Apollo Global Management

More from Bloomberg's Amy Morris in Washington.

The House Oversight Committee issued two subpoenas to Leon Black, the co-founder of Apollo Global Management.

He has not complied, and he walked out early from voluntary testimony in June.

Black has acknowledged paying Epstein one hundred fifty-eight million dollars over the years, which he says was for estate and tax planning advice.

[whoosh]And finally, the House has held billionaire Leon Black in contempt of Congress over its Jeffrey Epstein investigation.

Black co-founded Apollo Global Management and had a long-standing financial relationship with Epstein.

Black voluntarily appeared before the House Oversight Committee in June, but declined to answer some questions involving non-disclosure agreements.

The committee later subpoenaed documents and ordered him to return for a deposition.

[digital effect] And finally, the House has held billionaire Leon Black in contempt of Congress over its Jeffrey Epstein investigation.

Black co-founded Apollo Global Management and had a long-standing financial relationship with Epstein.

Black voluntarily appeared before the House Oversight Committee in June but declined to answer some questions involving non-disclosure agreements.

The committee later subpoenaed documents and ordered him to return for a deposition.

Tony began his career on Wall Street at Drexel Burnham Lambert.

He helped co-found Apollo Global Management.

And by the way, this is part of Tony's story, because he had nothing to do with how it was being managed.

But he came from the ashes, rainbows after storms, and built something from that, from nothing.

That tells you a lot, tells you a lot about what success and failure looks like.

Because to quote Tony Ressler, one great quote, I use a lot of them of his, "If you don't quit, you can't fail." He went on to co-found Apollo in 1990, which would become one of the world's most important alternative investment firm.

Then in 1997, he co-founded Ares Management, helping to build it from an entrepreneurial investment firm into a global institution.

He's also, you would know him, if publicly you know his name, as a principal owner and governor of the Atlanta Hawks basketball team for the NBA, leading the ownership group that acquired the franchise in 2015.

When the Justice Department released millions of pages in January.

A lot of powerful people had explaining to do, right? Few had more to explain than Leon Black, the New York billionaire who co-founded the investment giant Apollo Global Management, chaired the board of MoMA, and as the world learned back in 2021, paid Jeffrey Epstein at least $158 million for tax and estate advice, according to the investigation that Apollo's own board commissioned.

Yesterday, Wednesday, the House, the House of Representatives voted unanimously to hold Black in contempt of Congress for defying two subpoenas in its Epstein investigation.

My guest interviewed Black for hours on the record for the book, which is about Black, also the firm he built and what the firm is now doing with a lot of Americans' retirement savings.

It also kind of takes a big picture look at the economy and the rules of the economy and who can exploit the rules of the economy really over the last 30 years.

And we're also going to talk about this news of the day from the Fed.

So joining us now is William Cohen, co-founder of Puck News and the author of many books, including Money to Burn, The Unvarnished Truth About Leon Black, Apollo and the Rise of the New Wall Street.

Bill, always good to have you on the show.

Congress just opened a new front in its battle with billionaire Leon Black.

The House of Representatives on Wednesday voted to hold Black, the Jeffrey Epstein associate and former CEO of Apollo Global Management in criminal contempt of Congress.

Black had refused to comply with the subpoena requiring him to hand over all of his NDAs and any in his possession that reference Epstein or Glenn Maxwell.

Now he might have an argument about the ones that don't reference Jeffrey Epstein or ones that Epstein or Maxwell had nothing to do with.

New research indicates slower wage growth and fewer job openings, especially for younger workers.

Princeton researcher Sonia Edlich and Apollo Global Management's Torsten Slocke found that AI-exposed jobs have seen a 6.7% decline in real wage growth since 2023.

Companies are leveraging AI productivity gains without increasing headcount, particularly in knowledge-based jobs like journalism and economics.

This has led to increased pressure on wages.

Victoria Guida reports for Politico.

The House yesterday voted by unanimous consent to hold the founder of Apollo Global Management Leon Black in contempt of Congress after he refused to comply with two congressional subpoenas sought by the Oversight Committee as part of its investigation into sex offender Jeffrey Epstein.

The decision marks the first time a witness has been held in contempt over the course of the Oversight Panel's year-long investigation into Epstein and his network.

The matter is now with the Justice Department, which will determine whether or not to bring charges against Black.

Today we're covering MidCap Financial Investment Corporation, ticker symbol, MFIC.

MFIC is an externally managed business development company affiliated with Apollo Global Management.

Its primary objective is generating current income by lending directly to privately held middle market companies in the United States.

The company generally defines its target borrowers as businesses with less than $75 million in adjusted EBITDA.