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Epstein's ghost haunts capitalism's grand old men

Source: economist.com

TL;DR

Jeffrey Epstein's past ties continue to damage prominent business leaders years after his death.
Les Wexner resigned from L Brands in 2020, followed by Jes Staley at Barclays and Leon Black at Apollo in 2021.
The scandal erodes trust in elites and accelerates a generational shift in corporate power.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)

The story at a glance

A Schumpeter column argues that Jeffrey Epstein's associations still tarnish the reputations of leading figures in global capitalism, such as Les Wexner of L Brands, Jes Staley of Barclays, Leon Black of Apollo, Bill Gates and Larry Summers. These men have faced resignations or scrutiny due to their links with the disgraced financier. The piece appears now amid fresh fallout from Epstein-related document releases prompting more high-profile exits. It reflects ongoing scrutiny of elite networks in business.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)[[2]](https://www.businesstimes.com.sg/opinion-features/jeffrey-epsteins-ghost-haunting-grand-old-men-capitalism)

Key points

Epstein abused young women during his life; now his connections haunt business elites.
Les Wexner, who hired Epstein as a financial adviser, stepped down as L Brands chairman in 2020.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)
In 2021, Jes Staley left as Barclays CEO and Leon Black departed as Apollo CEO over their Epstein ties.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)
Bill Gates of Microsoft and Larry Summers, ex-Treasury secretary, among others whose names have been tarnished by association.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)
Recent example: On February 4, 2026, Paul Weiss law firm chair resigned due to Epstein links.[[2]](https://www.businesstimes.com.sg/opinion-features/jeffrey-epsteins-ghost-haunting-grand-old-men-capitalism)
Analysis of Epstein's emails by lawyers and journalists expected to yield more revelations and fallout.[[2]](https://www.businesstimes.com.sg/opinion-features/jeffrey-epsteins-ghost-haunting-grand-old-men-capitalism)

Details and context

The column, print-titled "Bonfire of the elites," portrays Epstein's lingering "taint" as a persistent risk for veteran capitalists who mingled with him despite his 2008 conviction for soliciting a minor.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism) These ties often involved financial advice or social access, but post-scandal scrutiny has led boards and regulators to act decisively against leaders.

Recent Epstein file releases, including over 1.4 million emails analyzed by outlets like The Economist and The Guardian, have mapped deep elite networks and triggered fresh resignations.[[3]](https://www.theguardian.com/us-news/ng-interactive/2026/mar/19/jeffrey-epsteins-elite-relationships-visualised-the-banker-the-economist-and-the-director) This builds on earlier departures like Wexner, Staley and Black, showing the issue endures beyond Epstein's 2019 death.

The piece warns that more careers could fall as documents surface, underscoring how past indiscretions in opaque elite circles now fuel public distrust.[[2]](https://www.businesstimes.com.sg/opinion-features/jeffrey-epsteins-ghost-haunting-grand-old-men-capitalism)

Key quotes

"When he was alive, Jeffrey Epstein relentlessly abused young women. Nowadays his ghost haunts a different group: the grand old men of global capitalism." — Schumpeter column opening.[[1]](https://www.economist.com/business/2026/02/05/jeffrey-epsteins-ghost-is-haunting-the-grand-old-men-of-capitalism)

Why it matters

Epstein's shadow reveals vulnerabilities in elite business networks, where past associations can destroy long-built careers amid rising demands for accountability. For investors and firms, it means heightened risk of sudden leadership changes and reputational damage from historical ties. Watch for further resignations or probes as Epstein's emails are dissected, though not all links imply wrongdoing.[[2]](https://www.businesstimes.com.sg/opinion-features/jeffrey-epsteins-ghost-haunting-grand-old-men-capitalism)