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February 24, 2009

Dem culture of corruption (cont.)

Brian Schwarz and Thomas Lifson
Two members of Joe Biden's family were in business with accused mega-crook, R. Allen Stanford, suspected of swindling $8 billion. Biden's son Hunter and his brother James actually received $2.7 million from the accused swindler. According to Fox News:

A fund of hedge funds run by two members of Vice President Joe Biden's family was marketed exclusively by companies controlled by Texas financier R. Allen Stanford, who is facing Securities and Exchange Commission accusations of engaging in an $8 billion fraud.

The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity and was known as the Paradigm Stanford Capital Management Core Alternative Fund. Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, according to a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James.

The fund has offered to turn over the $2.7 million investment it received from Mr. Stanford's firm in 2007 to a court-appointed receiver in the SEC's civil fraud case involving Mr. Stanford, according to Paradigm's attorney, Marc X. LoPresti.

Fortunately enough for Biden, his son Beau, for whom Biden's senate seat if being held in friendly hands, was not involved in the scheme.

Imagine if Dick Cheney's brother and son had been in business with Bernard Madoff. It wouldn't just be Fox News reporting on this. Of course, it may be that the Bidens are completely innocent of breaking any laws, but their choice of business partner displays a certain lack of discretion.

Hat tip: Lucianne.com

Update: Obama has picked a major fundraiser to be our next ambassador tto the UK.  The UK Times reports reports:
A LEADING Chicago fundraiser is being tipped as Barack Obama's choice as the new US ambassador to Britain, prompting charges of cronyism.

Louis Susman is likely to be a controversial choice. He was one of the new president's chief donors and raised $300,000 (£208,000) towards the presidential inauguration.

What was all that talk about hope and change again?

Hat tip: Jeanette Colville

Posted at 9:17 AM | Email | | | Share Share
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