behalf.

Go deeper

Dan Primack, author of Pro Rata
8 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.