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Anonymous ID: 2f2780 June 23, 2021, 1:23 p.m. No.13966151   🗄️.is đź”—kun

https://www.politico.eu/article/joe-biden-presidential-bid-family-business-history-democrats/

 

lots of dirt on bidens here. too much to post

 

The day the Bidens took over Paradigm Global Advisors was a memorable one.

 

In the late summer of 2006 Joe Biden’s son Hunter and Joe’s younger brother, James, purchased the firm. On their first day on the job, they showed up with Joe’s other son, Beau, and two large men and ordered the hedge fund’s chief of compliance to fire its president, according to a Paradigm executive who was present.

 

After the firing, the two large men escorted the fund’s president out of the firm’s midtown Manhattan office, and James Biden laid out his vision for the fund’s future. “Don’t worry about investors,” he said, according to the executive, who spoke on the condition of anonymity, citing fear of retaliation. “We’ve got people all around the world who want to invest in Joe Biden.”

 

At the time, the senator was just months away from both assuming the chairmanship of the Senate Foreign Relations Committee and launching his second presidential bid. According to the executive, James Biden made it clear he viewed the fund as a way to take money from rich foreigners who could not legally give money to his older brother or his campaign account. “We’ve got investors lined up in a line of 747s filled with cash ready to invest in this company,” the executive remembers James Biden saying.

 

Within weeks of the encounter at Paradigm Global Advisors, Beau Biden won his race for Delaware attorney general, and never established any recorded ties to Paradigm. His political career kept him well clear of his brother and uncle’s business endeavors.

 

James and Hunter are another story. There is no indication the Bidens ever succeeded in bringing new foreign money into the fund, but their involvement with Paradigm, which spanned the final two years of Joe’s Senate career and first two years of his vice presidency, was troubled for other reasons: In James and Hunter’s five-year tenure, Paradigm became associated with a number of alleged and confirmed frauds, including Allen Stanford’s multibillion-dollar Ponzi scheme, while seeking to draw on their powerful relative’s political allies for financing.

 

The pattern of dubious associations and possible conflicts of interest would continue later with Hunter’s foreign dealings, which led him to a lucrative appointment to the board of a Ukrainian oil company and to deals with firms connected to the Chinese state. But it started far earlier.

 

Scandal-plagued hedge fund

Paradigm was the brainchild of James Park, a son-in-law of the billionaire Sun Myung Moon, who claimed to be the messiah and founded the Unification movement, a religious group often accused of being a cult and whose members are known as Moonies. Started by Park in 1989, Paradigm was an early entrant in the hedge fund industry and among the first funds of funds — that is, a hedge fund that invested in other hedge funds.

 

In the Bidens’ first months at the helm, Paradigm reached an arrangement with Longship Capital Management, a New York investment firm, in which Longship would serve as an investment adviser to Paradigm, according to an Securities and Exchange Commission filing. The arrangement put James and Hunter in business with Longship partner Brian Mathis, a veteran of the Clinton Treasury Department and a Democratic bundler who was friends with Barack and Michelle Obama at Harvard Law School. In March 2011, Mathis, who declined to comment, was among the roughly 30 financiers invited to a controversial White House meeting to discuss the state of the economy. The meeting was arranged by the Democratic National Committee and omitted from Obama’s public schedule. There is no evidence Joe Biden was involved in the meeting.

 

As recently as 2009, his net worth was less than $30,000,

 

In 2017, Joe Biden told a Vanity Fair writer that he sometimes wished that one of his children had gotten rich in order to provide for him in his old age.

 

Biden and his wife, Jill, have set about providing for themselves, earning more than $15 million in the two years following the end of his vice presidency in early 2017.

 

Hunter recently told The New Yorker that he lives on $4,000 a month and that he offered to pay his ex-wife $37,000 a month in alimony and child support for 10 years.

 

In 2012, Fox Business pegged James Biden’s net worth at $7 million. In 2013, James and Sara Biden bought a vacation house on Keewaydin Island in Florida for $2.5 million. While the house served for several years as a family getaway amid beautiful surroundings, it did not pay off as an investment. After James and Sara put it on the market in early 2016 with an initial asking price of $5.9 million; it sold for just $1.35 million in 2018.

 

so much more