“Your Money’s in Joe’s House”: The Biden Family’s Version of ‘It’s a Wonderful Life’

Below is my column in The Messenger on the new information on “loans” benefiting the Biden family. It seems that no interest loans are the common practice for the Bidens. After this column ran, the House Oversight Committee released a new report of an additional “loan repayment” from James Biden to Joe Biden. The money again appears to have come from a transfer sent from one of the foreign sources in the Biden influence peddling scandal, CEFC China Energy Co. It is all part of the “Wonderful Life” at the Biden Bros. Savings & Loan.

Here is the column:

In the classic holiday film, It’s a Wonderful Life, the Bailey Brothers Building & Loan Association faced a run on the bank by customers spooked by rumors of theft and insolvency. George Bailey held back the crowd, explaining as he pointed to individual customers: “You’re thinking of this place all wrong. … The money’s not here. Well, your money’s in Joe’s house. That’s right next to yours.”

As several Republican-led House committees follow the money in the Biden corruption investigation, that scene seems to be playing out in real life. It turns out that a kind of “Biden Family Building & Loan” operated under some of the same loose accounting systems, and some of the money was literally sent to Joe’s house or used to repair it.

In July, Sen. Chuck Grassley (R-Iowa) released an unclassified FBI record which included allegations to the agency of Biden and his son, Hunter, being paid $5 million each by a Ukrainian energy executive when the senior Biden was vice president. Most of the media has shown an utter lack of curiosity in following the money. However, the House Oversight and House Ways and Means committees have made strides in tracking millions of dollars which they allege were sent to Biden family members through a labyrinth of shell companies and accounts.

The Bidens have been criticized for decades for influence-peddling. It is important to note that, while influence-peddling can be done legally, it is uniformly viewed as corrupt. For the Bidens, it also seems to be something of a family business. While Biden’s brothers and son had few discernible business skills to market, they did have access — to him — to sell. The problem seems to be that they burned through the proceeds as fast as they acquired them.

What is new now, according to House Republicans, is an emerging pattern of how the Bidens turned influence-peddling into the equivalent of the family’s personal savings & loan operation. Money moving between key family members was labeled as a “loan” in at least one instance, and Hunter has claimed other money as “loans” — a framing that not only offered plausible deniability but non-taxable income.

Two IRS whistleblowers, who testified before House investigators in July, highlighted the use of a loan allegedly to evade public disclosure and taxation. Hunter allegedly took large payments from dubious foreign sources and listed them as “loans,” despite no evidence of repayment or any standard loan agreement.

This month, House investigators discovered that, in 2018, the president’s brother James received two loans totaling $600,000 from Americore Health, which they described as “a financially distressed and failing rural hospital operator.” According to the company’s bankruptcy proceedings, it made the loans “based upon representations that his last name, ‘Biden,’ could ‘open doors’” to new overseas investors. On the day he received the second loan transfer, James Biden sent a check for the same amount — $200,000 — to Joe Biden as a “loan reimbursement.”

Recently, the House Oversight Committee revealed that just after Joe Biden announced his 2020 presidential candidacy, Hunter Biden received a $250,000 loan from a Chinese businessman using the address of his father’s Delaware home. The generous transfer of funds was from Xiangsheng “Jonathan” Li, a Chinese businessman connected to the investment fund Bohai Harvest RST. (President Biden reportedly later wrote a college-admission recommendation for Li’s daughter).

What happened next was vintage Biden family: A Hollywood lawyer, who had just met Hunter at a political gathering, reportedly suddenly took over the repayment of that loan, with no explanation, and later reportedly paid for some of Hunter’s tax bills and living expenses as well. So, it appears that $250,000 went to Hunter, but the loan obligation was shifted to a Democratic political donor.

There is also a reference to another loan agreement with a Chinese company for $5.1 million. Notably, the loan was, again, “interest-free.” The source was CEFC China Energy headed by Ye Jianming. Text messages reportedly indicated plans for Joe Biden to meet with Jianming, who reportedly had close ties to the ruling Chinese Communist Party.

In addition to these loans, money seemed to move between myriad accounts connected to various Biden family members, according to House Oversight Committee findings. And we know from reports of some of Hunter Biden’s text messages that he complained about using money he acquired to pay for repairs to his father’s Delaware home.

None of this, however, appears to pique much of the media’s curiosity. Because the word “loan” was written on some of these documents, it is once again accepted by many at face value. In discussing a “loan” connected to one Hunter-connected company, Rosemont Seneca Bohai, IRS whistleblower Gary Shapley called this a classic tax-evasion move. He said that “when the money came back to him, he booked it as a loan. You then go on to testify that it should’ve been taxable as soon as it became income from Burisma to Hunter and whatever he did with it after that was really just a scheme to evade taxes for that year. You add that Rosemont Seneca Bohai did not book this as a loan, itself, so Biden is treating it differently than they did.”

Despite the Bidens’ denials about money, it seems to be everywhere and nowhere — metastasizing and spreading throughout the dozens of accounts, banks and family members identified by House investigators. Yet many in the media and most Democratic members of Congress appear to be firmly committed to assuring that all of this remains “a wonderful life” for Joe Biden and his family.

Jonathan Turley, an attorney, constitutional law scholar and legal analyst, is the Shapiro Chair for Public Interest Law at The George Washington University Law School.


220 thoughts on ““Your Money’s in Joe’s House”: The Biden Family’s Version of ‘It’s a Wonderful Life’”

  1. Another logic fart from Turley. While I admire his moderately cleaver use of Capra’s “It’s a Wonderful Life” literary tie in he clearly misunderstands fractional reserve banking which is genuine fraud whereby a portion of real deposits (those not required to meet the fractional reserve rule) are not just lent out to borrowers but are leveraged multiple times to create new deposits (loans) out of thin air. The original depositors are defrauded first and then the rest of us who hold cash are defrauded through this expansion of conjured-up credit deposits. The result being an artificial expansion of the money supply – inflation. Whatever the Bidens are doing it is not this. Presumably the ”loans” are coming from their own money. They are not being conjured out of thin air as in fractional reserve banking. One can quibble about their lying about it or their tax-avoidance, but these are victimless crimes; quite unlike the crimes of fractional reserve banking which have real victims most of whom are unaware of the source of the abuse they’re suffering. Instead of watching old movies, Turley aught to spend some time reading Mises’s “Theory of Money and Credit.”

      1. Would you like to explain how and why? My guess, probably ToniWill not. Doubtful he she or whatever even understood my comment.

  2. I wouldn’t worry about Joe’s long term tax payer funded retirement. He looks like he may have one or two more years left in him at the most. Hopefully he lives long enough to be impeached and see President Trump back-in office to dismantle his and Obama’s legacy of corruption.

      1. Instead, drink the Sista James and Fishy Smell’s Kommunist Korruption Kool-Aid.

        These clowns are doubling down on preposterous fraud and malicious prosecution purely derived of their hate, a “hate crime,” for Real President Donald J. Trump (Yes, multiple States ignored and violated their own State laws and Constitutions, as but one example of corruption in the 2020 “rigged” election – “We will stop him,” swore Peter Strzok, Special Agent, Federal Bureau of Investigation, United States of America, Christopher Wray, Director).

        “Real estate insiders bewildered by judge’s $18M valuation of Trump’s Mar-a-Lago: ‘Would list at $300M’”

        A New York judge’s Tuesday ruling valuing Donald Trump’s sprawling, headline-making Florida estate at $18 million has left industry experts perplexed. In his verdict, Manhattan Supreme Court Justice Arthur Engoron delivered a bombshell ruling that the former president committed fraud by inflating the value of his wealth, with details including the monetary value associated with Mar-a-Lago in Palm Beach. This decision, which came down without a jury, has sent shockwaves through political — and real estate — circles, especially that $18 million base value for the property. One prominent Palm Beach real estate broker, speaking on the condition of anonymity, told The Post, “It’s utterly delusional to think that property is only worth $18 million.” The insider added, “If that property were on the market today, I would list it at around $300 million, minimum … at least. He also has the separate golf course minutes away.” Engoron’s verdict holds Trump, 77, along with his family and his business empire, the Trump Organization, liable for fraud — a central allegation in New York Attorney General Letitia James’ lawsuit against the defendants.

        – New York Post


        — bd10.5 ba10,115 sqft
        1100 N Ocean Blvd, Palm Beach, FL 33480

        : $59,168,600: $383,737
        Est. refi payment: $393,276/mo
        Refinance your loan

        1. Isn’t this strikingly similar to the way county tax appraisal for property taxation is conducted, no fraud there hey?

  3. Again, here we go that Congress needs to start over and talk to death rather they have enough evidence to bring about impeachment. Too much damage has been done and is being done to this country by talking things to death. It is ordinary folks’ tax monies supporting these low-quality representations.
    While once again Congress is talking everything to death, this places President Biden close to retirement, whether it be early retirement or loss of election before a decision is made to impeach. Suppose President Biden retires early or leaves office due to a loss in the election. Does he keep his retirement pay of Senator, Vice President, and President? Retirement from just being President brings a yearly retirement when the lifetime perks are figured in of security for him and his family, secretary, travel pay, etc., to or is equal to one million a year.
    I get the feeling Congress from both sides is delaying purposely to avoid impeachment in hopes President Biden walks away, and Congress then can say it is okay, let him walk away.
    This is not okay when Congress has failed to do its job, and someone who has done great harm to this country walks away to continue the business ventures and earn a hefty yearly salary.

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