A new book indicates Biden’s family corruption schemes while Joe Biden was the ranking member of the Senate Foreign Relations Committee.
The book titled The Biden’s: Inside the First Family’s Fifty-Year Rise to Power by Ben Schrickinger was told by a previous business partner of Jim Biden, “Jim’s job is to ensure the lifestyle is good for the family.” The method reportedly required a hedge fund acquired by Hunter and Jim, Paradigm Global Advisors, founded and run by cocaine addict James Park.
“Jim and Hunter offered to buy the ﬁrm out for $21 million,” an offer inspired by Joe Biden’s plan to run for the Democrat “presidential nomination, and his son’s work for a Washington lobbying ﬁrm would be a problem.” At the time, Hunter was employed at a lobbying firm that would present a conflict of interest for Joe Biden’s campaign.
“Hunter would have his new job, CEO of Paradigm, with a starting salary of $1.2 million,” Schreckinger wrote in the New York Post. “His experience in the ﬁnancial sector amounted to a few years on the payroll of a credit-card issuer.”
Reportedly, the hedge fund manager position enabled the Biden family to “tap the global demand for business partnerships with the relatives of a powerful American ofﬁcial,” Joe Biden.
Jim reportedly told partner Anthony Lotito, he should not worry over raising money.
“Don’t worry about investors,” Jim reportedly told Lotito. “We’ve got people all around the world who want to invest in Joe Biden.”
“We’ve got investors lined up in a line of 747s ﬁlled with cash ready to invest in this company,” Jim reportedly added.
The report suggested that while Joe Biden was “preparing to announce his second White House bid,” Jim and Hunder were preparing to hire someone with more financial experience to offset their lack of financial knowledge.
Soon after, Jim and Hunter hired Chuck Provini, who revealed, “Jim and Hunter recruited him in part for political reasons. They wanted a non-Biden face atop the troubled ﬁrm.”
In Jim and Hunter’s offer to Provini, the two said Provini’s acceptance to the role would be crucial to keeping Joe Biden out of the headlines. “Joe Biden needs to distance himself from this,” Jim and Hunter told Provini, “Would you consider the job?”
To convince Provini to take the job, Jim and Hunter agreed to find investments from highly sought-after union pension funds.
“I was told because of his relationships with the unions that they felt as though it would be favorably looked upon to invest in the fund,” Provini explained. “They knew nothing about the hedge-fund business.”
The hedge fund was unable to acquire profitable companies or raise capital, despite Jim and Hunter’s attempts. However, the report also notes, “Hunter and Jim did seek to enlist the family’s political allies as investors in Paradigm. Under their ownership, the ﬁrm became entangled in legal disputes and ﬁnancial scandals before quietly winding down.”
Despite the hedge fund’s inability to show success, “unsophisticated” investors reportedly continued dropping off small investment checks for the firm to deposit.
Ben Schreckinger book author, recounts what Provini said about the incident:
He recalled one week where a succession of ﬁreﬁghters paraded into the ofﬁce over the course of a few days and asked to speak with him. They would offer explanations like, “We’re friends of Joe, and we want to invest in the fund.”
The executive learned that there was a ﬁreﬁghters’ convention in town, and Jim had been working the room. “Jim told people they could invest in our hedge fund, and that would help Joe,” the executive recalled.
Because of legal restrictions on who can invest in hedge funds, and because Paradigm, like most similar ﬁrms, insisted that clients fork over minimum investments in the tens or hundreds of thousands of dollars, there was nothing he could do with the checks.
The hedge fund remained unsuccessful, despite Joe Biden’s appearance to help encourage investments, for example, sending firefighters who wanted to invest to the firm. “Paradigm’s” executives tried to find an overseas bank or foreign buyer to take the business off their hands.
In the end, the hope of success ended as no entity would buy the fund from the Biden family.