President Biden’s younger brother Jim and son Hunter are accused of using his union ties to land clients when they ran an investment firm, according to a new book.
It describes how they allegedly used the then senator’s name to drum up business for Paradigm Global Advisors, which they ran in the mid-2000s
‘Don’t worry about investors, ‘ Jim Biden reportedly told staff on his first day at the company. ‘We’ve got people all around the world who want to invest in Joe Biden.’
The story of their time at Paradigm Global Advisors is told by Ben Schreckinger in ‘The Bidens: Inside the First Family’s Fifty-Year Rise to Power.’
It includes allegations of Hunter’s drug use at the time and claims used the family name in their business dealings.
‘Jim’s job,’ one of his former business partners told Schreckinger, ‘is to ensure the lifestyle is good for the family.’
Lawyers for the two men dispute many of the alleged conversations in the book and they are not accused of any wrongdoing.
The new account claims their takeover of the firm was part of a plan to find a proper job for Hunter in 2006 so that his role as a lobbyist would not cause problems for Biden while he prepared a run for the Democratic presidential nomination.
Anthony Lotito, a business partner, later alleged in court ﬁlings that Jim had called him saying that Hunter’s position with William Oldaker, a campaign counsel and treasurer for his father, could be a liability.
Hunter and Jim denied that any such call was made.
Jim Biden is photographed with his older brother at an ice cream store in West Virginia during Joe Biden’s second run for president in 2008. It was at about this time that Jim was working with Hunter Biden at Paradigm Global Advisors
Former Paradigm executives said James and Hunter Biden used the former senator and VP’s ties to labor unions to land investments
‘The Bidens: Inside the First Family’s Fifty-year Rise to Power’ by Ben Shreckinger is published by Twelve Books on Sept. 21
Either way, the three of them pursued Paradigm, which was founded by James Park, who had been married to a daughter of religious leader Sun Myung Moon.
Jim and Hunter put together a bid for $21 million, using family allies for financing, and with a plan to make Biden’s son chief executive, says the book.
The company’s former chief compliance officer, who spoke on condition of anonymity for fear of retaliation, described the day they took over.
He said they arrived with another family member, Beau Biden, ‘and a couple of large men,’ and ordered him to fire the firm’s president.
‘Jim had a plan,’ says an excerpt printed by the New York Post.
It was then he allegedly told the executive that people all around the world wanted to invest in Joe Biden.
‘In case the chief compliance ofﬁcer did not get the picture, Jim painted it more vividly for him: “We’ve got investors lined up in a line of 747s ﬁlled with cash ready to invest in this company.”
‘Beau was then in the middle of his ﬁrst attorney general’s race. His face turned red with anger, the executive recalled. “This is not why we are making this investment,” Beau told his uncle.
‘”This can never leave this room. And if you ever say it again, I will have nothing to do with this.”‘
The book adds that a lawyer for Jim and Hunter said no such episode ever took place.
While Beau Biden had followed his father into politics, the book says Hunter Biden as a ‘Biden family breadwinner,’ and the pair sought to enlist Joe Biden’s political allies.
A few months after they took over the company, Democrats too control of the Senate and Biden became chairman of the Foreign Relations Committee.
Over the past few years, several accusations of Joe Biden’s relatives attempting to profit from his public standing have arisen. The new book details the period when Jim Biden (pictured with wife Sara)was running Paradigm with his nephew Hunter
‘The United States was near the height of its global power and prestige. Few people had more say over the running of this globe-spanning empire than Joe did,’ wrote Schreckinger.
However, the pair quickly realized their new firm was far less valuable, with fewer assents under its management, than they had believed.
They ditched Lotito and made Park a new, reduced offer of $8 million, which he accepted. Park stayed on to help run the business.
‘The chief compliance ofﬁcer said the collaboration was complicated by the fact that Park and Hunter were avid users of cocaine, both during work and after-hours,’ according to the book.
‘The executive said Hunter once offered him the drug, but he declined. ‘I ﬁgured that wasn’t right for a compliance ofﬁcer to be doing drugs,’ he said.
‘The executive also said that after work, Park and Hunter would sometimes go to a nearby hotel to do coke and party. He would get notiﬁcations that cash had been withdrawn from a company account from an ATM on the route between the two.’
Lotito sued Jim and Hunter, saying they had unfairly kept him in the dark as they acquired the firm and wielded their ‘family’s clout as a cudgel.’
‘The Bidens refused to pay the bill, repeatedly citing their political connections and family status as a basis for disclaiming the obligation,’ his complaint alleged.
‘The Bidens threatened to use their alleged connections with a former United States Senator to retaliate against counsel for insisting that his bill be paid, claiming that the former senator was prepared to use his inﬂuence with a federal judge to disadvantage counsel in a proceeding then pending before that court.’
The case was eventually settled.
But at that time, the Biden’s were trying to recruit Chuck Provini, an investment industry veteran, as their new president.
‘”Joe Biden needs to distance himself from this,” they told him, “Would you consider the job?”
‘Jim and Hunter assured Provini that Joe’s labor connections would help them land investments from union pension funds,’ wrote Schreckinger.
‘”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 told me.’
He also sued the pair and the case was settled.
‘The chief compliance ofﬁcer said that his new bosses understood political relationships better than they understood the mechanics of hedge funds,’ added the book.
‘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.”‘
They would drop off checks for a few thousand dollars each and it later emerged that Jim had allegedly been doing the rounds at a nearby firefighters convention.
But the checks were too small to meet that minimum investment of the fund.
Again, a lawyer for Jim and Hunter said no such thing happened.
Both uncle and nephew have been accused in the past of using their family name to further their business interests.
Republicans have pored over Hunter Biden’s role with Burisma, a Ukrainian energy company at a time when Vice President Biden was helping conduct the Obama administration’s foreign policy with Ukraine.
And Jim Biden