There’s nothing particularly revelatory about Leon Black in the latest, and perhaps final, release of the Epstein files. After all, the billionaire private equity pioneer’s entanglement with the sex trafficker hasn’t been a secret for some time. As my partner Bill Cohan has reported, their financial ties were investigated in 2021 by Apollo, the alternative asset management firm Black co-founded, which concluded that Black had paid Epstein more than $150 million over the years—supposedly because Epstein helped him implement some superior tax-avoidance strategy. The new tranche of documents doesn’t shed much light on that aspect of their relationship.