The rampant crony capitalism of the federal government simply can't be ignored anymore, but the media has made a habit out of selectively picking and choosing what it wants to report on with this administration. This latest example may ultimately be ignored and denied too however, because it involves the brother of our current vice president.
According to Charlie Gasparino of Fox Business, a subsidiary of the construction company called Hill International was handpicked last year to oversee the building of at least 100,000 affordable homes in decimated areas of Iraq. When asked why his company was chosen over all the others, company president David Richter didn't beat around the bush. "It really helps to have the brother of the vice president as a partner," he said.
James Biden was hired on as the executive vice president less than two years ago, despite little if any documented work history in residential construction -- or anything else for that matter. The company was awarded the lucrative government contract only six months later. Already worth over $7 million, Biden stands to make millions off the deal with the Iraqi government.
The massive contract could potentially be worth up to $1.5 billion over the next few years with roughly $735 million of profit. A huge pay day for a company that has been hemorrhaging money since the housing market bubble burst in 2008. In addition to that, the State Department is expected to pay an estimated $22 million for it to manage the construction project on its offices.
Gasparino's examination of his past revealed other shady business dealings.
What made James Biden such a good choice to work at a construction company? Friends offer varying accounts. Marc LoPresti, an attorney who does work for Biden, describes his client as a successful 'serial entrepreneur,' though he declined to state which businesses James Biden created... Biden also had a brief and embarrassing foray into hedge funds, starting hedge-fund company Paradigm Global along with Joe Biden’s son, Hunter... It was also disclosed that Paradigm had connections to then-accused Ponzi schemer Allen Stanford. The fund was sold through outfits that Stanford controlled as he was facing federal charges for running an $8 billion fraud. Stanford is now serving a 110-year prison sentence. The Bidens denied any knowledge of Stanford’s activities and weren’t charged in the matter.
The national news media's refusal to bring this up so far is the epitome of a double standard. In what can only be described as a shameless attempt to derail a presidential campaign, ABC News’ Matthew Mosk published a 1,667-word column last week on how Romney’s in-laws could end up being a “problem” in the future. Nary a day goes by without a Bain Capital reference either.
Despite everything he has said and done, the electorate has essentially been told for the last four years that Joe Biden is a trustworthy individual. He is a liberal politician after all, they seem to get the benefit of the doubt no matter what.