“He asked me,” Joe said at the time, “to intercede with my brother and ask him to change the management. “He would hammer the table until people agreed to give money to Joe's campaign.". 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.The Biden involvement began in January 2006. Jim reported a net worth of about $10,000, but he and a partner were able to borrow $300,000 from First Pennsylvania Bank of Philadelphia for … Center-right: In Beijing On December 4, 2013, Vice President Joe Biden waves as he walks out of Air Force Two with his granddaughter and his son, Hunter. Profiles in Corruption also details Frank Biden’s connection to projects receiving millions in … After the scandal erupted in public in the midst of the presidential campaign, Biden returned donations from the two men and Scruggs. | Politico Illustration; AP. James and Hunter are another story. In the 1970s, as Joe was entering the Senate and taking a seat on the Banking Committee, James obtained unusually generous loans from lenders who later faced federal regulatory issues. No sooner was freshman lawmaker Joe Biden seated on the Senate Banking Committee than James became the beneficiary of business loans that were described in news accounts at the time as unusually generous because of the relatively large amount of money he was able to borrow with little or no collateral and a lack of relevant prior experience. According to an agreement Lotito and James made with Paradigm in May 2006 that later surfaced in their court fight, they had planned to use their connections to union pension funds governed by the 1947 Taft–Hartley Act, which regulates labor unions, in order to steer new investments to Paradigm. 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. President Barack Obama discouraged him from selling the place, stepping in to say he would personally lend him the money if he needed it. They did earn $71,000 in royalties and another $9,500 for “audio book rights,” shortly after Random House published his first memoir, Promises to Keep. Email me at mtindera@forbes.com and follow me on Twitter @mtindera07. In 2014, as Joe Biden led the administration’s response to the annexation of the Crimean peninsula in southern Ukraine, Hunter and Archer received appointments to the board of a Ukrainian natural gas company, Burisma Holdings. 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. In September 2008, with the financial system melting, an executive at Paradigm registered “Paradigm Stanford Capital Management Core Alternative Fund” with the SEC. They also contributed over $1 million to charities, including two controlled by their own family. As Election Day neared, the government took over Fannie Mae and Freddie Mac, there was a run on money market accounts, the Fed bailed out AIG, and some of the country’s largest financial institutions teetered on the brink of collapse. In normal circles, that would be called a bribe. 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. Those plans were heating up around August 2007, when Patterson, Balducci and Scruggs co-hosted a high-dollar fundraiser for Joe Biden’s presidential campaign in Oxford, Mississippi. Lotito claimed in his complaint that Hunter had entered into an employment agreement with Paradigm that entitled Hunter to draw an annual salary of $1.2 million. Ye has disappeared from public view, and his name has surfaced in a corruption case in China. All parties voluntarily dropped their claims in December 2008. “The bank didn’t want the senator’s brother to be on the paper when the disco folded,” Cardile said at the time. The consulting fees to Hunter continued until 2005, when the bankruptcy bill finally passed with Joe’s support. James was not an attorney, but his wife, Sara Biden, a Duke-educated lawyer, would be a partner, and Hunter Biden was expected to be involved, according to Wilkie's book. As Joe prepared to mount his second presidential run, James and Hunter pivoted to Paradigm. “Neither Mr. Heinz, nor any business in which he had an interest, was involved in Burisma or Bohai Harvest RST.”. A spokesman for James and Hunter said no such withdrawals occurred. He began working at MBNA bank, one of Delaware’s largest employer, in 1996. They gave $150,000 to the Beau Biden Foundation for the Protection of Children and $100,000 to the Joseph Biden Foundation. “We've got people all around the world who want to invest in Joe Biden.”. The details of this are amazingly nasty. They planned to use the dinner as an opportunity to recruit Charles Stith, who had served as ambassador to Tanzania during the Clinton administration, to their firm in a bid to bolster the firm’s standing with potential clients in Africa, according to Wilkie’s book. In 2014, Biden spoke at a White House event that centered on problems working families face. Another former executive said negative press about Paradigm’s ties to fraudulent funds made James and Hunter wary of more scrutiny of “potential conflicts of interest or tie-ins to the Biden family.” As a result, the executive said, “They really just chose to liquidate the hedge fund and give back the money to the investors.” The former WashingtonFirst executive said James and Hunter shut down Paradigm because the global recession had cut into its revenues. In Joe Biden's, that's just business as usual. Another of the former executives recalled that Paradigm abandoned plans to pursue Taft–Hartley pension funds because of the prospect of “perceived conflicts.”. Hunter’s monthly pay from Burisma was reportedly as high as $50,000 in some months. Which would you take?”. Sign up for POLITICO Magazine’s email of the week’s best, delivered to your inbox every Friday morning. A lot of us have heard of Democratic presidential frontrunner Joe Biden's son's questionable business dealings in Ukraine and China. Via Politico, Breitbart reported a doozy of corrupt dealings surrounding Joe Biden's brother and the concessionary loans he got from banks to finance is nightclub, while Joe sat on the Senate banking committee: Politico reported on Friday that James Biden, who has a history of murky financial dealings, was able to parlay his role as the chief fundraiser for his brother’s 1972 Senate run into the startup capital required to open a nightclub.
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