Haris Alic 2 Aug 2019
Joe Biden’s younger brother James received a series of “unusually generous†bank loans during the 1970s, while the former vice president served on the Senate Banking Committee.
Politico reported on Friday that James Biden, who has a history of murky financial dealings, was able to parlay his role as the chief fundraiser for his brother’s 1972 Senate run into the startup capital required to open a nightclub.
The loans were considered “unusually generous†given that the younger Biden was a salesman without any business experience and purportedly had a net worth of less than $10,000 at the outset of the venture in 1973. Another key component of the story, which was widely covered by local media in Delaware and Pennsylvania at the time, is that the loans appeared to draw concerns over influence peddling, as Joe Biden had just been appointed to the Senate Banking Committee.
“No sooner was freshman lawmaker Joe Biden seated on the Senate Banking Committee,†Politico reported, “than James became the beneficiary of business loans that were described … as unusually generous because of the relatively large amount of money he was able to borrow with little or no collateral and a lack of relevant prior experience.â€
The first series of loans — totaling $165,000 — were provided by Wilmington’s Farmers Bank, which, although privately managed, was partially owned by the public with the state of Delaware having a 49 percent stake. The Wilmington Morning News reported in 1977 that of the total, $60,000 was “unsecured,†meaning that James Biden was “personally liable†for its repayment.
more
https://www.breitbart.com/politics/2019/08/02/joe-bidens-brother-scored-generous-loans-during-banking-committee-tenure/
