Joe Biden’s family has mixed business and politics in questionable ways for nearly 50 years. A POLITICO investigation.
Left: Rev. Sun Myung Moon, founder of the Unification Church. Center: Jim Biden. Right: Robert Allen Stanford at Houston's Bob Casey Federal Courthouse in June 2009. | Politico Illustration; Getty Images; AP
According to one of the former Paradigm executives, many of the fund’s staffers were members of the Unification Church who received roughly 30 percent of prevailing market salaries because they considered working for Park, with his proximity to the late Rev. Moon, to be compensation in itself.Another former executive said negative press about Paradigm’s ties to fraudulent funds made James and Hunter wary of more scrutiny of “potential conflicts of interest or tie-ins to the Biden family.
The club, Seasons Change, located in a shopping plaza near the Pennsylvania state line, would eventually fail, leaving behind it a trail of debt and a trickle of embarrassing revelations about its financing. The paper looked into it: “The answer, according to three former officers of the troubled Farmers Bank, is the Biden name,” reported Delaware’s News Journal. According to the paper, the bank thought the senatorial name would attract club-goers.
Another figure tied to Farmers Bank, the politically connected financier Norman Rales, extended James Biden an unsecured loan. Despite their meager financial means and lack of experience in the nightclub business, James and his partner were able to obtain a loan of $500,000, equivalent to more than $2 million today.
By early 1977, unable to make payments on his loans, James Biden had to give up the struggling club. A year later, the man who took it over from him, Salvatore Cardile, was fighting First Pennsylvania in court, claiming the bank had set him up to take the failing club off of James Biden’s hands. “The bank didn’t want the senator’s brother to be on the paper when the disco folded,” Cardile said at the time. “They needed a patsy. Me.
But Biden and many of his fellow liberals in Congress had reservations about passing any measure that absolved tobacco companies of further liability. He would also remain in touch with the Bidens. During the tobacco fight, James Biden’s services had been recommended to Scruggs by former Mississippi State Auditor Steve Patterson.
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