Here's How Joe Biden's Family Leveraged His Famous Name for Profits in Business
When a 'middle-class' Joe Biden secured an honorable spot in the federal government, first as a senator, then as the running mate for Barack Obama, and now, as the 46th president of the United States, his kin also profited off his clout in their business pursuits, reported ABC News. His youngest brother, Francis Biden, even referred to the Democrat as 'the big guy.'
Experts believe that with his five decades in public office, Biden has successfully capitalized on his 'working class' identity to build a political brand. The notion of him being the average Joe has also been at the heart of many campaigns, which is why many people were surprised to learn his family members invoked Biden's 'famous name' to bolster their own business ventures, gaining millions of dollars in profitable deals. More specifically, his sons and two brothers—Francis "Frank" and James Biden—seem to be involved in this ordeal.
As per the aforementioned article by ABC News, a local Florida business executive approached President Biden's brother, Frank, to become the president and frontman for a fledgling charter school venture in 2009, when Biden joined the office as Barack Obama's VP. Frank, who was a longtime real-estate developer in the state, accepted the offer. Frank's famous last name and prominent connections in Washington helped him land for the company a series of charter contracts from local officials in Florida, opening charter schools and minting hundreds of thousands of dollars over his five-year term in the company.
The Journal’s examination of President Biden’s relatives’ dealings didn’t turn up evidence that he benefited from the business enterprises that relied on his name. But on at least a few occasions before his presidency, Joe Biden was more present in his family’s business dealings— NOfP-X (@NOfPPlus) September 29, 2023
Frank unabashedly referred to his last name as a 'tremendous asset' back then, as was reported by the Washington Post. He also accepted that the family's clout brought him 'automatic acceptance' while he sought government approvals for the Mavericks schools. However, many claims suggest these schools educating at-risk teens with troubled backgrounds are mismanaged. It was alleged that Maverick schools inflated enrollments to gain more funding.
Aside from Frank, his 53-year-old son and a second brother, Jim, have also been accused of using 'the big guy' to land clients when they ran an investment firm. The book by Ben Schreckinger, The Bidens: Inside the First Family's Fifty-Year Rise to Power, highlights how the members used the family name in their business dealings. For context, Hunter, alongside his uncle, took over the firm Paradigm Global Advisors in the mid-2000s. As per the NY Post, Jim reportedly assured their staff, "Don't worry about investors. We've got people all around the world who want to invest in Joe Biden."
The former chief compliance officer of the firm also spoke anonymously about the day the Bidens took over; they came with Beau Biden and a 'couple of large men' and ordered the executive to fire the company's president. However, contrary to these claims, the book also mentioned that Hunter and Jim's attorney denied any such episode ever occurred.
As for the President's 'involvement' in his relative's businesses, he, too, declined any participation. "I have never discussed with my son or my brother or anyone else anything having to do with their businesses, period," President Biden told reporters in Spartanburg, South Carolina, in September 2020. Despite this, the Republicans have launched a formal impeachment against the Democrat as they probe family finances and their lucrative business dealings.
Richard Painter, a former chief White House ethics lawyer for George W. Bush, said, "Joe Biden needs to recognize it's a problem," as reported by Politico. "You can't control your brothers. You can't control your grown son. But you can put some firewalls in place in your own office."
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