In a recent revelation, it has come to light that President Joe Biden received a $200,000 check from his brother, Jim Biden, in March 2018, the same day that the struggling healthcare company, Americore, wired $200,000 to Jim and his wife’s personal bank account. This development provides further evidence of President Biden profiting from his family’s influence-peddling activities and raises questions about the money that should rightfully belong to innocent creditors.
James Comer, the chair of the House Committee on Oversight and Accountability, disclosed this information, emphasizing the need for answers from President Biden. He referenced the president’s previous quip, “Where’s the money?” and pointed out the immediate questions that must be addressed. These include whether President Biden actually lent such a large sum of money to his brother and whether he had similar financial arrangements with other family members. The discovery of the $200,000 payment raises serious concerns, given that it coincided with a loan Jim Biden received from a company in financial distress.
The former CEO of Americore, Grant White, stated that Jim Biden and his business partners, including hedge-fund managers Michael Lewitt and Amer Rustom, were interested in investing in Americore. They promised to deliver over $30 million to the company and convinced White to enter into a business partnership. White also revealed that Jim Biden sought cash to repair his Florida vacation home and repay a personal loan secured by the house. At the same time, Americore required a short-term bridge loan.
Jim Biden facilitated a $2 million loan to Americore, but then he borrowed $400,000 from Americore for himself, even though the original loan had been intended for Americore’s working capital. Jim Biden never repaid the loan balance, and Americore eventually filed for bankruptcy. Court filings in the bankruptcy case support White’s claims and provide evidence of transfers from Americore to Jim Biden.
The trustee overseeing Americore’s Chapter 11 case filed a complaint against Jim Biden, seeking to recover $600,000 plus interest. The complaint referenced the money as “loans.” According to the trustee, Jim Biden secured the loans based on his last name’s reputation and the promise of a large investment from the Middle East, which never materialized.
Jim Biden later settled with the bankruptcy trustee, agreeing to pay $350,000 into the bankruptcy estate, though he maintained that the settlement was not an admission of liability. Unfortunately, Americore and its creditors only received a portion of that settlement.
In essence, Joe Biden ended up with $200,000 of Americore’s capital to the detriment of the company and its creditors. Whether this money was owed to President Biden is a question that needs to be addressed, but the fundamental issue remains that it was not Jim Biden’s money to disburse freely. Moreover, Jim’s ability to access this capital was a result of leveraging the family name to convince Americore’s CEO to lend him the money, which he subsequently transferred to President Biden.
The president must address these questions and, more importantly, consider returning the $200,000 to Americore and its creditors. Transparency and accountability are vital, especially for the leader of the United States.
