Late Summer 2006: Hunter Biden and his uncle, James Biden, purchase the hedge fund Paradigm Global Advisors. According to an unnamed executive quoted in Politico in August, James Biden declared to employees on his first day, “Don’t worry about investors. We’ve got people all around the world who want to invest in Joe Biden.” At this time, Joe Biden is months away from becoming chairman of the Senate Foreign Relations Committee and launching his second bid for president.
The unnamed executive who spoke to Politico charged that the purchase of the fund was designed to work around campaign-finance laws:
According to the executive, James Biden made it clear that he viewed the fund as a way to take money from rich foreigners who could not legally give money to his older brother or his campaign account. “We’ve got investors lined up in a line of 747s filled with cash ready to invest in this company,” the executive remembers James Biden saying.