Evidence keeps mounting that the title of the 1980s Dire Straits song “Money For Nothing” could just as easily describe the Biden family business.
It seems the only “work” they did for anyone was to provide access to the Biden name and big promises of what it could do. According to newly released testimony from the House Impeachment Inquiry, that’s the way it “worked.”
And in the case of their arrangement with Americore Health LLC, when James got paid, brother Joe got paid.
The closed-door interview with Carol Fox, trustee of bankruptcy proceedings for Americore, was held in December 2023, but the transcript wasn’t made public until Wednesday of this week. “What he [James] actually did, I don’t know,” she testified to members of the Oversight and Judiciary Committees, later adding that she “did not think he provided services to the debtors.”
She couldn’t find any records of any work being performed, but she did find the notation on a payment to James that it was a “loan.” Still, there was nothing in the paperwork about any collateral for any loans. (I guess they had James’ word as a Biden, and that was good enough!)
And these “loans” were quite large. Ms. Fox sued James in 2022, accusing him of failure to repay them, which apparently had been made on the promise that “his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections.” According to the settlement agreement James signed, he had received $600,000 in wire payments from Americore in 2018. His firm, Lion Hall, had received several additional payments. In the settlement, James admitted no liability but agreed to pay back $350,000. He said he’d provided “financial and consulting services to Americore and that Americore received reasonably equivalent value for the work and services provided by Biden/Lion Hall.”
Again, WHAT work? Court documents show that not only did James NOT “open doors” to Middle Eastern investors as he’d said he would but that he instead helped them obtain “an ill-advised bridge loan from a hedge fund” that they said pushed them over the edge to bankruptcy (apparently, bad judgement and destroying everything they touch runs in the family.)
On March 1, 2018, the same day that Americore wired $200,000 to James, he turned around and wrote a $200,000 check to Joe. James and the White House have said this money was a….(drum roll, please!)….loan repayment. Seems these family members were always “loaning” money to each other with no records of what the loans were for or any other details at all. Similarly, wealthy benefactor/“sugar brother” Kevin Morris “loaned” Hunter millions, apparently with no expectation of being paid back. In Biden World, there appears to be no difference between a loan and a gift.
The money ended up in Joe’s pocket after his time as Vice President was over and before he was President. But according to testimony from former Biden business partner Rob Walker, Hunter started working for Chinese company CEFC in 2015 and payments didn’t come until after Joe Biden left the vice presidency in January 2017. To use a word sometimes employed by the FBI, the money was “earmarked” for him.
So, what did these guys actually DO for all that money? Some testimony coming up soon might be revealing, though we probably won’t see the transcripts right away. Hunter Biden is still negotiating the timing of his closed-door deposition before Congress, having perhaps thought the better of continuing his strange combination of subpoena-dodging and political performance art. Most likely, James will be going first; he’s scheduled to appear on February 21.