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.
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.
Listen to GHOGH with Jamarlin Martin | Episode 74: Jamarlin Martin Jamarlin returns for a new season of the GHOGH podcast to discuss Bitcoin, bubbles, and Biden. He talks about the risk factors for Bitcoin as an investment asset including origin risk, speculative market structure, regulatory, and environment. Are broader financial markets in a massive speculative bubble?
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.