Tuesday, October 20, 2009

The Teflon Bidens

Not quite Billy Carter. But Vice-President Joe Biden's son and brother make for quite a financial duo.

Last week Friday, a judge threw out a lawsuit against Vice President Joe Biden's youngest son and brother over their 2006 purchase of a hedge fund firm, saying an investor failed to be specific enough in claiming that they underhandedly shoehorned him out of the deal, NYT is reporting.

Stephane Farouze didn't lay out his allegations against Hunter Biden and James Biden ''with any meaningful degree of particularity,'' Manhattan state Supreme Court Justice Bernard J. Fried wrote in an order filed Friday.

Farouze, now the London-based global head of fund derivatives for Deutsche Bank, filed his $10 million suit against the Bidens and their former business associate Anthony Lotito Jr. in 2008.

Farouze said they schemed to gain control of his interest in the investment concern, Paradigm Cos. LLC, without buying him out. The Bidens' camp said Farouze never really owned the roughly 31 percent share he offered to sell them.

The dispute over ownership of Paradigm isn't the only interesting encounter this duo has had to deal with. The firm is (was?) housed on the 17th floor of 650 Fifth Ave in New York City, the location of two SEC alleged Ponzi schemes, one involving the accused multi-billion dollar Ponzi operator, Robert Allen Stanford.

Paradigm ran a joint venture fund with Stanford. The Biden duo are claiming stupidity on that arrangement, everyone seems to believe them.

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