For all its many faults, transgressions and sleazy lies, Politico.com has occasionally produced some truthful first rate journalism. One of the best examples is Ben Schreckinger’s detailed expose of Biden, Inc. in the summer of 2019. Amazing is it not that a piece of work like this has been lying like rotting road kill in the middle of the 2020 presidential campaign ? For almost 15 months this report has been out there and ignored, stepped over by every elitist news clown in the American media. This isn’t some Russian financed, conspiratorial claptrap to allegedly manipulate Giuliani and Bannon. It was researched and written by a real, genuine lefty reporter.
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.”
and,
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 [The Houston Connection !], while seeking to draw on their powerful relative’s political allies for financing.
plus,
James and Hunter brought in Larry Rasky, a lobbyist and longtime Biden adviser, who at one point, according to court records, was going to provide $1 million in financing. Rasky did not respond to a request for comment. They also obtained $1 million in financing from SimmonsCooper, a St. Louis-area law firm with a thriving practice representing asbestos victims. Partners in the firm had befriended the Biden sons, steering business to Beau’s Delaware law firm and donations to Biden’s campaign coffers. SimmonsCooper’s interests aligned with Joe Biden’s views. He was a prominent opponent of the creation of an asbestos trust fund, a measure that would have curtailed lawsuits related to the cancer-causing fibers.
Things quickly got messy. The prospective purchasers discovered that because of an accounting trick, the fund had only a fraction of the $1.5 billion in assets under management that it claimed, according to court filings.
a never ending saga,
Another figure tied to Farmers Bank, the politically connected financier Norman Rales, extended James Biden an unsecured loan.
Rales, who did extensive business with Farmers, extended the loan to James through Joe Biden’s former law firm, Walsh, Monzack & Owens. One of the firm’s partners, John T. Owens, was a Biden brother-in-law, having married Joe’s sister and political confidante, Valerie. Owens would also become a partner in the nightclub.
These unusual arrangements came to light after Farmers Bank nearly collapsed in 1976, forcing the Federal Deposit Insurance Corporation to bail it out. The crisis spurred several investigations into the bank’s lending practices and political connections. It also prompted Moody’s to downgrade the state of Delaware’s credit rating from A1 to A because the state’s finances were so intertwined with the bank’s.
What a sleazy family the Bidens are.
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