By The Book Reviews

Review by By The Books Reviewer

William D. Cohan's "Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street" is an exhaustive exploration into the ascent and eventual disgrace of financier Leon Black, co-founder of Apollo Global Management. Cohan, leveraging his background as a former investment banker, meticulously dissects the intricate world of private equity, offering readers a comprehensive look at the mechanisms that propelled Apollo to prominence and the personal decisions that led to Black's downfall.

The narrative commences with Black's early life, highlighting the profound influence of his father, Eli Black, a former rabbi turned corporate magnate whose tragic suicide in 1975 cast a long shadow over Leon's career. This backdrop sets the stage for understanding Black's relentless drive and risk-taking ethos. Cohan adeptly traces Black's trajectory from his formative years at Drexel Burnham Lambert, a firm notorious for its aggressive junk bond strategies, to the establishment of Apollo in the aftermath of Drexel's collapse. The book delves into Apollo's aggressive acquisition tactics, its role in reshaping Wall Street's landscape, and the ethical ambiguities inherent in its operations.

A significant portion of the book is dedicated to unraveling Black's controversial association with Jeffrey Epstein. Between 2012 and 2017, Black transferred an astonishing $158 million to Epstein, ostensibly for tax and estate planning services—a sum that far exceeds standard fees for such advice. Cohan presents these facts with a journalist's precision, allowing readers to draw their own conclusions about the nature of their relationship. The book also addresses allegations of sexual misconduct against Black, including claims from Guzel Ganieva, which further tarnished his reputation and precipitated his resignation from Apollo in 2021.

While Cohan's access to key figures, including Black himself, enriches the narrative with firsthand accounts, the book occasionally suffers from an overreliance on lengthy interview excerpts. These passages, filled with industry jargon, may prove cumbersome for readers without a background in finance. Moreover, the author's commitment to presenting multiple perspectives sometimes results in a lack of decisive analysis, leaving certain critical questions—such as the true nature of Black's payments to Epstein—unresolved.

Despite these shortcomings, "Money to Burn" stands as a significant contribution to financial literature. It offers a cautionary tale about the perils of unchecked ambition and the moral compromises often made in the pursuit of wealth. Cohan's meticulous research and narrative prowess provide a compelling account of a financial empire's rise and the personal failings that led to its leader's fall.

In conclusion, while the book's depth and detail are commendable, its dense financial discussions and occasional narrative meandering may deter the casual reader. However, for those with a keen interest in Wall Street's inner workings and the complex interplay between personal choices and professional trajectories, "Money to Burn" is a worthwhile read.

Recommendation: Recommended with reservations.

written on: 9/17/2026