I did talk to him for them, and they finally changed the management.”, By early 1977, unable to make payments on his loans, James Biden had to give up the struggling club. Painter said Biden should pledge that if he were elected president, he would ask his relatives to refrain from business practices that could pose ethical quandaries, such as taking foreign sources of financing. Today Forbes estimates Biden, 76, and his wife Jill are worth $9 million. Joe Biden’s younger brother, James, has been an integral part of the family political … “They were trying to use me as a bludgeon,” Joe complained to the paper. In 2013, James and Sara Biden bought a vacation house on Keewaydin Island in Florida for $2.5 million. The banks extended loans to a guy with no business experience and no assets, knowing he couldn't pay.
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 the meantime, that debt was causing friction within Paradigm. You can unsubscribe at any time and you can contact us here. By the mid-1990s, he was working with a crew of corrupt Mississippi operators, as detailed in journalist Curtis Wilkie’s 2010 book, The Fall of the House of Zeus. 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. | Politico Illustration; Getty Images; AP. Farouze did not respond to requests for comment. Neither James nor Lion Hall appear in federal lobbying disclosures. While James and Hunter Biden were trying to succeed in the world of high finance, Joe Biden was seeking the Democratic nomination for the presidency, eventually becoming Barack Obama’s running mate after his own bid foundered. I told him no.
Unable to pay their bills, James Biden and his business partners, which by then included his brother-in-law John T. Owens, turned to First Pennsylvania Bank for a bailout. At right: Hunter Biden in 2010. The details of this are amazingly nasty.
After their introduction, a firm owned by Lotito, Globex Financial Advisors, began doing business with one owned by James, Lion Hall Group. The first series of loans — totaling $165,000 — were provided by Wilmington’s Farmers Bank, which, although privately managed, was partially owned by the public with the state of Delaware having a 49 percent stake. There is no allegation that James Biden was a party to his would-be colleagues’ misdeeds or was even aware of them before their arrests, but Wilkie said he is nevertheless shocked that James’ association with the crew has not received greater attention. In 2008, The Washington Post reported that, as a senator, Obama had sought more than $3.4 million in earmarks for Hunter’s clients before Joe became his running mate and that another lobbyist at Hunter’s firm had successfully lobbied Joe for an earmark for the University of Delaware.
When the executive refused, saying the funds were needed to cover operating expenses, he recalled that Hunter — who recently told The New Yorker he has spent most of his life living paycheck to paycheck — responded that he might lose his house. “He would hammer the table until people agreed to give money to Joe's campaign.". After his first year of law school he got married, and after graduation in 1968 he moved back to Wilmington with his wife Neilia. | Politico Illustration; AP.
There is no evidence Joe Biden was involved in the meeting. Three former Paradigm executives said James and Hunter Biden also sought to capitalize on Joe’s strong ties to labor unions in the hopes of landing investments from them; Charles Provini, who briefly served as Paradigm’s president, said both James and Hunter repeatedly cited Joe’s political ties when they recruited him to work for the fund.
Lotito later sued James and Hunter in New York state court, accusing them of fraudulently acquiring Paradigm behind his back. Right: Robert Allen Stanford at Houston's Bob Casey Federal Courthouse in June 2009.
Despite their meager financial means and lack of experience in the nightclub business, James and his partner were able to obtain a loan of $500,000, equivalent to more than $2 million today.
Center: Jim Biden.
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.
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