The House Oversight Committee was notified by an impeachment witness that no documentation exists for the work completed on a loan given to President Obama’s brother James Biden before he received a sizable payment. The panel issued a transcript of the hearing that revealed this finding.
On Wednesday, Just the News revealed that Carol Fox, according to the transcript, “a representative of Americore, the now-bankrupt healthcare company that loaned” James Biden “hundreds of thousands of dollars before it went under,” said she “could neither determine what role [he] played nor identify any paperwork backing up the loans made to him from the struggling company in 2018.”
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Fox told the committee that Biden allegedly used his company, Lion Hall, to give advisory services to the corporation. But in her financial inquiry, she was unable to ascertain the precise nature of these services or Biden’s involvement at Americore, even with his designation as “Principal” on his business card. According to Just the News, this was noted in the transcript.
“What was James Biden’s role at Americore?” According to the transcript, detectives inquired.
“I don’t think we know,” she replied. “Well, we have what his business card says he does, but in as far as what he actually did while he was in the company, that preceded my involvement with the company. And so I think we have a business card that says what his … stated role was, but what he actually did, I don’t know.”
Serving in the capacity of trustee for the bankruptcy estate, Fox filed a lawsuit against James Biden in July 2022 for failing to return $600,000 in loans and for unclear services delivered. The House Oversight Committee released these court records as part of its probe into James Biden’s payment to his brother, President Joe Biden.
“Is it fair to say that you weren’t able to identify any services that he provided to Americore?” Investigators enquired.
“Well, that’s why I sued him, so…” she responded. “I did not think that he provided services to the debtors.”
As the site noted, Americore paid James Biden an extra $10,000 for “consulting & marketing” services, but Fox’s financial investigation turned up no supporting documentation for the charges.
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“There’s the same amount of documentation for the consulting and marketing agreement as there is for the loans — none,” Fox told the panel.
In addition to failing to uncover the services James Biden allegedly rendered to Americore, Fox’s inquiry produced no supporting paperwork for the loans that were allegedly paid to him, even though bank records attested to the payments.
Adds Just the News:
A $400,000 wire transfer to Biden’s bank account that was recorded in bank records as a “loan” was discovered during the financial probe. Nevertheless, Fox reported to the committee that her investigation turned up no formal payment documents or promissory notes. Moreover, no records pertaining to collateral or loan reason could be located.
“And were there any documents or promissory notes or anything documenting the loan itself?” Investigators asked questions.
“No. There was one thing that said ‘loan,’ and that’s why this was called a loan, is because of the exhibits that were filed with this complaint [the lawsuit against James Biden]…” she responded.
“Do you know if there was any documentation showing what the loan was potentially collateralized by?” Fox was questioned thereafter. “I didn’t find any documentation supporting that,” she answered.
“Did you find any documentation where James Biden submitted the reason why he was trying to obtain this loan from Americore?” investigators asked. “No,” said Fox.
At first, the Oversight Committee connected Americore to many loans given to James, some of which were allegedly utilized to settle debts owed to Joe Biden, James’ brother. The committee found that James had received loans totaling $600,000 from the healthcare firm, which ran rural hospitals.
James Biden received a $200,000 loan directly into his personal bank account from Americore. He paid his brother the same amount that day, stating it was a payback for a debt. The committee argues that despite Americore’s financial difficulties, this transfer allowed for the payment to be made to Joe Biden.
