President Donald Trump announced Friday that he's directing the Department of Justice to examine the connections between his former associate Jeffrey Epstein and several prominent figures and institutions. It's a move that comes as Trump himself faces renewed questions about his own past friendship with the disgraced financier.

"Epstein Hoax"

Among those Trump wants investigated: former President Bill Clinton, ex-Treasury Secretary Larry Summers, investor Reid Hoffman, and banking giant JPMorgan Chase & Co. (JPM). The request follows what Trump characterized on Truth Social as an attempt by Democrats to exploit what he calls the "Epstein Hoax" to distract from their own political challenges.

In his Friday morning post, Trump accused political rivals of launching another "Russia-style" smear campaign. He suggested that records demonstrate several high-profile men maintained extensive relationships with Epstein, including trips to his private island. Epstein died in jail in 2019 while awaiting trial on sex trafficking charges involving minors.

"I will be asking A.G. Pam Bondi, and the Department of Justice, together with our great patriots at the FBI, to investigate Jeffrey Epstein's involvement and relationship with Bill Clinton, Larry Summers, Reid Hoffman, J.P. Morgan, Chase, and many other people and institutions, to determine what was going on with them, and him," Trump said.

The timing is notable. Trump's statement came just days after he hosted a White House dinner attended by business leaders, including JPMorgan CEO Jamie Dimon.

JPMorgan Pushes Back

JPMorgan didn't wait long to respond. A bank spokeswoman issued a statement to CNBC on Friday defending the institution's handling of its Epstein relationship.

"The government had damning information about [Epstein's] crimes and failed to share it with us or other banks. We regret any association we had with the man, but did not help him commit his heinous acts," said spokeswoman Patricia Wexler.

Wexler emphasized that the bank "ended our relationship with him years before his arrest on sex trafficking charges."

The connection between Epstein and JPMorgan ran deep. Epstein was friends with former JPMorgan executive Jes Staley and maintained a banking relationship with the firm for many years. That association eventually proved costly. In 2023, JPMorgan resolved lawsuits brought by Epstein's victims and the U.S. Virgin Islands by paying a combined $365 million, though the bank did not admit liability in the settlements.

The bank's position is essentially this: we were kept in the dark by authorities who actually knew what Epstein was doing, and we cut ties well before the criminal charges came down. Whether that explanation satisfies the DOJ remains to be seen.