Vice President Joe Biden, left, at the Class of 2016 U.S. Military Academy at West Point graduation, May 21, 2016, New York. Photo by: zz/Dennis Van Tine/STAR MAX/IPx 2016 5/21/16 Sen. Joseph Biden (D-Del.), right, talks to reporters before speaking on NBC's "Meet the Press" in Washington, D.C., April 29, 1984. (AP Photo/Charles Tasnadi)
President Joe Biden’s family has profited financially during his 50-year rise to the Oval Office, claims a new book, “The Bidens: Inside the First Family’s Fifty-Year Rise to Power”. Some say it smacks of white privilege.
Author Ben Schreckinger wrote that Joe Biden’s younger brother, Jim Biden, and his son, Hunter Biden, “profited using Joe Biden’s name and influence,” according to an excerpt in The New York Post.
In 2006, Jim and Hunter went into business together, buying holding company Paradigm Global Advisor for $21 million. For financing, they “leaned on family allies,” Schreckinger wrote.
The Moguldom Nation founder Jamarlin Martin tweeted about the book, “I guess some white privilege gets a free pass if you need it to win and is connected to white power, on the Democrat side. When you only seek justice and truth against the opposite gang, you go HEAD FIRST into a WOBBLE, hard to get out of.”
The story isn’t new. In 2020, ProPublica reported about Jim and Hunter profiting from their ties to Joe Biden. The two landed a loan from a bank founded by one of Joe’s political backers — William Oldaker, an attorney for the senator’s presidential campaign and Hunter’s partner at a Washington law and lobbying firm.
The loan let them purchase Paradigm Global Advisor. The deal landed Hunter a job as CEO of Paradigm, with a starting salary of $1.2 million although he had very little experience in the financial sector, according to Schreckinger.
The firm “became entangled in legal disputes and financial scandals before quietly winding down,” and Schreckinger noted that Jim and Hunter tapped “the global demand for business partnerships with the relatives of a powerful American official.”
The Bidens aren’t the only family to use political connections to benefit financially. Former President Donald Trump was accused on numerous occasions of nepotism while in the White House. Trump’s children raked in millions overseas using the president’s political influence, The Los Angeles Times reported.
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Trump’s sons Eric and Donald Trump Jr., ran the Trump Organization while Trump was in office. The multimillion-dollar company was still owned by Trump when he was the president and landed projects in Ireland, India, Indonesia, and Uruguay, licensing the Trump name in such turbulent areas as Turkey and the Philippines, The Los Angeles Times reported
Trump’s daughter Ivanka was a senior advisor to the president and kept her international fashion business going for 18 months after she was given a loosely defined White House portfolio that included interacting with heads of state and working with domestic and international corporate chiefs on economic programs.
“On the same day Trump and his daughter dined with Chinese President Xi Jinping at Mar-a-Lago in Florida in April 2017, China awarded her three preliminary trademark approvals for jewelry, handbags, and spa services,” The Times reported. Because of her father’s political clout, Ivanka obtained more than a dozen Chinese trademarks while he was in office, giving her access to the world’s second-largest economy.
