Posted on 02/24/2009 8:41:03 AM PST by jessduntno
Billionaire R. Allen Stanford, accused of masterminding a “massive fraud” through his Stanford Group Co., marketed a fund run by members of U.S. Vice President Joe Biden’s family, according to a Web site.
The Paradigm/SCM Core Alternative Fund, a combination of a fund run by the Biden family’s Paradigm Global Advisors LLC and a Stanford Capital Management entity, was marketed by the Stanford Trust Co., another of Stanford’s units, according to the company’s Web site. The Wall Street Journal earlier reported the links between Stanford’s company and the fund overseen by the Bidens.
Paradigm Global Advisors is run by Biden’s son, Hunter, brother, James, and founder James Park, according to a dismissed lawsuit filed by a former fund executive.
Stanford, 58, faces claims by federal regulators that he defrauded investors while selling $8 billion in certificates of deposit issued by an Antiguan bank. A federal judge has agreed to freeze assets and appoint a receiver to account for investor money.
Some of Stanford’s companies marketed the $50 million fund to investors and also invested about $2.7 million in it, according to Marc X. LoPresti, a lawyer for Paradigm, the Journal reported.
LoPresti didn’t immediately return calls for comment today. Hunter and James Biden also didn’t return calls to New York-based Paradigm seeking comment.
The Bidens were identified as running Paradigm in a lawsuit filed by Charles Provini, the firm’s former president. A federal judge in New Jersey dismissed the suit in October 2008.
(Excerpt) Read more at chron.com ...
Well, now we have the middle class czar who rerwrote the bankruptcy laws at the behest of the credit card companies, and we now find he was involved with Stranford and the Ponzi scheme( he marketed for them?) And Blajovich putting Burris in office nad now we know Burris was lying also. The democrats are sure coming out with a bang.
A democrat family of crooks... what’s news?
Arrrrrrrrrrrrghhhhhhhhhhh................
I am going to stroke out...there is just no coverage in the MSM...
Will this pass the “smell test” on the MSM? I don’t think so. Could get really interesting pretty soon, but we will have to wait and see what it is all about first. The WSJ will run it down and report on it as fair as they can be, and this is just the first shot of a mighty cannon with Biden’s name all over it!
just like the Reid and Waters families..
Democrat == Fraud
Republican Corruption . Sexy.
Democrat Corruption . Unmentionable.
If Biden had to step down, would that put pelosi into the VP slot?
Can’t wait for the youtube remix of Biden singing “The Paradigm...America’s fraudulent hedge fund!”
will this be a one-day story and then treated with “we already reported that” as they report the Republican recipients, and not O’s day after day?
It seems most all of the dems are steeped in crookedness!
Biden has the same scam going as Harry Reid. If you want to talk to Biden, you write a check to his son. His “salary” was 1.7 million a year.
When he decided to run for vice president, he told his son to find another business, so the son went to work as a rookie broker for a hedge fund for a million a year.
At some point the Bidens (brother and son) tried to engineer a takeover of the fund, and the fund went belly up. Not sure if this is the same fund. Biden presents himself as having no money but his son and brother are playing with millions.
Is joe “girding his loins” for the scandal?
No. Zero would have to nominate a replacement. That is what happened when Agnew resigned due to scandal. Nixon selected Gerald Ford and the Senate ratified him.
“Is joe “girding his loins” for the scandal?”
I hope the SOB is girdling them...I hate even looking at this knuckle dragging, mouth breathing moron...the idea that he is a heart beat away might be scarier than the Kenyan in office...
“If Biden had to step down, would that put pelosi into the VP slot?”
No. But it might put his son or his brother in! Or Bill Ayers!!
Oh - I thought there was a clear line it followed.... oh well, couldn’t be worse than pelosi. (Did I really say couldn’t be worse???)
“Oh - I thought there was a clear line it followed.... oh well, couldn’t be worse than pelosi. (Did I really say couldn’t be worse???)”
Bite your tongue...or something...San Fran Nan in the West Wing makes me want to puke...
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