8 Things to Know About the Biden Family’s Culture of Corruption

Breitbart:

The family of former Vice President Joe Biden has earned millions of dollars since the start of his political career, often from dealings with heavy political overtones.

Biden, the frontrunner among 2020 Democrats, often touts his middle-class bonafides on the campaign trail. Although Biden did not become a multi-millionaire until he left the White House in 2017, the same cannot be said of his family. In fact, several members of the Biden clan became immensely wealthy over the span of the former vice president’s 40-year political career.

Breitbart News is providing an in-depth breakdown of a few instances in which Joe Biden’s political career and his family’s financial interests seemed to intersect.

1. Joe Biden’s younger brother, James Biden, secured generous bank loans.

In the wake of Joe Biden’s upset election to the U.S. Senate in 1972, his younger brother James was able to secure a series of generous bank loans to start a Delaware night club.

Although James Biden had no business experience and a net worth of less than $10,000 at the time, he was able to arrange more than $160,000 in start-up capital for the venture. When the nightclub proved to be unsuccessful, generating more than $500,000 of debt by 1975, James Biden and his business partners were thrown a life-line by a Pennsylvania bank that loaned him a further $300,000.

During the same time period James Biden was receiving the extensive lines of credit, Joe Biden was sitting on the Senate Banking Committee, which had purview over the financial sector. A specific jurisdiction of the committee was the Federal Deposit Insurance Corporation (FDIC), which provides bailouts to banks if they should become over-leveraged.

2. Joe Biden’s top campaign contributor hired his youngest son Hunter right out of law school.

Shortly after Joe Biden was reelected to the U.S. Senate in 1996, his largest campaign contributor, the credit card issuer MBNA Corp., hired his son for an undisclosed role. The job raised eyebrows from good government groups because MBNA employees had just donated $63,000 to Joe Biden’s reelection campaign in what appeared to be a coordinatedmanner to sidestep federal campaign finance regulations.

Clouding the picture even further was that, at the time, Hunter Biden was a 26-year-old recent graduate of Yale Law School with no prior banking or business experience. Both father and son defended the job offer, claiming nothing improper had or would result because of the arrangement.

“Unfortunately, no matter where I went to work, some people would make an issue of it,” the younger Biden told the Delaware News Journal in November 1996 when the job was announced.

Despite his role being unknown at the time of his hiring, when Hunter Biden left the company in 1998 to join the Clinton-era Commerce Department it was as a senior vice president.

Throughout the 1990s and early 2000s, Joe Biden was championing bankruptcy reform legislation endorsed by financial interests and credit card companies like MBNA.

3. An MBNA executive purchased Biden’s house for the full asking price in a deal that appeared facilitated by the company. 

A senior MBNA executive purchased Biden’s 10,000 square foot colonial mansion in the Wilmington, Delaware, suburbs for the asking price of $1.2 million in February 1996. The sale garnered notice because larger and newer homes in the vicinity sold for less. The issue became a minor campaign problem for Biden’s reelection but was quickly dismissed when the senator provided local media appraisal forms showing his home was worth the value for what it was sold.

Byron York, however, investigated the matter in an exposé for the American Spectator and found that properties appraised around the same value in the vicinity had “sold for a good deal less” than at what they were valued on paper.

“In comparison, it appears [the MBNA executive] simply paid Biden’s full asking price,” York wrote. “And, according to people familiar with the situation, the house needed quite a bit of work; contractors and their trucks descended on the house for months after the purchase.”

As York also noted, it appeared that MBNA may have played a role in facilitating the purchase. Documents filed with the Securities and Exchange Commission show that “in 1996 MBNA reimbursed [the executive] $330,115 for expenses arising from the move.” Of that total, $210,000 “was to make up for a loss [the executive] suffered on the sale of his Maryland home.”

4. Hunter Biden remained on MBNA’s payroll while Joe Biden was writing bankruptcy reform legislation. 

Throughout the early 2000s, Hunter Biden remained on MBNA’s payroll as a consultant while his father was writing and pushing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The arrangement, which did not become public until after the law was passed, started in 2001 after Hunter Biden had left his position in the Commerce Dept. MBNA was paid monthly consulting fees, with some claiming they ranged upwards of $100,000, to advise the company on online banking issues.

The 2005 bankruptcy tightened regulations to make it extremely more difficult to declare bankruptcy. It was heavily favored by MBNA and other giants in the banking and finance sectors. Many consumer protection advocates, including Sen. Elizabeth Warren (D-MA), have claimed the bill benefited special interests at the expense of consumers. Some have even suggested the law only served to hasten and aggravate the recession of the late 2000s.

As previously reported by the New York Times, Biden worked against many of his own fellow Democrats in Congress to ensure the final version of the bill was free of provisions opposed by companies like MBNA.

Biden “was one of five Democrats in March 2005 who voted against a proposal to require credit card companies to provide more effective warnings to consumers about the consequences of paying only the minimum amount due each month,” the Times noted.

5. Joe Biden paid his family members with campaign cash.
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