A new book by William D. Cohan, "Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street," details the crisis behind the scenes at Apollo Global Management as the Jeffrey Epstein scandal unfolded. When Leon Black announced his retirement as CEO in January 2021, he hoped for a clean succession, naming longtime lieutenant Marc Rowan as successor. The timing coincided with an independent report revealing Black had paid Epstein $158 million for financial advice over five years, though it found no evidence of wrongdoing. Black insisted he requested the investigation himself, but negative publicity forced his immediate resignation as CEO and chairman in March 2021.

Black came to blame his downfall on Josh Harris, one of his closest associates and a key Apollo leader. The trio built Apollo from its 1990 founding after the Drexel Burnham collapse into a Wall Street powerhouse. Harris, who initially hesitated to leave Blackstone for the fledgling firm, eventually became a co-founder alongside Rowan. They amassed vast wealth, including mansions, private jets, and sports franchises—Harris later led the $6 billion purchase of the Washington Commanders. Rowan co-founded Athene with a $16 million Apollo investment. The book portrays a saga of ambition, loyalty, and betrayal at the highest levels of finance.