Stanford had links to fund run by Bidens: report

[Joanne98]

(Reuters) - A fund of hedge funds run by two members of U.S. Vice President Joe Biden's family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.

The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said.

Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James, according to the paper.

Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.

He told the paper the Bidens never met or communicated with Stanford.

Joe Biden's office and the U.S. Securities and Exchange Commission (SEC) could not be immediately reached for comment by Reuters.

http://www.reuters.com/article/newsOne/idUSBNG36866620090224

Great! Maybe we should start running Buddist monks for office. We need the vow of poverty to protect us from this shit!

[midnight]

1. The working class has little time for these types of mechanisms.

In fact I know I've read in the past several months that hedge funds are a candy coated way to do transactions that are not really right.

[terisan]

2. Considering Biden's work in Senate for Credit Card Companies this is an interesting article.nt

[Thor_MN]

3. From what I saw in the article, there's no problems with the fund run by the Bidens

Correct me if I'm wrong, but they were conned like the investors in the other Stanford funds. They may have made a bad decision to work with Stanford, but it looks like many people made that mistake. In essence, their fund being sold by Stanford lended an air of reliability to the con man. The Paradigm Stanford Capital Management Core Alternative Fund was bait to get people to invest in the Stanford Ponzi funds. Looks like the people who invested in the Paradigm fund will be getting their money back, while the people who fell for the Ponzi fund(s) are screwed.

[notesdev]

4. It's just another conflict of interest

Pile it on top of the huge mountain of conflict of interest that defines the motivations behind all the actors in Washington, DC.

[Thor_MN]

5. Who is conflicted? Are you saying that all of Biden's relatives should not have jobs?

The Paradigm fund is run by the son and the brother of the VP. The fund happened to be a joint venture with Stanford. That makes it a bad business decision, but unless you are implying that somehow the office of the VP was involved in some way with covering the Stanford Ponzi scheme up in the last month, there is nothing to be conflicted. The Paradigm Stanford fund is intact, it's other Stanford funds that were crooked, with no Paradigm involvement, unless more info has come out during the day today.