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‘Epstein was running a blackmail scheme under the cover of a hedge fund’: NY magazine reports on Wall St speculation

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Convicted sex offender Jeffrey Epstein claims to be a billionaire hedge fund manager. But his real business may have been a blackmail scheme that could end up implicating many of his powerful friends.

“Given this puzzling set of data points, the hedge-fund managers we spoke to leaned toward the theory that Epstein was running a blackmail scheme under the cover of a hedge fund,” New York Magazine reported Thursday.

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The magazine spoke with multiple Wall Street insiders for the story, including Douglas Kass of Seabreeze Partners Management.

“I’m hearing about the parties, hearing about a guy who’s throwing money around,” Kass, who lives in Palm Beach, Florida. “I went to my institutional brokers, to their trading desks and asked if they ever traded with him. I did it a few times until the date when he was arrested. Not one institutional trading desk, primary or secondary, had ever traded with Epstein’s firm.”

“How did he get the money?” Kass kept investigating.

“I don’t know anyone who’s ever invested in him; he’s never talked about by any of the allocators,” a billionaire hedge-fund manager told the magazine.

Kass was one hedge-fund manager who emailed around a Twitter thread explaining how such blackmail would work.

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“This actually sounds very plausible,” former hedge-fund manager Whitney Tilson said while emailing the thread around to Wall Street colleagues.

Here is the full thread by Quantian1:

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READ IT: Court filing from Michael Cohen seeking a sentence reduction

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President Donald Trump's lawyer Michael Cohen was sentenced to three years in prison, but he's seeking a reduction in his sentence according to a recent court filing.

"Reducing the Court's previously imposed 36 month term of imprisonment, or, in the alternative, reducing it to a term of home confinement, coupled with a community service," the documents requested.

While Cohen cooperated with investigators, he didn't do so immediately, instead he remained loyal to his former client. After it became clear that Cohen was being thrown under the bus, however, he began to cooperate with investigators.

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Cohen says DOJ acted out of ‘blind loyalty’ to Trump — and that he ‘sold his soul’

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President Donald Trump's former "fixer" blasted the Department of Justice in new court filings.

Michael Cohen is seeking a sentence reduction and admitted he "sold his soul" to Trump.

He also blasted the Justice Department for "blind loyalty" to Trump.

https://twitter.com/BenWeiserNYT/status/1204877625803575296

https://twitter.com/emilyjanefox/status/1204873861357015042

https://twitter.com/aabramson/status/1204879663534919680

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No one can figure out why John Kennedy compared government documents to ‘dropping acid’

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Sen. John Kennedy (R-LA) compared reading government documents to "dropping acid" while in the Senate Judiciary Committee hearing Wednesday and the internet can't figure out how he would know.

"I haven't read the entire report," Kennedy said of the inspector general report on the start of the Russia investigation. "I'm about 70 percent through but I'm going to get through. It's tedious and I don't mean that in a pejorative way, it's supposed to be tedious. About 15 percent of the way through it made me want to heave. After about 25 percent of the way through, I thought I'd dropped acid. It's so real."

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