John Batchelor, John, Investigator discussed on John Batchelor

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Turning to the John Batchelor show six eight current affairs we're talking about on the John chancellor show on KGO I'm John this is John Batchelor show Gregory Zuckerman special investigator for the Wall Street journal and the author of the forthcoming the man who solved the market about a very famous Jim Simons and renaissance is writing now about a case that infamous this is the matter of Jeffrey abstain sixty six years old now in custody charged with crimes against young people against young females abusing at several unacceptable language however once upon a time in important introduction this is in the nineteen eighties between Jeffrey abstain and a man named Leslie Wexner who is Leslie Wexner well more importantly who introduced Jeff absent a Leslie Wexner Jimmy Cayne an ace Greenberg of Bear Stearns Gregory a very good evening to you based Greenberg and Jimmy Cayne at the time of the introduction what weight with they have carried with Leslie Wexner and who was Leslie Wexner that they're all talking together good evening to you you're a great to be very nice to speak with you again so yeah just taking a step back Jeffrey abstain really Clinton been who he was without Leslie Wexner Leslie Wexner is a retail Empresarial a retail mogul he ran a company or or has controlled for years the company has billion areas from Columbus Ohio and he controls a company called el brands which is in which owns a lot of different well known brands including Victoria's secret and he was introduced to Jeffrey dean by Alan Greenberg hold a screamer again Jimmy Kane and as you suggest there is a is a really important introduction because to have seen really it's not clear what other clients he had beef besides this Leslie Wexner and the ensuing his wealthy or half as wealthy as he has stated that Jeffery actions mail out of money from a people as a problem unless you actor and and maybe just left Leslie Wexner right that's part of the part of the Mister bad abstinence is word billionaire associated with him because you're going to the root of the story you report that before I have seen worked as a watchdog a commodity and know a commodity trader an options trader at Bear Stearns he was a math teacher at the Dalton school so this is not a the prize of Harvard Business School this is not a man who was already a multi millionaire on Wall Street which were accustomed to this was a guy who worked at ace Greenberg do we know what charms he had to name it but it did anybody speak of how it is that Greenberg and Kane felt that it was correct to introduce him to wax now yes so as you suggest Jeffrey abstain suggests and is always suggested that he is quite wealthy they to billionaire but we really no reason to think that in the court proceedings there's a suggestion that is worth five hundred million dollars that may be the case may not be the case it could be that he is prop the work that much but it could be some and get on that as well but he is a wealthy guy and the reason why it is you also kind of suggest he was a teacher originally in in frankly didn't graduate college you got this teacher and upscale procedures Upper East Side school called the Dalton school and because he left an impression and one of the children of Alan Greenberg side child son he was recommended to to hire him in at the time their strange was very scrappy upstart firm name they like to hire people were poor and had a deep desire to be rich and that's what they called it and he was one of them said Jeffrey Greenberg had this appetite I'm sorry we have seen had this appetite to get wealthy he got hired on to work at Bear Stearns only worked there for a few years before he got fired doing some work on a follow up story about what happened there and why he did get fire but he got fired in yet the way he was recommended by Grimbergen came to work with Wexner they had establish a little bit of a relationship and their Stearns Wexner in Aberdeen but I'm Greenberg and Kane said yeah we fired him but we recommend them none the less and the idea was this guy was pretty smart he was well respected internally others saw him more and more charming and in more than empty suit but there were some people internally that I've spoken to who did have something I think is a about Jeffrey obscene just as an intellect didn't think it was all that dedicated to the firm itself is mostly dedicated to himself to his career and his future but an intellect they did it given some credit I note that he was working options at Bear Stearns and I I'm connecting this because I read your stories is if it's a novel and there's a payoff coming all right it he specializes he told laxer in finding missing money is that a clever way of saying options options on your stocks is that what he was doing Reagan and his agent has resourceful digging into it my understanding is missing money he left in person and he did some other things besides investing this Jeffrey abstained could be taxes could be some to some people he sort of suggested yet you're wealthy I can help you reduce your taxes I don't know why you need a Jeffrey opt in and out of the taxes during that kind of thing but maybe these were especially creative ways or he leaves he suggested he was aware of innovative ways to to reduce taxes but others have kind of said he did other things like tracking down real money from from the kind of governor for the government's any he he like to create a little bit of a mystery about hand Jeffrey abstain it helps when you're running a little bit of this game or alleged game to have that there about you in in in your head he was very charismatic and it was us air ministering to people just like being around him and it helped his cause and it helped people on to become enamored with them and this this Leslie Wexner clearly was for what for whatever reason the heat for years for about two decades as we write our story in the Wall Street journal they had a very close relationship which was mutually beneficial on Leslie Wexner seem to like being around Jeffrey up the interesting thing to make a lot of money from Leslie Wexner there about fifteen years apart you tell the story that an executive who work for Mister wax or his name is Mara ski did not feel threatened by abstain because he was dealing with his personal investments not the company's not the corporation's investments and so that seem to protect that stay in our day we know effect scene was getting involved in L. brand was he was he is he a holder of our brand stock do we know if he was taking stock from Baxter well early on as you suggested absinthe date out of the business and your people that warned Leslie Wexner don't get involved with Jeffrey abstain isn't about him not talked a bunch of people from back in those days and they had concerns about abstaining from their finger on it but the way they described it and you know maybe it's in hindsight it doing this kind it but they said at the time that day would across the street if he was walking in there with their way just something about him he seemed a little flex to select for them and they warned Wexner about abstain any ads acting computer now this relationship with an overtime as he really did start inserting himself into the business itself into westerners retail business to the point where especially when it came to the Victoria secret he kind of callous just so I can help you pick the models in you know in hindsight is sort of more disturbing than than anything else but yeah over time after dean to some extent got involved a little bit in the business the mansions that they have seen is now offering for bail the airplane that up steam flies honor did fly on I have read that those were transferred to him by waxing or do we know did he pay for them were those salary do we know anything about how we acquire those assets yes really good question because I've seen different document suggesting different things on there was a transferred there was some money paid I'm not sure who was market priced he may have got a good deal in real state has just appreciated as we all know so whatever he did pay at a time it's it's that's a good child as well the real statement the planes I mean there are some people were dismissive of things like the plains of seven twenty seven eight days old sold is it goes to the point that he had this image as a millionaire as jet setter anyone but he may have exaggerated the extent of his wealth and in an LP business he pretended he kind of that I only take clients who are billionaires just makes us a lot of people climbing clear what kind of training you did all other than to deal with WebSphere it does seem like he did some activities for Webster over the years even starting way back decades decades ago he did some trading for Lexus so that was one client but frankly I'm I'm trying to dig up more of them the breakup of the relationship when do we think it happened and why well it did happen around the time that he was first accused of engaging with inappropriate you a young women so it could be that Webster was tipped off he heard about it he got to the suggestion that he was doing in appropriate things and they broke off it could be something separate if it's not clear yet but I I do get the impression that after he was charged a really nothing much to do with each other these to be very close to speak at least one when he was charged in two thousand and eight to hand you report that the relationship started breaking down in two thousand and seven so more than more than ten years ago yep and it again it could have been a bit Bristol Asia started breaking down because love to actually start hearing about what he was doing down there and it could have been something separate I'm still trying to understand that myself has the way has Wexner or his attorneys responded in any fashion to your piece in the Wall Street journal really really cold or or sponsor statement from them which is a little bit surprising you would think you would be distancing himself but he could just be trying to be below the radar screen right now and to his credit Leslie Wexner is among the more philanthropic a businessman in our country just got a needs you know late in life in his eighties it's got to be quite discouraging to have your name besmirched by your relationship and there's no indication we should make that clear is no indication Leslie Wexner was aware of any of the accusations of before they became public Raleigh ground Jeffrey abstaining again to his credit yet many New York society Hey embraced embraced abstained after he was released from prison and we don't know indication and think the blood to after death more learned Gregory's occur men for the wall yeah journal much more to learn about at staying in custody I'm John bachelor this is the John Batchelor show you're listening to John Batchelor KGO eight ten balance.

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